Lucknow Press
New Delhi. After sluggish signals from the global market, the Indian stock market is witnessing a huge decline on Friday. The market came down sharply in the early trade and the Sensex fell by about 900 points. 29 out of 30 Sensex stocks were seen trading in the red. In the first hour of the trading session, the Sensex is trading with a decline of more than 900 points. Similarly, Nifty witnessed a decline of more than 250 points. This is the second consecutive day when the stock market is witnessing a decline.
On Friday morning, the Sensex fell 30 points to open at 82,171 points. But within a few minutes the market collapsed. The Sensex fell to 81,304 points. A day earlier on Thursday, it had closed at 82,201 points. The biggest decline was seen in SBI shares. The Nifty index fell more than 50 points to open at 25,093 points and later fell to the level of 24,879 points. Nifty Mid Cap and Bank Nifty were also seen trading in the red.
Why did the decline happen?
The reason for the decline in the market is believed to be the global market closing in red as well as profit booking. With the Sensex falling by 900 points in the morning itself, investors are expected to lose about Rs 3 lakh crore. Apart from this, investors around the world are cautious before the major US jobs data comes out. During the trading session, shares of banking and financial sector also saw a decline.
Investors cautious before jobs data comes out
Chief Investment Strategist Dr. VK Vijaykumar of Geojit Financial Services said that the impact of the US jobs data to be published tonight will be seen on the market. There is a consensus that the Fed will cut interest rates in the September meeting, but the extent of the cut will be decided by the jobs data. If the number of jobs in August is lower than market expectations and unemployment increases more than expected, then the Fed can cut by 50 bps.
situation a day ago
A day earlier on Thursday evening, the Indian stock market closed with a decline. On Thursday evening, the BSE Sensex was in loss of 151 points. The market came down due to the fall in Reliance Industries, Bharti Airtel and L&T amid the negative trend from the global market. On this day, the BSE Sensex closed at 82,201.16 points with a decline of 151.48 points. Despite the initial rise, the National Stock Exchange closed at 25,145.10 points with a decline of 53.60 points.
