Last week proved to be very bad for the domestic stock market. Even though the market started the week well, there was a continuous decline in the last 3 days. The main reasons for the decline last week were the ongoing war in West Asia and selling in IT stocks. Now the new week is starting from Monday 23rd October. Let us know how the condition of the market is going to be during the new week…
Market at this level on Friday
If we talk about the last week, the market has seen the rise of the month. Started by maintaining the order, but in the last three days a big fall was recorded in the market. In the last 3 days, Sensex recorded a fall of more than 1000 points. On Friday, October 20, the last day of the week, the Sensex fell 231.62 points and closed at 65,397.62 points. Nifty stood at 19,542.65 points with a loss of 82.05 points.
So much loss during the week
During the entire week, BSE Sensex fell by 885.12 points i.e. 1.33 percent and Nifty fell by 208.4 points i.e. 1.05 percent. A decline of percent was recorded. Before that, in the week ending October 13, Sensex had gained more than 550 points and Nifty had gained 245 points. During the first week of the month i.e. the week ending October 6, the Sensex had gained about 315 points, while the Nifty had gained 0.45 percent.
Markets fell due to these reasons
The war between Israel and Hamas is still going on in West Asia. Israel has made some relaxations for humanitarian aid, but it is committed to completely eliminating Hamas. There are no signs of the war ending any time soon. On the other hand, the quarterly results of IT companies in the domestic market have been weaker than expected. Due to this, selling was seen in IT shares. These 2 factors weighed heavily on the market during the last week.
These factors can have an impact
If we talk about the new week, the impact of the ongoing results season can be seen on the market. Investors may remain cautious as the war continues in West Asia. The Federal Reserve has indicated to increase interest rates further. There may be pressure on the market due to this. The market can also be affected by the fluctuations in crude oil and dollar.
Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. ABPLive.com never advises anyone to invest any money.
Get more latest business news updates