Share Market Plunges Amidst Global Weakness and FII Selling; Sensex Down 300 Points, Nifty Below 22,450, Pressure on IT Stocks, Investors Await RBI Decision.
Stock Market Today: Weakness in global markets, pressure on the IT sector, and selling by foreign institutional investors (FIIs) led to a weak opening for both the Sensex and Nifty. The Sensex opened at 74,103.83, while the Nifty opened at 22,460.30. In early trading, the Sensex plummeted over 300 points to 73,958.74, while the Nifty fell 107 points to 22,428.15.
Impact of Global Factors, Heavy Pressure on IT Stocks
Concerns surrounding US President Donald Trump's tariff policies and fears of a global slowdown increased pressure on IT company shares. The decline in Nasdaq futures and a 1.2% weakness in Dow Futures maintained a negative global sentiment.
Investors Await RBI Policy Decision
Domestic investors are keenly watching the Reserve Bank of India's (RBI) monetary policy. Governor Sanjay Malhotra will announce the interest rate decision at 10:00 AM today. The market anticipates a potential 0.25% reduction in the repo rate, which could provide relief on interest rates.
FII Selling Continues, DIIs Offer Support
On April 8th, foreign institutional investors (FIIs) sold shares worth ₹4,994 crore, while domestic institutional investors (DIIs) purchased shares worth ₹3,097 crore. This maintained a degree of balance in the market.
Decline Follows Previous Day's Surge
On Tuesday, the Sensex witnessed a significant surge of 1,089 points. Heavyweight stocks such as Reliance, Infosys, and HDFC Bank boosted the market. However, today's opening has been marked by a decline.
Global Market Cues: Negative Signals from US and Asia
Dow Jones, Nasdaq, and S&P 500 futures continue to decline. Japan's Nikkei fell by 2.72%, and Australia's ASX 200 index dropped by 1.35%. South Korea's Kospi also showed weakness.
22,320 Support, 22,800 Resistance for Nifty
According to technical analysts, 22,320 is a crucial support level for the Nifty. If this level breaks, further decline is possible. On the upside, 22,800 could act as a resistance zone. Investors are advised to monitor these levels.
