Hi guys
Myself Bittu kumar Today is 23th of April and in this blog i'm going to tell you why on 22th april the Indian stock market going down. The 5 Biggest reason given by some analysts.
Let's Start
Myself Bittu kumar Today is 23th of April and in this blog i'm going to tell you why on 22th april the Indian stock market going down. The 5 Biggest reason given by some analysts.
Let's Start
1)Oil hits 5-months peak
A rise in crude oil was one of the top factors that not only weighed on indian markets but most of the aisan market. Oil prices that touched a 5-month peak spiked on reports that the US was likely to ask all importers of Iranian oil to end their purchase or face sanctions.
Brent crude rose roughly 1.7 percent to $73.24 per barrel, highest since Nov. 7, 2018.
2)Reliance industries drags NIFTY/Sensex
Quarterly result from Reliance Industries on April 18 were broadly in line with estimates, with refining disappointing a bit, but retail and petrochemical doing well. RIL carries one of the highest weight in the index.
Reliance Industries ltd.- 9.98% in NIFTY
3)RBI minutes signal growth concerns
The RBI, on April 18, released the minutes of the three-day MPC review meeting that was held on April 2-4. In its first bi-monthly policy review this FY , the MPC voted 4-2 for a 25 basis points rate cut.This was RBI's second consecutive rate since February policy.
Das said ,"With the inflation outlook benign and headline inflation expected to remain below target in the current year, it becomes necessary to address the challenges to the sustained growth of the indian economy".
4) Sell-off in financials: NiftyBank below 30,000
Financials remained under pressure in trade with NiftyBank slipping below 30,000 in the morning trade, largely weighed down by losses in Yes Bank, IndusInd Bank, Axis Bank, Federal Bank and Kotak Mahindra Bank.
5)NIFTY Technicals
Nifty saw a cut of over 100 points in the trade that pushed the index below 11,700 brought further weakness.
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