Stock market falls amid weak global cues and rising crude oil prices; Sensex fell by 719 points
Mumbai: Trading pressure continued in the domestic stock market in view of global economic instability and rising crude oil prices, due to which the 30-share Sensex of BSE closed in decline for the second consecutive session. On Wednesday, the Sensex closed at 73,524.26 with a fall of 719.08 points or 0.97 percent.
There was huge volatility in the market during the day, when the Sensex touched a low of 73,318.94 with a sharp fall of 924.4 points or 1.24 percent. Fears of a global recession among investors and crude oil prices crossing the century increased the selling pressure.
Experts believe that the increasing trade tensions between America and China and uncertainties related to oil supply in the Middle East have had a negative impact on the market. The rise in oil prices also affects the economic growth and currency of importing countries like India, causing gloom in the financial markets. Fund managers said that due to weak global cues, capital inflows are slowly moving towards safer assets. This situation has affected the performance of the domestic stock market.
Despite this decline, some sectors like IT and Pharma gave relief to investors by performing stable. Analysts say that in the coming days, the market will keep an eye on the situation of global economic indices and crude oil prices.
Investors are being advised to avoid haste and understand the market situation and make a long-term investment strategy. Experts also suggest that it will be necessary to pay attention to global developments and government policies so that appropriate decisions can be taken according to the changing conditions in the market.
