By Admin 
Stock Market News: The effect of turmoil in the global markets is clearly visible on the domestic stock market as well. A decline of about Rs 6 lakh crore in market capitalization has been recorded in IT stocks in the last three days. On the last trading day of the week, the 30-share BSE Sensex fell 1,048.16 points or 1.25 percent to close at 82,626.76, while the NSE Nifty fell 336.10 points or 1.30 percent to 25,471.10. During trading, Sensex fell by more than 1,140 points and Nifty by more than 360 points. Earlier, the total market capitalization of BSE Midcap declined by Rs 6.83 lakh crore in a day from Rs 472.48 lakh crore to Rs 465.31 lakh crore.
Why the chaos in the stock market?
The biggest reason for the decline was heavy selling in metal, IT and commodity stocks. Shares of 28 out of 30 Sensex companies closed in the red. Hindustan Unilever, Titan Company, Tata Steel, Adani Ports, Tata Consultancy Services, Reliance Industries, HDFC Bank And HCL Technologies Like there was a major decline in big stocks. Only Bajaj Finance And State Bank of India Only closed in the lead.
According to Vinod Nair of Geojit Investments Limited, investor sentiment has turned cautious due to weak global cues and AI-related fears ahead of the upcoming US inflation data. Concerns about the possible impact of AI on the business of Indian IT companies are also weighing heavily on the market. Apart from this, profit booking in metal stocks has also increased pressure.
IT stocks increased concern
There was weakness in Asian markets also. Hang Seng Index, Shanghai Composite, Nikkei 225 And KOSPI Be at a loss. American markets had also closed down by about two percent a day earlier. However, foreign institutional investors (FIIs) made net purchases of Rs 108.42 crore and domestic institutional investors made net purchases of Rs 276.85 crore. Meanwhile, global oil standard Brent crude rose by 0.32 percent to $ 67.81 per barrel. Overall, global uncertainty, concerns over AI and sector-specific selling have created immense pressure in the market.
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