2024-05-05 02:55:38
New Delhi: There was a decline in the stock market on the last trading day of last week i.e. Friday. During this period, Sensex fell by more than 700 points in volatile trading, falling below the level of 74,000, while Nifty slipped from its record high. According to experts, the indices also fell due to heavy selling pressure in the shares of Reliance Industries, L&T and HDFC Bank. BSE’s 30-share benchmark Sensex had risen 484.07 points at the beginning of the day. But after that it fell by 732.96 points or 0.98 percent and closed at 73,878.15 points. The Sensex also touched a high of 75,095.18 points and a low of 73,467.73 points in the day’s trade. In this way, a huge fluctuation of 1,627.45 points was seen in a single day.
There was a decline in these shares
National Stock Exchange (NSE) index Nifty also fell by 172.35 points or 0.76 percent to 22,475.85. In early trade, Nifty had risen 146.5 points or 0.64 percent to reach an all-time high of 22,794.70 points, but later became a victim of heavy selling. Among Sensex constituents, Larsen & Toubro, Maruti, Reliance Industries, Nestle, Bharti Airtel, UltraTech Cement, Kotak Mahindra Bank and JSW Steel were major losers.
On the other hand, shares of Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, State Bank of India, ICICI Bank and Infosys were successful in gaining. After the restrictions imposed by the Reserve Bank were removed, a rise of about one percent was seen in Bajaj Finance. Earlier on Thursday, BSE Sensex closed at 74,611.11 with a gain of 128.33 points and NSE Nifty closed at 22,648.20 points with a gain of 43.35 points.
How will the market move?
According to experts, a lot of ups and downs are being seen in the stock market. Due to the fall last Friday, the momentum of the last four sessions has ended. However, Nifty has been successful in maintaining the support of its short term moving average i.e. 20 DEMA. In such a situation, there is a need to invest carefully in the market. If Nifty maintains the support of 22,400 then hedging strategy needs to be adopted. Weakness may be seen in the market next week. In such a situation, before investing in the market, definitely talk to your financial advisor. If you do not do this, you may have to suffer financial loss.