On Thursday, the fourth trading day of the week, the Indian market closed in the red. Benchmark equity indices Sensex and Nifty fell by more than 1 per cent each. The 30-share BSE Sensex fell 1236.11 points or 1.48 per cent to close at 82,498.14. The 50-share NSE Nifty fell 365.00 points or 1.41 per cent to 25,454.35.
Due to market decline
Vinod Nair, Head of Research, Geojit Investments Ltd, said, “It seems that there will be widespread selling in the near future as the market has performed well since the beginning of the month, which has led to profit booking. The possibility of low participation of foreign investment investors (FIIs) due to Lunar New Year holidays in Asian markets is also playing an important role in this.” Additionally, transactions remain closed on Thursday as it is a banking holiday. He further said that although these factors do not usually affect the direction of the market, they can affect the functioning, liquidity and volume of trading. “High volatility in crude oil prices – with Brent crude rising above US$ 70 amid US-Iran deal delay and rising tensions in the Strait of Hormuz – is putting the Indian stock market under pressure,” Nair said.