The Indian stock market on Friday started in the red zone after the big crash recorded yesterday on Thursday. Geo-political crisis at global level, profit booking has increased volatility in the stock market. Due to the geo-political crisis including the Iran-Israel war at the global level, there is a massive withdrawal of investment by foreign investors. Small, mid-cap stocks also suffered massive offloading in the wake of the market breadth. A group, mid cap funds in many stocks, as investors unloaded heavily, investor wealth ie aggregate market capitalization of BSE listed companies also declined.
The Sensex closed down 808 points at 81688 points, while the Nifty futures index closed down 302 points at 25173 points. While the Bank Nifty Future Index closed at the level of 51871 points with a decrease of 513 points.
Indian stock markets fell amid fears of a war between the two countries as a result of Iran's 180 missile attacks on Israel. There was a general sell-off in stocks due to the possibility of crude oil prices going up in the event of a war and the risk of major economic losses due to the disruption of India's import-export trade with the world and signs of fund diversion of foreign funds to China as a result of China's continued stimulus package.
Indian stock markets recorded a 1769 points crash yesterday (3, October 2024) which is the biggest since 5, August 2024. On August 5, the Iran-Israel war outbreak and the increase in unemployment figures in the US and the negative factors of overvaluation of small, mid-cap stocks at home caused the Sensex to crash intra-day by 2686 points and finally by 2223 points. In the wake of the Iran-Israel war, fears of India's imports of crude, petroleum gas, and oil-gas stocks were heavily eroded.
Top gainers in today's trade include stocks like Torrent Pharma, Lupine, Infosys, Glenmark Pharma, IPCA Lab, Axis Bank, Tata Motors, Gujarat Gas, Wipro. Today's list of top losers includes DVS Lab, TCS, Indigo, Reliance, Grasim, Larsen, Kolpal, TVS Motors, Mahindra & Mahindra, Voltas, ACC, Havells India, Bharti Airtel, Cipla, Bharat Forge, Bata India, Jindal Steel, DLF. has decreased.
Out of a total of 4054 scrips traded on BSE, decliners were 2387 and advancers 1563, while 104 scrips were unchanged. While in 04 stocks there was a bearish lower circuit of only sellers against an upper circuit of bullish only buyers in 11 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 25173 ) :- The next swing is likely to see Nifty Future touch 25202 points to 25272 points, 25303 points with respect to the first and 24808 points very important strong stoploss trading. Cautious positioning around 25008 points.
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 51871 ) :- The next move is likely Bank Nifty Future to touch the crucial level of 51474 points first and 51303 points from 51979 points to 52088 points, 52303 points very important strong stoploss trading. Cautious positioning around the 52303 point.
Specific technical level regarding future stock Lupine Limited ( 2207 ) :- The share price of this company, the leader of the Lupine Group, is currently trading around Rs.2170. Buyable with a stoploss of Rs.2144, this stock is likely to register a price of Rs.2233 to Rs.2240 in a short period of time…!! Bullish focus above Rs.2255. Sun Pharma ( 1923 ) :- Positive breakout around Rs.1909 as per technical chart…!! Buyable at support of Rs.1880, this stock is likely to touch Rs.1944 to Rs.1950…!! Muthoot Finance ( 1942 ) :- According to the technical chart, this stock from the non-banking financial company sector has the possibility of a target price of Rs.1909 to Rs.1898 through a profitable sell-off around Rs.1973. Consider a trading stoploss of Rs.1990..!! Mahanagar Gas ( 1912 ) :- Registering an overbought position around Rs.1947, this stock is sellable with a stoploss of Rs.1955..!! It is likely to show the price of Rs.1898 to Rs.1880 in a phased manner…!! Consider a bullish move above Rs.1970.
Future direction of the market… Friends, after Iran launched a missile attack on Israel, as tensions increased in the Middle East amid fears of a war between the two countries, there was a big crash in the Indian stock market, and the shares of listed companies associated with Israel have also seen a negative impact. Amid the possibility of global trade with Iran, Israel being disrupted, India's trade is also expected to suffer a big blow. Amid the fear of war between Iran and Israel, along with the increase in crude oil prices, there was a fear that the country's import-export would also be affected. On the other hand, the signs of foreign investors leaving India for China due to the relief package announced by China to boost the economy will also have an adverse effect on the market in the coming days. can be seen. Rising tensions between Iran and Israel have dampened market sentiment. However, the biggest fear is that Iran launched missiles into Israel, creating chaos in Israel, but now the biggest question is how Israel responds to this attack. If Israel wreaks more havoc, there are fears of a major war that will have a direct impact on business and the stock market.
The Reserve Bank's Monetary Policy Committee (MPC) meeting is being held from October 7 to 9. The Reserve Bank has maintained the repo rate at 6.50% from February, 2023. After the reduction in the repo rate by half a percent by the American Federal Reserve, the market hopes that the Reserve Bank will also reduce the repo rate. RBI is also expected to cut interest rates twice in the current financial year. India's strong economic growth is also expected to help the RBI manage inflation. India achieved a strong growth rate of 8.20% in the last financial year. Global trends, geopolitical tensions and Reserve Bank's monetary policy as well as elections in Jammu and Kashmir and Haryana will be watched by Indian markets in the coming week.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
