Share Market Update: US President Donald Trump’s announcement of levying a fee on some of his business partners and weakened global trends on Monday closed with major share index Sensex and Nifty fall. The Sensex fell 319.22 points, or 0.41 percent to close at 77,186.74 points. The Nifty also fell at 121.10 points i.e. 0.52 percent to close at 23,361.05 points. According to the stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,327.09 crore on Saturday.
Analysts said business sentiment was also affected by the rupee coming to its lowest level against the US dollar and the continuation of selling of foreign institutional investors. Between negative perception, BSE’s 30 -share index Sensex fell 319.22 points, or 0.41 percent to close at 77,186.74 points.
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With this, the ongoing rise in the Sensex has stopped from five sessions. At one time during trading, it fell 749.87 points to 76,756.09 points. The National Stock Exchange (NSE) standard index Nifty also fell at 121.10 points i.e. 0.52 percent to close at 23,361.05 points.
Among the Sensex companies, the shares of Larsen and Toubro, Tata Motors, Hindustan Unilever, Asian Paints, ITC, Power Grid, NTPC and Reliance Industries were not in a significant decline. On the other hand, Bajaj Finance recorded the highest increase of five percent. Apart from this, Mahindra & Mahindra, Bajaj Finserv, Bharti Airtel and Maruti Suzuki also gained momentum.
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Prashant Tapse, Senior Vice President (Research), Mehta Ecuviums Limited, said, “The decline in global markets after the announcement of a fee on China, Mexico and Canada also influenced Indian markets. Apart from this, a sharp fall in the rupee increased the possibility of withdrawal of foreign investors.
The announcement of 25 percent duty on imports of most products from Canada and Mexico in the US and 10 percent duty on goods coming from China will be effective from Tuesday. Vinod Nair, the research head of Jiojit Financial Services, said, “Trade war has started with this announcement of Trump, which made the global market unstable.” There is no possibility of any economic benefit from the fee conflict between the US and other countries. Instead it can create challenges for the global economy and increase global financial risk.
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The BSE Smallcap index fell by 1.77 percent in the broad market due to the vigilant stance of investors, while the midcap lost 0.89 percent. 2,877 shares listed on BSE closed with losses while 1,139 shares rose and 168 others remained unchanged. Other markets in Asia led to a huge decline in South Korea’s Kospie, Nikki in Japan and Hongseng in Hong Kong.
Europe markets were also in a major decline in the afternoon trading. The US markets fell and closed on Friday. Meanwhile, global oil standard Brent crude jumped 1.15 percent to $ 76.50 per barrel. According to the stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,327.09 crore on Saturday. (Language)
Edited by: Chetan Gour
