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Business Desk – Share Market Update: On Thursday, April 23, an atmosphere of weakness was seen in the stock market. During trading, the Sensex fell by almost 700 points 0.85% to the level of 77,800. At the same time, a decline of about 200 points 0.80% was recorded in Nifty also. It was seen trading below the level of 24,200. Today, the maximum pressure on the market came from the auto sector, where selling pressure dominated most of the shares.

Most pressure on auto stocks

There was a huge fall in the shares of auto companies in today’s trading session. Investors did profit-booking in this sector, which put further pressure on the entire market. Apart from this, mixed trends were seen in other sectors. The decline in the auto sector played an important role in deciding the overall direction of the market.

Weakness was also seen in Asian markets

Global signals also remained weak today. There was a selling environment in the Asian markets, which later affected the domestic market as well. South Korea’s KOSPI index fell 45 points or 1.56% to close at 6,334. Japan’s Nikkei index fell 860 points or 1.36% to close at 58,952. At the same time, Hong Kong’s Hang Seng index closed at 25,881 with a decline of 277 points or 1.13%. The decline in these markets increased the concerns of investors. Maintained pressure on the domestic market.

Mixed signals from US markets

However, on April 22, a rise was seen in the American markets. Due to strong buying by investors, the main indices closed with gains. Dow Jones closed at 49,490, up 341 points or 0.69%.

At the same time, Nasdaq index rose 398 points or 1.64% to 24,658. Moreover, the S&P 500 index closed at 7,138, registering a gain of 74 points or 1.05%. While this rise in the US markets can provide some support to the global markets, the impact of the weakness in the Asian markets was more clearly visible.

Rise in crude oil prices

Meanwhile, a rise in the prices of crude oil is also being seen, due to which the concerns of the market have increased further. The price of Brent crude oil has once again crossed the $100 per barrel mark. This rise in prices has come due to strong demand for oil and growing concerns about the ‘Strait of Hormuz’. This sea route is considered very important for global oil supply. Any kind of tension in this region always impacts the global markets.

A decline was also seen on the last trading day

The trend of decline in the market continued on Wednesday, 22 April also. Sensex fell 757 points or 0.95% and closed at 78,516. Similarly, Nifty also recorded a decline of 199 points or 0.81%. It closed at 24,378. This decline for the second consecutive day has further increased the nervousness of investors.