Indian market shows a downward trend on June 9, due to the losses in the banking shares and reliance Industry. Analysts found that such a fall in profit is because of fluctuations in the European market. The Sensex point ended 414 points under 33,956 points. It is considered as the biggest fall in 15 sessions.
NIFTY is about to 1.2% which is at 10,046 points. Compared to this, the previous session Index had been raised to 1% each because of the reopening of the shopping malls and restaurants after the world’s biggest Pandemic and associated lockdown. Even the number of patients has been increasing day by day tremendously. Axis Bank, RIL, ICICI Bank, HDFC Bank, and Bharti Airtel marked a loss on Tuesday and they are the top losers on Tuesday report falling between 2% and 3 %. In NIFTY bank Industry has fallen down to 2 % at Rs 20,724. The pharma Industry of NIFTY was the best performer in the market yesterday, showed a gain of 1.8 %.
Here are some findings by some financial Analysts regarding the market action on the previous day.
1. Ajit Mishra, VP – Research, Religare Broking Ltd: Market loss in such a large percentile in the trading session resulted in losses in the banking shares and reliance Industry. Opening of malls, Industry, restaurants after the corona outbreak made a gradual increase in the Index, but weakness in the European stock market has resulted in a sharp decline in the final half.
2. Sumeet Bagadia, Executive Director, choice Broking: Currently the downside support comes at 9890 although upside resistance comes at 10245. He says that the market will definitely follow the development track associated with the reopening of the economy after the coronavirus crisis.
3. Vinod Nair, Geojit Financial services: The Nifty closed to 1.2 %. The banking industry was the worst performer in the Index. The weakening of European markets and global cues had a negative impact on the Indian market performance.
4. Shrikant Chouhan, Kotak securities: The 10,300 level acted as a major hurdle. The steady market fall is a rapid weakening of global markets and a decline in the dollar value Index. Global investors are becoming more alert on equities because the past rising trend was significant and continuous.