Today, the Indian stock market experienced significant selling pressure following a downturn in Asian stock markets triggered by the Central Bank of Japan’s policy reversal. The Nifty 50 index opened below the crucial 22,000 mark and reached an intraday low of 21,817, marking a loss of 238 points or over one percent compared to Monday’s closing level of 22,055. Similarly, the BSE Sensex opened approximately 300 points lower at 72,462 and hit an intraday low of 72,007, reflecting a one percent decline during Tuesday’s session.
Furthermore, the Bank Nifty index also faced selling pressure, witnessing a decline of around 0.50 percent during intraday trading. The broader market exhibited considerable selling pressure as well, with the small-cap index dropping around 1.15 percent and the mid-cap index correcting more than 1.50 percent.
Stock market analysts attributed today’s market downturn to several factors. Firstly, the diminishing speculation regarding a rate cut by the US Federal Reserve ahead of the FOMC meeting has negatively impacted global sentiments, particularly in Asian markets. Additionally, the reversal in trends by the central bank of Japan has added to the prevailing uncertainty.
Moreover, weaknesses in the broader market, tax planning activities ahead of the fiscal year-end, and the strengthening US dollar have contributed to the downward trend in the Indian stock market.
