Sensex dives 800 pts, Nifty nears 24K; why the fall?

Sensex dives 800 pts, Nifty nears 24K; why the fall?

Today’s stock market: During Friday morning trading, the Indian stock market experienced significant selling pressure in response to the intensification of the conflict between India and Pakistan. While the Nifty 50 index broke through the critical 200-DEMA support leveled at 24,050, the BSE Sensex plummeted more than 800 points.

 

 

The Nifty 50 index saw some bargain buying and approached the 24,000 levels after opening at 23,935 today. It is still trading below its critical 200-DEMA support level at 24,050, though. The BSE Sensex hit an intraday low after opening lower at 78,968. The 30-stock index recovered and reached the 79,000 mark once more. At about 79,925,the benchmark index is still more than 800 points down. As the Bank Nifty opened lower today at 53,595 and fell as low as 53,525.50 within minutes of the Opening Bell,there was a lot of selling in the frontline bank stocks.

 

Also Read : “8 key changes for Indian market overnight”

 

The Indian-Pakistan conflict reaching an unanticipated height, weak international signals, rising US dollar rates, value buying in crude oil prices, and the lack of tangible results from India-US trade deal negotiations are the five main causes of the Indian stock market’s decline, according to stock market analysts.

Why is today’s decline in the Indian share market?
“It’s true that the Indian stock market is falling,but we can’t call it a crash as the Nifty 50 index is still above 24,000 levels,”said Avinash Gorakshkar,Head of Research at Profitmart Securities,in response to questions about the causes of Friday’s decline in the Indian stock market.

However, following India’s drone operations in Pakistan, there is little doubt that the market has become extremely unpredictable.

When the US Dollar Index has recovered the critical 100 levels, investors are not in the mood to take any chances because the India-Pakistan dispute has escalated beyond what the market had anticipated.

Major Asian indices,such as the Shanghai and Hang Seng,are experiencing pressure,while crude oil prices have also skyrocketed.

 

News from India and Pakistan :
According to defense officials cited by ANI, the Indian military effectively repelled Pakistani strikes by using the Made in India Akash missile system.

The Indian armed forces have successfully thwarted Pakistani attacks on Indian targets by utilizing the Made in India Akash surface-to-air missile air defense system. Along the Pakistani border,the Indian Army and Air Force both possess missile systems,defense officials told ANI.

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