Why Indian stock market is down today? Experts list out these two reasons
Stock market today: Extending Monday's late sell-off for yet another session, key benchmark indices of the Indian share market went further down during Tuesday session. Nifty 50 index opened slightly higher at 21,751 levels but soon came under the sell-off stress and touched intraday low of 21,555 mark, registering around 186 points loss on Tuesday. Sensex today opened higher at 72,332 and touched intraday low of 71,613 levels, logging over 650 points loss during Tuesday dealings.
Similarly, Nifty Bank index today opened 48,194 levels and went on to hit intraday low of 47,814 within few hours of stock market's opening bell. According to stock market experts, Indian stock market is down today for two major reasons — first and foremost reason is overbought condion of the Indian share market and second is upcoming Q3FY24 results season. They said that market is rebalancing ahead of the new results season and overbought condition of the key benchmar indices was ideal for profit booking trigger.
On why Indina share market is going down today, Sandeep Pandey, Founder at Basav Capital said, “Indian stock market was in overbought condition. In last two months, Nifty 50 index has ascended to the tune of near 3,000 points, BSE Sensex surged around 9,400 points in this period whereas Nifty Bank index climbed around 6,350 points in this time. Most importantly, this rise in Indian markets was continuous.
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