The results of the Lok Sabha elections are coming out on May 23 and the mood of the Indian stock market is already getting worse before this. On the second trading day of the week, once again in the initial few minutes of the market, more than 50 points the market fall and the Sensex has dropped to 37 thousand.
Similarly, the Nifty also witnessed a slight increase in trading on the figure of 11,150. After 9 percent slide on Monday, today SunPharma got more than a 4 percent gain. Apart from this, shares of Vedanta, ITC and Reliance were also seen trading with a close to 2% rise. While Tata Steel, L & T and HCL share closed at the red mark
Earlier on Monday, the Sensex dropped 372 points, or 0.99 percent, to close at 37,790. Similarly, the Nifty also closed 130 points, i.e., 1.16 percent, at 11,148, at the end of the business. It was the ninth consecutive day when the stock market closed with a fall. This is for the first time after 8 years when the market has recorded a fall in 9 consecutive days. In these 9 days, the Sensex has broken nearly 1950 points, while the Nifty has also rolled around 700 points. 8.56 lakh crore of investors have sunk amidst this bad stock market condition.
Market Mood Deteriorating
Two big powers of the world: Tensions on the trade front between the US and China are increasing. Its effect is being seen on all the markets of Asia including India. Apart from this, investors have been complaining due to political instability in India. Actually, the political pundits are not being able to see a clear majority government. This is the reason why investors have an environment of fear. The retail inflation rate in Tuesday’s business was also witnessed.
Retail Inflation Increased
Let us tell you that retail inflation has increased in April due to rising food prices and fuel prices in the country. Retail inflation was 2.92 percent in April, compared to 2.86 percent in the previous month. However, the Consumer Price Index (CPI) on a yearly basis was below the same period last year in April 2019. In April last year, retail inflation was 4.58 percent.
Marginal improvement in Rupee
Due to a weak global trend, the rupee on Tuesday rose 9 paise to close at 70.43 against the dollar in early trade on Tuesday. However, like the stock market, the condition of rupees is not well in the past few days. On Monday, the rupee dropped 59 paise to close at 70.51 against the US dollar due to fresh concerns over the price rise in crude oil prices. This is the lowest level of rupees for about two months.