The stock market is undergoing a massive downturn. On Friday, the Sensex closed at 792.17, and 34,376.99 points and the Nifty closed 282.80 points down at 10,316.45 points. The Sensex has lost 2145 points in the last three days. Stock market analysts say that against the dollar, the rupee went below $ 74 per dollar for the first time in the trading on Friday. The Reserve Bank has not made any change in policy rates in its monetary policy review meeting. This is also due to the decline in the market.
Earlier, the 30-share Sensex of the Bombay Stock Exchange fell by 335 points to touch a low of 34,833.81 points. With the rise in crude oil prices and the continuous weakening of the rupee against the dollar, it has lost 1,356.98 points in the last two trading sessions.
According to brokers, the worst decline has been seen in the shares of oil and gas companies. The key reason for this is the government’s announcement to reduce the Petroleum prices by Rs 2.50 per liter on Thursday. It has raised the burden of 1.50 rupees by reducing the excise duty while the remaining one rupee has been asked to bear the burden of oil companies. This led to a decline of 20.50% in the shares of Bharat Petroleum, Hindustan Petroleum and Indian Oil.