Sensex tumbles 700 points: What is the stock market falling today?
Benchmark stock market indices fell sharply during the afternoon trading session after a shaky start on Tuesday, dragged down by declines in heavyweight financial, banking and IT stocks.The BSE Sensex was trading 740.82 points lower at 80,632.93 at around 1:13 pm, while the NSE Nifty50 fell 187.65 points to 24,528.95. All the other Nifty sectoral indices also fell as volatility rose during the session.advertisementBanking, financial and IT stocks fell the most, with heavyweights such as Bajaj Finserv, Axis Bank, Bajaj Finance, HDFC Bank, ICICI Bank and TCS down over 1%. In addition, shares of Adani Group companies, including Adani Enterprises and Adani Ports, fell after a Wall Street Journal (WSJ) article alleged links between Adani entities and Iranian liquefied petroleum gas (LPG) shipments.
Several factors are behind today's volatile trading session, including rising Covid-19 cases in the country and growing expectations ahead of the Reserve Bank of India's monetary policy (MPC) meeting.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, 'Since the MPC is expected to cut policy rate by 25 bp in the policy meet on 8th, rate sensitives are likely to be favoured in the coming days."He added that during a consolidation phase, where the market moves within a range, buy-on-dips is the ideal strategy. 'And this strategy is working well now. With a lot of uncertainty in geopolitics, tariffs and trade, the market will remain volatile. Therefore, investors may persist with the strategy of buying on dips,' he added.advertisementHowever, he also highlighted that the concern in the market now is the high valuation, particularly in the broader market.'But the trends in money flows into the market and the healthy trend of retail investors persisting with their investment for longer periods, indicate that Indian equities will remain at higher valuations for an extended period of time,' Vijayakumar said.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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