The selling spree continues in the domestic stock market. Following Monday’s decline, major benchmark indices were seen trading in the red on Tuesday as well.
सोना, पेट्रोल-डीजल पर PM मोदी की अपील से खौफ में शेयर बाजार, कमजोरी का सिलसिला बरकरार; सेंसेक्स 900 अंक गिरा, निफ्टी 23700 से फिसला
Following Prime Minister Narendra Modi’s appeal to the nation to exercise prudence in spending, the domestic stock market witnessed a significant decline on Monday. The Sensex plummeted by nearly 1,100 points, while the Nifty slipped below the 23,850 mark.
In early trading, the Sensex fell by 845.68 points to 76,482.51, while the Nifty dropped 237.90 points to reach 23,936.85. During early trade, the Rupee depreciated by 145 paise against the US Dollar, falling to 94.96.
At the time of writing, the Sensex was trading at 76,220—down 1,100 points—while the Nifty was trading at 23,857, a decline of 320 points.
What was the PM’s Appeal?
On Sunday, Prime Minister Narendra Modi issued a public appeal aimed at easing the pressure on the country’s foreign exchange reserves. He urged citizens to refrain from unnecessary foreign travel and destination weddings, while simultaneously encouraging domestic tourism. Furthermore, he requested that people avoid purchasing non-essential gold for a period of one year. Immediately following this statement, shares of jewelry companies recorded a sharp decline:
- Senco Gold Ltd. shares tumbled 8.98 percent to close at ₹332.60.
- Kalyan Jewellers India Ltd. witnessed a decline of 7.43 percent, falling to ₹393.00.
- Titan Company Ltd. shares dropped 5.34 percent to ₹4,268.10, while PC Jeweller Ltd. fell 3.89 percent to trade at ₹9.13.
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