On April 19, the Sensex and the Nifty experienced their fifth consecutive day of decline, reportedly due to Israel’s reported launch of new missiles on Iran. This development led to a surge in oil and gold prices, heightening concerns about the global economy. Meanwhile, in India, voting commenced for the Lok Sabha elections.
During early trading, the Sensex dropped by 490.71 points, or 0.68 percent, to 71,998.28, while the Nifty fell by 152.80 points, or 0.69 percent, to 21,843.00. Market sentiment favored declines, with 606 shares advancing, 2,031 declining, and 81 remaining unchanged.
Analysts anticipate continued volatility in the market in the coming days as geopolitical tensions dampen investor risk-appetite. Deepak Jasani, Head of Retail Research at HDFC Securities, foresees the Nifty potentially declining towards 21,710, with resistance expected at 22,148-22,214. Uncertainty prevails as investors grapple with West Asian tensions, elevated bond yields, and corporate earnings season.
Simultaneously, across India, voters queued up at polling booths for the Lok Sabha elections’ first phase, encompassing 102 constituencies.
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