In the first hour of trading, the stock market drops almost 700 points

In the first hour of trading, the stock market drops almost 700 points

New Delhi, PTI: The stock market began on a low tone on Friday, the final trading day of the week. The BSE’s major index, dropped by more than 700 points in opening trade today. This occurred as a result of a regular outflow of foreign cash from Reliance Industries, HDFC, HDFC Bank, and ICICI Bank. In early trade, the 30-stock index was trading at 59,280.48, down 704.22 points, or 1.17 percent. NTPC and IRCTC both saw their stock prices fall.

In addition to the Shares, the Nifty was also on the fall. At 17,675.55, the Nifty was down 181.70 points, or 1.02 percent. With a drop of over 4%, HDFC was the worst performer in the Sensex group. Aside from that, IndusInd Bank, Kotak Bank, Axis Bank, Reliance Industries, and HDFC Bank also saw their stock prices drop. Tata Steel, Titan, ITC, and HCL Tech all recorded advances in early trade at the same time.

Simultaneously, the share market had ended its previous trading day, Thursday, with a loss. Following a day of trading, the stock market ended the day with a loss. BSE’s main index, the Sensex, finished at 59,984.70, down 1158.63 points, or 1.89 percent, in the most recent transaction. The Nifty fell in tandem with the Sensex. The Nifty finished at 17,857.25, down 353.70 points, or 1.94 percent, on the NSE.

“Foreign Institutional Investors (FIIs) were gross sellers in the capital market on Thursday, as they sold shares worth Rs 3,818.51 crore, according to exchange data of Nifty 20,” VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. With a fall below the one-day moving average, the market has plainly deteriorated.”

Credit – Komal Sharma

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