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Stock Market Today: Indian stock market closed lower again on Friday, October 4. The main indices closed with a decline of about 1%. Sensex fell 808.65 points (0.98%) to 81,688.45. Nifty also closed 200.25 points (0.8%) lower at 25,049.85. In the week from September 30 to October 4, both indices fell by more than 4%, while in the previous three weeks, they had closed in profit.
due to the market downturn
The main reason for this decline is the increasing tensions in the Middle East, especially the conflict between Iran and Israel. After hitting a record high on September 27, the indices saw a decline of more than 5%. Apart from this, rising oil prices, recent rule changes in the F&O market by SEBI, and selling by foreign investors also affected the market.
The market fell at the beginning of Friday.
The trade started on a negative note initially. In the morning, both the Sensex and Nifty fell by about 0.5%. But after a while, the Sensex gained 1,295 points and reached 83,347. The Nifty also rose 378 points to reach 25,472.65. However, this positive trend did not last long. At the end of the day, the Sensex lost 1,835.64 points from its high and closed at 81,532.68. The Nifty fell 518.25 points to reach 24,966.8.
Iran-Israel conflict causes oil prices to rise
The situation worsened after Iran fired around 180 missiles at Israel. This caused Brent crude oil prices to rise from $71 to $75 per barrel. There are growing concerns that Israel may attack Iran's oil fields, which could further increase oil prices. This is a matter of serious concern for India, as the country imports 80% of its oil needs. If oil prices rise significantly, it could put pressure on India's economy.
Sector status
Other parts of the market were also showing a similar trend. The midcap and smallcap indices were also in the red. Most sectors declined, with Nifty Media falling 2.53% and Nifty Realty falling 1.7%. Nifty Auto and Nifty FMCG also fell by more than 1%. On the other hand, Nifty Bank and Private Bank indices declined by around 0.5%. Nifty IT and Nifty PSU Bank were the only sectors that gained, with a gain of 0.45% and 0.61% respectively.
gainers and losers
In the stock market, Infosys, Tata Motors, Tech Mahindra, Axis Bank, and TCS were the top gainers. On the other hand, Mahindra & Mahindra, Bajaj Finance, Asian Paints, Nestle, and Bharti Airtel were the biggest losers.
