Mumbai: Today, a double blow has been seen in the domestic markets. On one hand, Bombay Stock Exchange’s Sensex and National Stock Exchange’s Nifty fell heavily into the red as soon as they opened. On the other hand, the prices of gold and silver also fell sharply in the commodity market.
Investors appeared worried since morning. Maximum selling was seen in the IT sector, which pulled the entire market down. Along with global cues, domestic factors also contributed to this decline. Market experts say that this decline may be temporary, but at present the environment remains weak.
Sensex-Nifty’s weak start
As soon as the trading started, the Sensex slipped from the previous closing of 84,233.64 and opened at 83,968.43 and then rapidly fell to 83,795.65, i.e. a fall of 438 points. Nifty also opened at 25,906.70, down from 25,953.85 and reached 25,822.30. Nifty fell by 131 points in the initial minutes itself. Selling pressure was clearly visible in the market.
Heavy fall in IT shares
The biggest reason for the decline was the IT sector. Infosys shares fell by 4.50%, Tech Mahindra by 4.20%, TCS by 3.80% and HCL Tech by 3.40%. Last week also, IT stocks were weakened by the news of American AI tools. This time too global signals impacted Indian IT companies. Investors booked profits on a large scale.
Shares that fell the most
Among largecaps, Eternal was down 2% and M&M was down 1.10%. In midcap, Coforge fell 5%, Mphasis 4.10%, Persistent 3.90% and Godrej Properties fell 2%. In smallcap, ARE&M fell by 4.10%, Cyient by 3.50%, Kfintech by 3% and FSL by 2.80%. These shares deepened the weakness of the market.
Great softness in gold and silver
The price of silver on MCX decreased from Rs 2,63,018 to Rs 2,60,453 per kg, i.e. a fall of Rs 2,565. From its high of Rs 4,20,048, it is now cheaper by Rs 1.59 lakh. Gold also slipped from Rs 1,58,755 to Rs 1,57,701 per 10 grams. It is now Rs 35,395 less than the record high of Rs 1,93,096.
