Share Market: Share market fell victim to profit booking, Sensex closed down by 359 points, Nifty also in red.
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Stock Market Closing Bell: The decline in the Indian stock market continued. After a sluggish start in the morning, the Sensex fell 0.51 per cent or 359.64 points to close at 70,700.67 by market close. Whereas, Nifty fell by 0.47 percent or 101.35 points and closed at the level of 21,352.60. Today there was pressure in shares of IT, Pharma and FMCG sectors. Whereas, Banking, Metal and Infra closed down. Energy, PSE and Realty indices closed with gains. Today on Nifty, TECH Mahindra shares fell by -6.3%, CIPLA shares by -3.1%, Bharti Airtel shares by -2.6% and LTMindtree shares by -2.2%. Whereas, shares of Bajaj Auto closed with a gain of 5.3%, shares of ADANIN PORTS by 2.4%, shares of NTPC by 2% and shares of COAL India closed with a gain of 1.7%.
Why did the stock market fall?
Experts believe that the effect of selling by foreign investors in the Indian stock market is visible in the market for some days. Investors have withdrawn Rs 19,300 crore so far this month. Along with this, the market has also become sluggish due to weak quarterly results of companies. Due to lack of favorable results, selling of heavyweight indices like HDFC broke the Sensex and Nifty. However, VK Vijay Kumar, Chief Investment Strategist, Geojit Financial Services, said that after the fall, HDFC shares have now come to a very favorable level for investors. India VIX, an index measuring market fluctuations, jumped from 3 percent to 15 at the beginning of trading. Along with this, selling in IT, banking and pharma sector shares in the domestic market has put huge pressure on the Sensex. Tech Mahindra shares have fallen by about four percent in the market today.
how was the morning market
Domestic markets fell in early trade on Thursday amid continuous withdrawal of foreign funds. BSE’s 30-share index Sensex fell 227.72 points to 70,832.59. Nifty slipped 55.7 points to 21,398.25. Among Sensex companies, Tech Mahindra’s shares fell by about four percent. Shares of HCL Technologies, Infosys, Wipro, Axis Bank, Tata Consultancy Services, HDFC Bank, ICICI Bank and Kotak Mahindra Bank also suffered losses. Shares of IndusInd Bank, NTPC, Hindustan Unilever and State Bank of India gained the most. In other Asian markets, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit, while Japan’s Nikkei and South Korea’s Kospi were in loss. American markets closed with mixed sentiment on Wednesday.
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