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Share markets in India have erased all the early gains and are presently deep in the red.
Benchmark indices opened higher tracking the trend on SGX Nifty and following support from positive global markets.
However, benchmark indices saw a sharp fall and the weakness spilled across broader markets as well.
The reasons behind this fall could be rising crude oil prices and the US-China tensions.
Crude oil prices rose today, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.
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Meanwhile, starting today, China has said that it will carry out five days of “necessary and just” military drills in the seas around Taiwan following US House Speaker Nancy Pelosi’s trip to the island.
The Chinese Foreign Ministry also summoned the US ambassador to China, Nicholas Burns, on Wednesday to protest Pelosi’s visit as a “serious provocation and violation” of the one-China principle.
In opening trade today, the BSE Sensex rallied as much as 350 points while the broader NSE Nifty topped 17,490-mark.
Presently, the BSE Sensex is trading down by 555 points. Meanwhile, the NSE Nifty is trading down by 162 points at 17,220 levels.
Broader indices also came under pressure as the BSE midcap and smallcap index fell 1%.
Majority of sectoral indices were trading in green in the morning, but the case is exact opposite now.
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Barring metal and IT, all sectoral indices are trading in red with stocks in the banking sector and realty sector witnessing maximum selling pressure.
Among individual stocks, Adani Total Gas share price is in focus as it hit 52-week high of Rs 3,335 ahead of its Q1 results.
Meanwhile, another Adani group company Adani Power hit its 52-week high after it reported a 16-fold jump in consolidated net profit.
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Also check out our editorial on the 10 fundamentally strong small cap stocks and these three companies that are declaring bonus shares and stock split this month.
Read Now: Top 3 Stocks with Crorepati-Making Potential
Speaking of stock markets, Chartist Brijesh Bhatia shares how to select the best penny stocks for 2022, in his latest video for Fast Profits Daily.
Penny stocks have been a rage in the stock market for the last two years. Despite all the volatility in these stocks, they remain very popular.
In this video, Brijesh explains in detail how he goes about identifying multibagger penny stocks using charts.
More details to follow in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns,
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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Image and article originally from www.equitymaster.com. Read the original article here.