Stock market is off to a great start, but PowerGrid and Bajaj Auto are on the decline
Today is the 12th of November 2021 on the stock market. On Friday, the penultimate trading day of the week, the Sensex got off to a good start. The Sensex began at 60248 points, up from the previous day's closing of 59919. This was trading above 300 points at the time of this report's publication.
On Friday, the final trading day of the week, the Sensex got off to a strong start. In comparison to yesterday's finish of 59,918, the Sensex began at 60,248 points. Until the time of publishing this report, it was trading above 300 points. The green level was exceeded by 22 stocks, including Techm and Sunpharma. Bajaj Auto and PowerGrid both saw their stock prices drop. Nifty began at 17,977.60 points, on the other hand. Nifty fell to 17,873.60 points yesterday.
The Share Market and Nifty finished down for the third day in a row earlier on Thursday, owing to heavy selling in banking, financial, and infrastructure companies, as well as mounting monetary concerns in the global market and outflows of foreign capital. The Sensex ended the day at 59,919.69, down 433.13 points, or 0.72 percent. Similarly, the Nifty ended the day at 17,873.60, down 143.60 points, or 0.80%, to settle at 17,873.60.
The Sensex index was down 24 out of 30 firms. The Sensex began trading in the red and fell to a low of 59,656.26 points at the end of the day. The poor performance of ICICI Bank, HDFC Bank, and the State Bank of India had a detrimental influence on this (SBI). On the other hand, at the close of trade, the Nifty had 41 firms in it, depending on the performance of 50 others.
The market's poor performance, according to Vinod Nair, Head of Research at Geojit Financial Services, is due to global inflationary pressures. Maybe the worst inflation report in the United States, according to Nair, has influenced trade in the home market. The annual rate of inflation in the United States was 6.2 percent, the highest in the last 30 years. Analysts predict an interest rate rise sooner than expected in such a circumstance. Similarly, bond yields in the United States increased.
As per Vinod Nair, Head of Research at Geojit Financial Services, global inflationary pressures are to blame for the market's dismal performance. According to Nair, the US's worst inflation data may have affected domestic trade. Inflation in the United States reached 6.2 percent last year, the highest level in the past 30 years. In such a scenario, analysts foresee a rate hike sooner than planned. In the United States, bond yields have also risen.
The domestic market is apprehensive, according to Nair, because of the possibility of an early rate rise combined with mounting inflationary pressures. As a result of such signs, international investors are pulling out of emerging nations like India. In the Sensex, SBI was the largest loser, falling 2.83 percent. ICICI Bank's stock fell 1.09 percent, while HDFC Bank's stock dropped 1.31 percent.
Credit - Komal Sharma