The Sensex has fallen below the 66,500 barrier


The Sensex has fallen below the 66k level

On Friday, the BSE Sensex, an important stock market index in India, experienced a significant drop below the psychologically important 66,000 points mark. The index was down 301 points, trading at 65,965, mainly due to sustained selling pressure.

Several prominent companies witnessed declines in their stock prices, with Bajaj Finserv and Tata Motors experiencing a drop of more than 2 per cent. Additionally, TCS, Titan, HCL Tech, HDFC Bank, and Maruti saw their stock prices decrease by more than 1 per cent.

the sensex has fallen below the 66,500 barrier
Sensex stocks prices decrease by more than 1 per cent

The market is facing headwinds arising from various factors, including the US 10-year yield rising sharply to 4 per cent, the dollar index increasing to 101.7, Brent crude oil rising above $83, and Foreign Portfolio Investors (FPIs) selling stocks worth Rs 3979 crores in the cash market on the previous trading day.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that the market is delicately balanced, with strong headwinds and some tailwinds. While the strong headwinds may have an impact on the market, support can come from the positive US 2nd quarter GDP growth rate of 2.4 per cent.

He also advised investors to exercise caution when investing in small-cap stocks that may be overvalued. Instead, he suggested that large-cap stocks, even if they are richly valued, are comparatively safer investments.

In the midst of these market conditions, the pharmaceutical sector is seeing a comeback, and there is value-buying happening in previously beaten-down metal stocks, according to Vijayakumar.


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