Both indexes crashed due to selling in share market
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Stock Market Closing Bell: Amidst the sluggish signals from the global market, today the Indian stock market fell sharply even after opening with a rise in the pre-opening. Till the closing bell, the Sensex was down 0.83 percent or 616.75 points at 73,502.64. Whereas, Nifty fell by 0.78 percent or 175.15 points and closed at 22,318.40. Meanwhile, SEBI Chairperson Madhuri Puri Buch has expressed concern over the rise in midcap and small cap stocks. He said that a bubble like situation is being created in this. Madhuri Puri said that valuations have become very expensive in some sectors in the market. There is no match between the valuation and fundamentals of many companies. Larch Mid Cap and Small Mid Cap are ready for review. On the other hand, the news of IndiGo co-founder Rakesh Gangwal selling his shares led to a rise of about four percent in the company’s stock.
Read Also: Mutual Funds are safe! Know the opinion of experts on SEBI’s concern on small-cap and mid-cap.
How was the condition of the sectors?
Share Market Amid the huge fall, only eight stocks on the 30-share Sensex closed with gains. Whereas, red mark was seen in 22 companies. On Nifty, except Pharma and Healthcare, all sectors closed in the red. The biggest decline was seen in banking, metal, realty and oil and gas. Shares of Tata Consumer, Power Grid, Bajaj Auto, Tata Steel and SBI were among the top losers on Nifty. Whereas, shares of Apollo Hospital, Nestle India, SBI Life and Cipla were among the top gainers.
How was the morning market?
Amid weakness in American markets and selling in banking stocks, there was a decline in major stock indices during early trading on Monday. Due to profit-booking in the market, the 30-share BSE Sensex fell by 204.64 points to 73,914.75 points. Whereas, Nifty slipped 49.15 points to 22,444.40. Global oil standard Brent crude was down 0.68 percent at US $ 81.52 per barrel. The board has approved the proposal of Mahindra Financial to issue Rs 2,000 crore through bonds.
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