The Indian stock market experienced a drop of 1% on March 19th, 2024. The key indices, Sensex and Nifty, closed lower amid selling pressure across all sectors.
- Nifty: The Nifty index closed at 21,817.50, down 238.20 points or 1.08%. Analysts observed a bearish candlestick pattern with significant volume, indicating a potential further decline towards the 21,600 level.
- Sensex: The Sensex settled at 72,012.05, a decrease of 736.37 points or 1.01%.
Reasons for the Decline
Indian Stock Market experts attributed the fall to a combination of factors:
- Global Cues: The recent hike in interest rates by the Bank of Japan (BoJ) dampened the mood in Asian markets, impacting Indian Stock Market equities.
- Domestic Concerns: Anxieties surrounding premium valuations and the delay in US Fed rate cuts, due to rising inflation, contributed to the correction.
- Crude Oil Prices: The gradual increase in crude oil prices added to the negative market sentiment.
Expert Opinions
The blog post includes insights from various market analysts:
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- Mandar Bhojane (Choice Broking): Highlights the technical indicators suggesting a bearish trend for Nifty.
- Vinod Nair (Geojit Financial Services): Explains the influence of global cues and domestic concerns on the market.
- Rupak De (LKP Securities): Provides technical analysis of Nifty and Bank Nifty, indicating potential trend reversals.
- Aashish Agarwal (Jefferies): Comments on the potential for increased bond issuance and its impact on attracting investments.
- Ramesh Damani (BSE Member): Shares his view on the frothiness of the market but suggests it’s not a bubble yet.
- Aditya Gaggar (Progressive Shares): Analyzes the selling pressure in IT stocks and the broader market movement.
