Share Market Update: The decline in local stock markets continued on Monday and BSE Sensex lost 241.30 points or 0.31 percent. At the same time, Nifty also declined for the seventh consecutive day and closed at 23,453.80 points, falling 78.90 points or 0.34 percent.
The market fell due to continued capital withdrawal by foreign institutional investors, selling in shares of information technology companies and a weak trend from the US markets. The 30-share BSE Sensex fell for the fourth consecutive session and closed at 77,339.01, down 241.30 points or 0.31 per cent. At one time during trading it had fallen by 615.25 points.
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At the same time, the Nifty of the National Stock Exchange declined for the seventh consecutive day and closed at 23,453.80 points, falling 78.90 points or 0.34 percent. Among the 30 Sensex stocks, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were major losers.
On the other hand, the profitable stocks include Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Nestle and State Bank of India. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,849.87 crore on Thursday.
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Foreign investors have withdrawn Rs 22,420 crore from the stock markets so far this month. Investors are withdrawing money from the market due to overvaluation of shares in the domestic market, cheap shares in China and rise in government bond yields against the US dollar. The stock market was closed on Friday on the occasion of ‘Guru Nanak Jayanti’.
Vinod Nair, head of research, Geojit Financial Services, said, the downward trend in the market continues. Mild growth in corporate financial results and inflation along with a fall in the rupee exchange rate weighed on sentiment. IT stocks declined as expectations of Federal Reserve policy rate cut in December declined.
The delay in policy rate cut means there will be a delay in expenditure in the BFSI (banks, financial services and insurance) segment. Among other markets in Asia, South Korea’s Kospi and Hong Kong’s Hang Seng are in gains while Japan’s Nikkei and China’s Shanghai Composite. Be at a loss.
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There was a declining trend in afternoon trading in the major markets of Europe. American markets were falling on Friday. Global oil benchmark Brent crude was up 0.49 per cent at $71.39 per barrel. BSE Sensex was at a loss of 110.64 points and NSE Nifty was at a loss of 26.35 points on Thursday.(Language)
Edited By : Chetan Gour
