Mumbai, March 6: The Indian stock market remained in the red during Friday’s trading session. By 1 PM, the Sensex had fallen by 588 points, or 0.72%, to reach 79,427, while the Nifty was down by 154 points, or 0.62%, at 24,612.
The decline was primarily led by banking and real estate shares. The Nifty Realty index dropped by 1.85%, and the Nifty Bank index fell by 1.31%. Additionally, sectors such as auto, services, and consumption also faced pressure.
Conversely, indices related to defense, energy, public sector enterprises, oil and gas, commodities, and metals were performing positively.
A significant factor contributing to the market’s downturn is the ongoing conflict between the United States, Israel, and Iran. The prolonged war has raised concerns about energy supply, negatively impacting investor sentiment.
As a result of the conflict, crude oil prices have continued to rise. WTI crude is priced at $80.39 per barrel, while Brent crude has reached $84.84 per barrel.
The market’s decline is also attributed to investors shifting towards safer investments like gold and silver amid the war. As of the time of writing, gold on Comex rose by 0.81% to $5,120 per ounce, and silver increased by 2.96% to $84.61 per ounce.
Furthermore, the drop in U.S. markets has contributed to the weakness in Indian stocks. On Thursday, the Dow closed down by 1.61%, and the Nasdaq fell by 0.26%.
Continuous selling by foreign institutional investors (FIIs) is also exerting pressure on the Indian stock market. On Thursday, FIIs sold equities worth ₹5,153.37 crores.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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