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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.

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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.

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.

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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.

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.

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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.

“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

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

$92.8 million

Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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