Leaders Online Desk: Indian stock markets tumbled on Friday amid selling pressure in heavyweights like Reliance Industries and HDFC Bank. The BSE Sensex fell as much as 1,126 points or 1.5 percent to below 73,500 in today's trading session. While the Nifty 50 index fell by 289 points to 22,348. The Sensex then settled down 732 points at 73,878. While the Nifty fell by 172 points to close at 22,475. (Stock Market Closing Bell)
All sectoral indices declined except for metals. Capital goods, oil and gas, realty, telecom and PSU banks declined by 1 per cent each. The Nifty index came under pressure after hitting new highs earlier in the session. The BSE midcap index fell 0.2 percent and the smallcap index lost 0.5 percent.
2.25 lakh crore from investors
Market capitalization of BSE listed companies fell by Rs 2.25 lakh crore due to today's fall. The market capitalization of BSE listed companies stood at Rs 406.24 lakh crore today on May 3. On May 2, it stood at Rs 408.49 lakh crore.
Lok Sabha elections, market volatility
The Economic TimesAccording to reports, factors such as the ongoing Lok Sabha elections, fourth quarter earnings reports of companies and the delay in interest rate cuts by the US Fed are contributing to the market developments. There has been a whirlwind of speculations related to the result of the Lok Sabha elections. Analysts have expressed the possibility that market volatility will increase as the date of Lok Sabha election results approaches on June 4.
Nifty pulls back from highs
Domestic benchmarks Sensex and Nifty started on a bullish note on Friday. The Nifty touched a new high of 22,794. Sensex increased by more than 375 points and started trading at 75 thousand. Initially, the market was supported by a rally in Bajaj Finance and Bajaj Finserv shares. But the boom did not last long.
'HE' heavyweights shares fell
Bharti Airtel, Reliance, Nestle India, LT, Maruti were the top losers on the Sensex. Shares of Bharti Airtel fell 3 percent to Rs 1,258. It then went to Rs 1,275. Shares of Reliance touched Rs 2,860. Shares of JSW Steel, NTPC, Ultratech Cement, Tata Motors, Kotak Bank, Tech Mahindra also fell. Meanwhile, Bajaj Finance, Bajaj Finserv traded on a bullish note.
The Nifty 50 index, which opened at 22,766 this morning, fell to 22,348. It then settled at 22,400. LT, Reliance, Maruti, Nestle India, JSW Steel were top losers on Nifty. So Coal India, Dr. Shares of Reddy's, Grasim, Apollo Hospital, ONGC remained bullish.
Bajaj Finance on the rise
Shares of Bajaj Finance rose 7 percent to touch an intraday high of 7,400 on the BSE in today's trading session. In afternoon trade, it eased to 7,000 with a gain of 1 percent. Shares of Bajaj Finance rose after the Reserve Bank of India (RBI) lifted restrictions on the company's two key customer acquisition products with immediate effect. (Bajaj Finance shares)
Asian market
Not only the Indian stock market, but also the major indices of the Asian markets traded in the red. Nikkei of Japan, Shanghai Composite of China. Kospi dealt with South Korea on a negative level.
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