The Indian market closed in the red, with NIFTY50 falling below 21,200, while SENSEX fell over 900 points. The market sees profit booking in the last hour of trade. Here are the key reasons behind today’s fall.
- 46 out of the NIFTY50 stocks closed in red. Sell-off in heavyweight stocks like L&T (-2.3%), Infosys (-1.7%), Reliance Industries (-1.1%), and ICICI Bank (-1.1%) dragged down the markets
- All sectoral indices closed lower, with PSU Bank (-4.0%), Metal (-3.8%), and Realty (-2.4%) amongst the top losers
- The rise in crude oil prices in the last few trading sessions, with Brent crude oil prices trading above $80 per barrel has raised investors' concerns as India has a huge dependency on oil imports
- Oil prices rose after Houthi militants attacked oil ships in the Red Sea, leading to a halt in oil shipments from several companies, raising the global oil supply concern
- The sudden surge in Covid-19 cases, with 614 fresh infections recorded in India in the past 24 hours, the highest since May 2023 made investors and traders nervous today Kerala has recorded the highest spike in total active cases, with 292 new cases in the past 24 hours
- Amid a spike in Covid-19 cases, the Union Health Ministry held a high-level review meeting with states to review the preparedness of health facilities