The stock market fell for the third consecutive day, the Sensex closed down by more than 600 points from the upper levels

The market decline for the third day

Today, out of the 7 stocks that fell the most in the Sensex, 5 were stocks from the IT sector. TCS closed today with a decline of 3.69 percent

in the stock market today ( stock market today) There has been a decline for the third consecutive day. Sensex and Nifty ,Sensex and nifty) once again were not able to maintain the lead in the opening trade and closed with a loss after losing the entire opening lead. In today’s trade, the Sensex fell by 303 points to 53,749 and the Nifty closed at the level of 16026 with a fall of 99 points. During trading, the Sensex has seen a fall of 630 points from its upper levels. The biggest decline in today’s business is the IT sector (IT Sector) has been observed. At the same time, losses were also registered in the realty and media sectors. On the other hand, there has been an increase in the financial services sector.

Why did the stock market fall?

Today’s fall in the market has been seen due to the sell-off in the heavyweights of the IT sector. Today out of the 7 stocks that fell the most in the Sensex, 5 were IT sector stocks. TCS closed today with a fall of 3.69 percent. On the other hand, Tech Mahindra and Wipro recorded a loss of more than 3-3 percent. Reliance Industries has also closed with a loss today. On the other hand, the losses in the market were limited due to purchases in HDFC and HDFC Bank. The market is currently under pressure from the signals received from foreign markets and for the last 3 days it is showing a decline. On April 4 itself, the market had closed above the level of 60 thousand. Since then the decline has been continuous. Although the Sensex has recorded recovery from the level of 52800 twice on 13 May and 16 May. Earlier on 7th March also, the market had recovered from near these levels and gained gains.

How was the sector’s performance?

The biggest fall in today’s business has been seen in the IT sector and the index closed down 3.38 percent. On the other hand, the index of realty, media and public sector banks saw a decline of more than 2-2 percent. Oil and gas, consumer durables, health care, pharma and metal sector indices closed with a fall of over 1 per cent. On the other hand, the index of Nifty Bank, Financial Services and Private Sector Bank saw an increase. However, this increase has been less than 1 percent.

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What is the opinion of market experts

According to Sahaj Agarwal, Research Head Derivatives, Kotak Security, Nifty is trading between 15700 to 16400 for the last 2 weeks. It has remained in this range even amidst ups and downs in foreign markets. It is expected that trading in Nifty can continue in the range even further. The level of 15500 is important in case of weakness and further downside is possible if it breaks. On the other hand, the level of 16900-17000 is important for Nifty in the direction of growth.