The BSE Sensex dropped 398 points on Friday as the stock market fell for the second straight day due to selling pressure. Following a negative trend in global markets, selling in equities of metals, energy, and real estate drove down the market. Investor mood was also affected by the rupee’s decline versus the dollar and the ongoing outflow of cash by international institutional investors. In choppy trading, the Sensex dropped 398.8 points to settle at 57,527.10. Throughout the transaction, it had broken through to 502.3 points. The Nifty likewise lost 131.85 points and ended the day at 16,945.05. Bajaj Finserv, which lost 3.81 percent, was the most among the Sensex stocks. Closed down were the KOSPI in South Korea, Nikkei in Japan, Shanghai Composite in China, and Hang Seng in Hong Kong. Major European markets likewise displayed a pattern of decline.

Moreover, the amount of foreign exchange reserves rose by $12.8 billion. On the week ending March 17, the nation’s foreign exchange reserves rose by $12.798 billion, reaching $572.801 billion us dollars. This information was provided on Friday by the Central Bank of India. As a result, foreign exchange reserves had dropped by $ 2.39 billion the previous week, reaching a three-month low of $ 560.003 billion. In October 2021, the currency reserves were at their all-time high of USD 645 billion. The latter is declining as a result of the central bank’s use of reserves to combat a rapid decline in the rupee’s currency rate due to happenings throughout the world. In the week ending March 17, foreign currency assets rose by $10.485 billion to $505.348 billion.

LTP CALCULATOR ANTICIPATION FOR THE NEXT WEEKLY RANGE OF NIFTY 

Since the LTP Calculator Option Chain suggests that the next weekly range Resistance and Support for the NIFTY are 17,298 and 16,856 respectively, These things are important to keep in mind as an investor.