Share Market: Indian market fell due to such news from America, investors lost Rs. 40 thousand crores
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Stock Market Closing Bell: Weak signals from the global market and the impact of rating agency Moody’s Investors Service reducing its rating outlook for the US government from ‘stable’ to ‘negative’ was seen in the Indian market on Monday. Along with this, investors appeared cautious before the inflation data. Due to this, investors lost Rs 40 thousand crores in the Indian stock market today. BSE Sensex closed with a loss of more than 325 points. There was selling pressure in shares of IT, consumer durables and financial companies. According to traders, apart from this, continuous capital withdrawal by foreign institutional investors and fall in the exchange rate of rupee affected the investor sentiment. Giving up the gains made on the day of Diwali, the 30-share BSE Sensex closed at 64,933.87 points, down 325.58 points or 0.50 percent. At one time during trading it had fallen to 406.09 points. National Stock Exchange’s Nifty also closed at 19,443.55 points with a decline of 82 points or 0.42 percent.
Indian market fell due to many reasons
Vinod Nair, head of research, Geojit Financial, said that after Diwali, the domestic market improved amid global uncertainty. The decline in industrial production (IIP) and weakening of manufacturing PMI in September compared to August reflects the global trend where rising interest rates and inflation are dictating the trend. FIIs are cautious due to the fall in the exchange rate of the domestic rupee. However, better financial results of companies, economic stability and domestic institutional capital inflows curbed the market decline. Industrial production increased by 5.3 percent in September while it was 10.3 percent in August. However, on an annual basis, industrial production has increased due to good performance of manufacturing and mining sectors. Among the Sensex companies, Bajaj Finance, Infosys, Tech Mahindra, ICICI Bank, Nestle, Tata Consultancy Services, HDFC Bank and Reliance Industries were the major losers. On the other hand, the profitable stocks include Mahindra & Mahindra, JSW Steel, NTPC, Power Grid and IndusInd Bank. BSE Midcap index fell 0.10 percent while Smallcap index fell 0.01 percent.
The market suffered a loss of half a percent.
Religare Broking Ltd. Senior Vice President (Technical Research) Ajit Mishra said that the week started with a soft trend in the market and there was a loss of about half a percent. Mainly the weak trend at the global level had an impact on the domestic market. In other markets of Asia, South Korea’s Kospi was in loss, while Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit. There was a bullish trend in early trading in the major markets of Europe. American markets were in significant gains on Friday. Meanwhile, global oil benchmark Brent crude fell 0.20 percent to $ 81.27 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 190.06 crore on Sunday. On the occasion of Diwali, one hour special Muhurat trading took place in the stock market on 12th November. BSE Sensex closed at 65,259.45 points on Sunday, the first day of Samvat 2080, with a gain of 354.77 points or 0.55 percent. NSE Nifty also closed at 19,525.55 points with a gain of 100.20 points or 0.52 percent.
Rupee falls by four paise at 83.32 per dollar
In the interbank foreign exchange market on Monday, the rupee fell by four paise and closed at 83.32 per dollar (provisional) against the US dollar. The exchange rate of the rupee declined amid a weak trend in the domestic stock market. Market sources said that continuous withdrawal of foreign funds also put pressure on the rupee. In the interbank foreign exchange market, the rupee opened at 83.31 per dollar and fell to a low of 83.33 per dollar in the day’s trade and closed at 83.32 per dollar (provisional). This is a fall of four paise from the previous closing level. On Friday, the rupee had closed at 83.28 per dollar. Praveen Singh, associate vice president (commodities) at BNP Paribas Buy Sharekhan, said India’s manufacturing and production data released on Friday were below forecasts. Inflation data will come later today. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, declined 0.08 percent to 105.77. Global oil standard Brent crude futures fell 0.02 percent to $ 81.45 per barrel.
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