Stock Market News: The domestic stock market saw a big decline on the last day of the week. The BSE Sensex broke around 650 points, while NSE Nifty fell 170.45 points, or 0.68 percent to close at 24,913.30. Due to this sharp decline, the total market cap of companies listed on BSE decreased by about Rs 2 lakh crore.
Let us know what is the special reason for such a big decline in the Indian stock market-
1-Under it is that this decline has come at a time when investors from all over the world are eyeing the Jackson Hole Conference, where the chairman of the US Federal Reserve, Jerome Powell is to be spent. His statement will clear the next attitude towards the American monetary policy. This was the reason that the profit booking in the market intensified just before the speech.
2-Secondary major reason was the weakness of the rupee against the dollar. On Friday, the rupee slipped 11 paise to 87.36. This happened when there was also a decline in crude oil prices. However, due to the intervention of RBI, the rupee faced a limited scope.
3-third important reason is American tariff. At present, 25 percent of American tariffs are applicable on India, but from August 27 it will be 50 percent. This heavy tariff spoiled the sentiments of investors and created an atmosphere of fear. This was the reason that despite the big announcement of Prime Minister Narendra Modi associated with GST reform, the market saw a sharp decline on Friday.
The 4-Ghrelu stock market fell on Friday when the Sensex and Nifty rose faster for six consecutive days after the announcement of the GST reform earlier. The most pressure in this decline was on the IT and Financial Sector. Legendary shares like ICICI Bank and HDFC Bank led to heavy selling, due to which the market’s stand weakened. The result was that most of the index of Nifty and Sensex were seen trading in red mark.
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