Share Market Crash: The bearish trend that has been running since the last two trading sessions on Dalal Street did not stop on the third day today. As soon as the market opened, selling pressure was seen everywhere. The BSE Sensex was down 667.85 points, or 0.90 percent, at 73,050.84. At the same time, NSE’s Nifty also fell by 247.90 points or 1.09 per cent to settle at 22,562.45. Nifty has lost the important level of 22,600. In the early trading conditions in the market, a total of 1120 stocks were down, while only 684 stocks were up. 201 shares remained unchanged. In early trading itself, the capital of BSE-listed companies fell by more than ₹5 lakh crore.

Tensions in West Asia dampened market sentiment

The biggest reason behind this decline in the Indian stock market is the escalating war in West Asia. Due to the intensity of this war, the price of crude oil has increased sharply in the international market. Crude oil prices have crossed $110 per barrel. India buys most of its oil from abroad. In such a situation, there is a fear that the increase in the price of crude oil will have a direct impact on the economy of the country. Due to the rise in oil prices, the fear of rising inflation in the country has become darker. Investors are withdrawing money from the market due to this fear.

Everything from auto to banking was red, only IT took over.

In Thursday’s trade, the market is witnessing weakness all around. Most of the sectoral indices are trading in the red. There is heavy selling pressure in auto, metal, FMCG, pharma, cement and chemical stocks. Apart from this, financial services and banking indices are also under pressure. Shares of realty, healthcare, consumer durables sectors also fell. However, amidst this overall decline, IT is the only sector that stands strong. In contrast to the negative market trend, the IT sector is witnessing modest growth.

Maximum movement was seen in these large stocks

On Nifty today, the shares of many big companies have registered a huge decline. These include Hindalco, Power Grid Corp, Mahindra & Mahindra (M&M), Tata Steel and Shriram Finance. A sell-off in these stocks played a major role in pulling the market down. On the other hand, the impact of the strength of the IT sector was also seen on its share. Even in this declining market, shares of Tech Mahindra along with Infosys saw a good rally, giving some relief to investors.

Panic in markets around the world

Not only the Indian market but the stock markets around the world are in a weak environment today. S&P 500 futures fell 0.5 percent. The worst performer in Asian markets was Hong Kong’s Hang Seng index, which fell 2.6 percent. China’s Shanghai Composite also fell 1.3 percent. Also, Japan’s Topix index fell 0.3 percent, while Australia’s S&P/ASX 200 index fell 0.4 percent. Euro Stoxx 50 futures, mirroring the trend in European markets, were also seen trading down 0.6 percent. These weak signals from markets around the world have added to the woes of the Indian market.