Stock market sizzles by the selling pressure

Stock Market Sizzles by the Selling Pressure A decline was registered in the share markets of the country as the leading index fell 538.12 points at 26781.44 and Nifty closed at 8067.60 with a loss of 152.00 points. Bombay Stock Exchange (BSE), the 30-share benchmark index fell 138.38 and opened at 27181.18 and with the drop of 538.12 points or 1.97 percent it got closed at 26781.44. Sensex touched the highest mark of 27,199.37 and closed at 26,736.23 by touching the lowest mark, as per corporate news.

National Stock Exchange’s (NSE) Sensex NIFTY, which is based on 50 shares opened at 8172.60 with the fall of 47 points and closed at 8067.60 with the decline of 152 points or 1.85 per cent. NIFTY touched the mark of 8189.35 points which is the highest mark and also touched the lowest level of 8052 points. The same decline was also registered in the Midcap and Small cap indexes. There was a decline of 297.89 points in the Midcap index and it got closed at 9764.69. On the other hand, the Small cap index got a decline by 369.29 points and got closed at 10628.62 points, corporate news reported.

Out of twelve, only two sectors of BSE got a little hike and these two sectors are IT and Technology. IT got a hike of 1.66 per cent and Technology got 1.12 per cent. BSE Metals (4.17 per cent), real estate (3.80 per cent), high consumption of consumer goods (3.08 per cent), banking (2.91 per cent) and health services (2.75 per cent) fell the most.

Today the decline in stock prices of major companies include Umnmen Sesa Sterlite, Dr. Reddy, Hidalgo, Bank of Baroda, SBI, Tata Power, Jindal Steel, PMC Fin carp, Jain Irrigation, Peepiwav Defense, BF utilities, MMTC. One of the market experts stated over the condition that correction is over for the time being but it will depend on the movement in worldwide markets. It is expected that the market will consolidate with everyone looking at price hike in the US and feels it is a favorable time to invest for shortterm. He also added that NIFTY may find good support at around 8000, corporate news reported.

On the whole, the all round selling pressure has overtaken the market and this is going to impact the other things as well. The good news is that there is no major decline in the shares of the other giant corporate.

However, they should take it as an alarm bell and start taking corrective actions as soon as possible.