New Delhi. Huge fluctuations were seen in the Indian stock market on Tuesday. At the beginning of the day, Sensex and Nifty registered gains, breaking their seven-day decline on positive signals from Asian markets. However, this gain was almost wiped out at the end of the day due to selling pressure.
The Sensex fell nearly 900 points from its peak, while the Nifty suffered a loss of 262 points. At the end of the day, Sensex closed at 77,578.38 with a marginal gain of 239.37 points and Nifty closed at 23,518.50 with a gain of 64.70 points.
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impact of geopolitical tension
The market’s gains came to a halt when news of ATACMS missile attack by Ukraine on the Russian border came. This geopolitical tension made investors cautious. This is the first time in the ongoing Russia-Ukraine war since 2022 that Ukraine has fired missiles obtained from the US at Russia. This news came here about an hour before the market closed and its full impact was visible on the Indian market.
Strong Sectors and Performance
Nifty realty and auto sector gained 1.5%. Real estate companies like DLF, Lodha and Godrej Properties boosted the index. A slight recovery of 0.8% was also seen in the IT sector.
Performance of major stocks
Mahindra & Mahindra (M&M) gained 3%, the stock topped Nifty after CLSA got ‘outperform’ rating. There was a rise of 10% in PSP projects, because there was talk of Adani Group taking it over.
market opinion
Ajit Mishra, senior vice-president, Religare Broking, said, “This is just a bounce back after the continuous decline of the last two months. “This is not a true recovery, and investors are advised to wait for decisive action before entering the market.” According to experts, if Nifty remains above 23,565 then the improvement may continue. However, it may face resistance in the range of 23,733-23,788. Let us tell you that the market will remain closed on 20th November due to Maharashtra Assembly elections.
Tags: business news, stock market
FIRST PUBLISHED: November 19, 2024, 18:43 IST
