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Sensex, Nifty fall 1% each: 4 key factors that are pulling market down

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Sensex, Nifty fall 1% each: 4 key factors that are pulling market down

The market lost more than a percent on October 28 in day trading. The broader markets also corrected, but less than benchmark indices as the Nifty Midcap and Smallcap indices were down around half a percent each.

The BSE Sensex fell 488.28 points or 1.20 percent to 40,033.82, and the Nifty50 dropped 128.10 points or 1.08 percent to 11.761.30.

“Indian market is expected to follow global cues with an increase in volatility in the coming days as we are heading closer to the US election and more economic restrictions due to the devastating rise of COVID cases,” said Vinod Nair, Head of Research at Geojit Financial Services.

India continued to report better recovery rate and lowered active cases week-after-week, but the situtation in United States and some nations in Europe looks tense as the coronavirus infections, hospitalisation and deaths increased sharply again.

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As a result, the governments announced further restriction measures to avoid the spread of virus, which ultimately could impact global growth.

Media reports indicated that France may announce complete lockdown to contain the virus outbreak. Mainland China also reported increase in virus infections.

Investors also looked cautious ahead of the US presidential elections scheduled to be held on November 3. Reports indicated that there could be tough competition between Republican Donald Trump and Democrat Joe Biden, and the surveys indicated that Democrats have more chance in the elections, over Republicans and the number of people to vote is expected to be more than previous several elections.

US President Donald Trump clearly stated that there won’t be coronavirus relief bill before election, which has not yet cleared amid several negotiations between Republicans and Democrats.

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Banking & financials were leaders in fall as the Nifty Bank and Financial Service indices fell more than 2 percent each. The Bank Nifty formed bearish candle on the daily charts.

IndusInd Bank, Federal Bank, ICICI Bank, Kotak Mahindra Bank, SBI, HDFC Bank, Axis Bank and Bank of Baroda were down 1.5-3 percent.

IT lost over a percent, while FMCG, Pharma and Metal indices were down more than half a percent.

The Nifty50 corrected a percent and formed bearish candle on the daily charts, but overall trend of last few sessions indicated that the index has been in a range of 300-400 points and is expected to remain in same range in coming days too.

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“The index is still stuck in a range between 11,650 and 12,050. While choppy markets can test a trader’s patience, one must exercise caution and avoid trading in rangebound markets,” Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments told Moneycontrol.

“If we can get past 12,050, the Nifty can achieve 12,200-12,300. If it breaks 11,650, we could drop to 11,400-11,450,” he said.

Tap To Explore More : Money Control

Also Read : BECA DONE, FIGHTERS AND ARMED DRONES NEXT AS INDIA TURNS THE US POSITIVE

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Haryana

Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.

The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.

Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.

With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.

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The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.

Weather and AQI predictions in Delhi for next 7 days:

DateTemperatureSky
October 23, 202432.93 °CSky is clear
October 24, 202432.69 °CSky is clear
October 25, 202432.5 °CSky is clear
October 26, 202432.07 °CSky is clear
October 27, 202430.69 °CSky is clear
October 28, 202431.29 °CSky is clear
October 29, 202432.09 °CSky is clear

Weather in other cities on October 22, 2024

CityTemperatureSky
Mumbai28.35 °CLight rain
Kolkata28.84 °CSky is clear
Chennai28.94 °CLight rain
Bengaluru25.53 °CModerate rain
Hyderabad27.75 °CModerate rain
Ahmedabad31.9 °CSky is clear
Delhi32.93 °CSky is clear

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