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News Topical, Digital Desk : Indian stock markets opened weak on Monday (March 30). Investor concerns grew as the ongoing US-Iran war entered its fifth week and rising crude oil prices kept global and domestic markets under pressure.
Big fall in Nifty and Sensex
Sensex opened at 72,565, down 1018 points or 1.4%.
The Nifty 50 opened 270 points, or 1.2%, lower at 22,549.65.
The Sensex fell 1,105 points to 72,477.66, and the Nifty fell 321 points to 22,497.85.
Of the 50 Nifty stocks, 48 saw selling pressure, with only two remaining in the green. A total of 649 stocks advanced, while 2,120 declined, and 187 remained unchanged. Weak sectors and key stocks
- Selling was seen in 48 stocks out of the Nifty 50. The banking sector also remained under pressure, with all 14 stocks on the Bank Nifty falling, losing nearly 1,300 points.
- Major Nifty losers included: Axis Bank, Kotak Mahindra Bank, Shriram Finance, SBI, TMPV.
- Gainers included: Hindalco and ONGC
What was the reason?
The main reason for the market weakness is global cues.
- The US-Iranian war enters its fifth week
- Rising crude oil prices and fear of inflation
- Foreign investors selling
Rupee Strengthens
While the stock market remained under pressure, the Indian rupee strengthened on Monday, gaining 1.34 rupees to reach 94.84 rupees against the dollar.
What's next?
Overall, the sharp decline in the Nifty and Sensex indicates that investors are cautious at this time. High crude oil prices and weakness in global markets could continue to cause market volatility. Investors are advised to exercise caution in their sector and stock selection.
Read More: Stock Market Crash: Nifty opens below 22,500, Sensex slips 1,000 points.
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