The week started on a sour note as the stock market crashed as soon as it opened. The Sensex fell more than 800 points, or 1.3 percent, to trade at 76,580.57.
Mumbai: The rupee has seen an unwanted record in the beginning of the third week of the new year. The rupee has fallen by the most paise and the dollar has strengthened once again. This has also affected the stock markets in Asia. The value of the rupee has decreased by 23 paise. The value of 1 dollar has gone up to 86.27 rupees. Due to this, the tension of those who have invested money has increased. There has also been a fear of whether there will be a market correction or not.
The week started with a bang as the stock market crashed as soon as it opened. The Sensex was trading at 76,580.57, down over 800 points, or 1.3 percent. At the same time, the Nifty was trading at 23,185.15, down 246.35 points, or 1.05 percent. There has also been talk of a breakdown of the bullish momentum that had been created in the midcap and smallcap sectors.
Investors are now focused on the budget. Just as a tonic works on the body, the budget can be a tonic for the stock market. Attention is focused on what announcements the Modi government and Nirmala Sitharaman will make in the budget. It has a big impact on the markets in Asia. Some experts also say that there is a chance for the market to recover in the meantime.
Anuj Singhal advises that Bank Nifty is also trading in the red, do not rush to invest here at present. Those who have bought stocks should hold. Intraday traders should especially remember that they should not go to the banking sector. Crude prices have also been affected. Its impact is also being seen on the stock market.
On Monday, Zomato fell by 2%, Asian Paints (1.70%), Tata Motors (1.50%), Adani Ports (1.40%), HDFC Bank (1.40%), Reliance (1.20%) shares. Among midcap companies, AWL Share (6.79%), Kalyan Jewellers Share (5.16%) and RVNL Share (4.55%) shares saw a big decline. Shares of 1941 companies are trading in the red. Therefore, investors will be paying attention to the mood in the second session.