The first trading day of the week started with disappointment for the Indian stock market. Today, a sharp decline is being seen in the Sensex and Nifty and the Bank Nifty has plunged by about 250 points as soon as the market opened. Global signals are responsible for the disappointing start of the stock market and today a sharp decline was seen in the Japanese market.
Indian stock market situation at 9.35 am
Within 20 minutes of the market opening, the Sensex has fallen by 500 points and the Nifty is trading down by 150 points. The Sensex had gone down to 85,058 and has fallen by more than 500 points.
At what levels did the Indian stock market open?
The BSE Sensex opened today at 85,208 with a decline of 363.09 points or 0.42 percent. The NSE Nifty opened at 26,061 with a decline of 117.65 points or 0.45 percent.
Status of BSE shares on 30 Sep 2024
If we look at the status of BSE Sensex shares, at 9.25 am, the number of falling shares was more and the rising shares were less. Know the status of Sensex shares from the picture-
Chaos in Smallcap and Midcap too
At the time of writing the news, BSE Midcap was trading at 49,343 level, down 146.85 points. Talking about the most falling shares in this category, Phoenix Ltd Share slipped 5.93 percent and was trading at Rs 1773.05, apart from this, Bharti Hexacom Share fell by 3.46 percent and came down to Rs 1449.95. BHEL Share also broke badly and fell 3.44 percent to Rs 277.75, while MaxHealth Stock was trading at Rs 970.65, down 2.48 percent.
Upheaval seen in Asian markets in the morning
Japan’s stock market has fallen sharply. On Monday (September 30), it fell by about 5 percent in early trade. At the same time, China’s stock market is witnessing a strong boom. The Shanghai Composite (SSE Composite Index) jumped about 6 percent in early trade.
Reason for tsunami in Japan’s market
The reason for the fall in Japan’s stock market may be political change. In fact, Japan’s ruling Liberal Democrats have chosen former Defense Minister Shigeru Ishiba as the next Prime Minister. Ishiba will replace current Prime Minister Fumio Kishida on Tuesday, who has resigned due to a drop in his popularity rating.
After winning the party vote on Friday, Ishiba said that he would continue to follow Kishida’s vision to increase the pace of Japan’s sluggish economic growth. However, experts of Japan’s political situation say that the market and investors would have taken the victory of Ishiba’s top rival and Economic Security Minister Sane Takaichi in a more positive way.
Why is China’s stock market booming?
The Chinese government is constantly trying to promote the real estate sector. For this, a relief package has also been announced. This has had a very positive effect on the stock market. Hang Seng and Shanghai have climbed 13 percent in just one week.
China is trying to reduce the borrowing cost of the real estate sector. It has eased the rules for many home buyers in many provinces. The Shanghai Composite was trading at Rs 3,263.59 with a gain of 5.70 percent at 9.10 am. Hong Kong’s Hang Seng was also up more than 3 percent.
Impact of Japan and China on India
Last time when the Japanese stock market fell due to the ‘Yen carry trade’, it had a very negative impact on the Indian market as well. However, this time there is not much scope for this to happen, because the major reason for the fall in Japan is the political turmoil there. Japan’s stock market can become normal again as soon as the political situation becomes normal.
On the other hand, if we talk about China, it can have both positive and negative impact on the Indian stock market. The revival of China’s real estate market means that now it will not dump products like steel in markets like India at very cheap rates, which will benefit Indian industry. On the other hand, foreign portfolio investors may withdraw money from the Indian market and go there in the possibility of good growth in China. This can be a loss for us in the near term.
