Sensex falls 353 points due to profit booking, Nifty also in loss
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Mumbai Local stock markets fell for the second consecutive day on Monday and BSE Sensex lost 353 points. The domestic market declined due to profit-booking in information technology, metal and consumer durables stocks amid weak trend globally. The 30-share BSE Sensex closed at 72,790.13, down 352.67 points, or 0.48 percent. 26 Sensex stocks were in loss while four were in profit. National Stock Exchange’s Nifty also closed at 22,122.05 points with a decline of 90.65 points or 0.41 percent.
Out of 50 Nifty stocks, 37 were in loss. The benchmark index was among the losers led by losses in index-heavy stocks like Infosys, TCS, ICICI Bank and Reliance Industries. Asian Paints was the biggest loser among Sensex stocks, losing 3.9 percent. Analysts have expressed concern over increased competition in the domestic market due to the entry of Aditya Birla Group company Grasim Industries into the paint market. Due to this the company’s shares remained in loss.
IT stocks Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to fall amid concerns over inflation in the US market. Apart from this, other loss making stocks include Tata Steel, JSW Steel, Titan, Bharti Airtel, Axis Bank, Kotak Bank, IndusInd Bank, Bajaj Finance and Maruti. At the same time, Larsen & Toubro had the highest increase of 2.36 percent. Power Grid, HUL and Nestle were also among the gainers.
Vinod Nair, head of research at Geojit Financial Services, said, “After the recent rally, the market remained sluggish. Investors are now eyeing economic indicators from the quarterly results of companies. He said, “GDP (Gross Domestic Product) in America and India, inflation in Euro zone and unemployment figures in America are important. The central bank will decide about the interest rate on the basis of these data. This will give direction to the market in the short term.
BSE Midcap index fell 0.38 per cent while BSE Sensex lost 0.06 per cent. Among other markets in Asia, Hong Kong’s Hang Seng, China’s Shanghai Composite and South Korea’s Kospi remained in the red. However, Japan’s Nikkei remained in gain. There was a declining trend in early trade in major markets of Europe. Brent crude futures, the global oil benchmark, fell 0.5 percent to $76.11 a barrel. Foreign institutional investors were net buyers on Friday. He bought shares worth Rs 1,276.09 crore.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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