Due to negative indications from the international markets, the Indian stock market opened with a significant decline on Friday. Both the National Stock Exchange’s (NSE) Nifty and the Bombay Stock Exchange’s (BSE) main index experienced steep drops. Sensex dropped 538 points to open at 59,395 while Nifty dropped 161 points at 17,716. Nifty was trading at 17,675, down 210 points, at the time the report was written.
As the market opened, the pressure was visible in the auto, IT, metal, media, and infrastructure companies. Additionally, pressure is being placed on banking equities, which have historically been bullish.
Losers and Gainers
The Nifty pack is rising, with Cipla, Sun Pharma, and IndusInd Bank leading the way. While shares of Tech Mahindra, TCS, Heromotocorp, M&M, and Tata Consumer are all selling at significant losses. In the Sensex pack, only Sun Pharma and IndusInd Bank saw gains. While M&M is under pressure, Tech Mahindra, TCS, Infosys, and Wipro are as well.
State of International Markets
The markets in Seoul, Tokyo, Shanghai, and Hong Kong all began trading with a fall on Friday. On Thursday, the US stock markets also experienced a decline. Global stock markets see a severe decrease in August in the US because inflation has fallen below expectations. As a result, many people assume that the Federal Bank, America’s central bank, has the authority to significantly raise interest rates.
The market has shown some signals of the downturn, according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The biggest worry currently facing the world is an increase in interest rates by the Fed. The likelihood of an economic downturn will grow if interest rates in the US increase significantly.
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Rupee Value Declining
On Friday, the opening rate of the rupee versus the dollar was 72.82, down 11 paise. In the opening hours of trading, the rupee reached a level of 79.79 against the dollar. The rupee had dropped 19 paisas to close at 79.91 versus the dollar on Thursday.