After the Pahalgam terror attack, the stock market got tense due to the tension between India and Pakistan. On top of that, there was selling in the shares of private sector Axis Bank, due to which the stock market crashed for the second consecutive time on Friday. Both Sensex and Nifty fell.
Stock Market Falls for Second Consecutive Day
At the end of trading, the BSE Sensex fell 588.90 points or 0.74% to close at 79,212.53 points.
During trading, it fell by 1,195.62 points at one time to reach 78,605.81 points.
NSE Nifty fell 207.35 points or 0.86% to close at 24,039.35 points.
Top Losers in Today’s Stock Market
Adani Ports
Axis Bank
Zomato (Eternal)
Bajaj Finserv
Tata Motors
NTPC
Tata Steel
Maruti
Stocks That Managed to Stay Positive
In adverse conditions, stocks like Tata Consultancy Services (TCS), Infosys, Tech Mahindra, UltraTech Cement, and ICICI Bank registered a slight rise.
Global Market Trends and Oil Prices
Japan’s Nikkei, South Korea’s Kospi and Hong Kong’s Hang Seng closed with gains in Asian markets.
China’s Shanghai Composite was slightly down.
European markets were trading with gains in the afternoon session.
US markets closed strongly on Thursday.
Oil and FII activities
Brent crude fell 0.50% to $66.24 per barrel.
Foreign institutional investors (FIIs) bought shares worth Rs 8,250.53 crore on Thursday.
Indo-Pak tension increased investors’ concern
Vinod Nair, Head of Research, Geojit Investment Limited, said, “Amid the increasing tension on the Indo-Pak border, investors have formed a cautious sentiment. Due to high valuations and sluggish start of quarterly results, selling was seen in midcap and smallcap stocks.” Ajay Garg, Chief Executive Officer, SMC Global Securities, said, “Despite the Nifty opening at a higher level on Friday, the index declined due to increasing tension with Pakistan. Along with geopolitical tensions, profit booking by investors also increased the decline in the market.”
