Stock Market: Market slows down for second consecutive day, BSE Sensex down 299.48 points, LT-NTPC top gainers
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stock market: Indian stock markets declined for the second consecutive trading session on Monday and BSE The Sensex fell nearly 300 points. The market declined mainly due to heavy selling in major stocks. According to traders, withdrawal of capital by foreign institutional investors and rise in crude oil prices also affected the stock market. Apart from this, investors are also waiting for the monetary policy review of the US Central Bank Federal Reserve to be announced this week. The thirty-share BSE Sensex closed at 66,384.78 points, down 299.48 points, or 0.45 percent. The National Stock Exchange’s Nifty also closed at 19,672.35 points, down 72.65 points, or 0.37 percent. During the business, it remained in the range of 19,782.75 to 19,658.30 points.
18 out of 30 Sensex stocks showed green mark
18 out of 30 BSE Sensex stocks were in profit while 25 out of 50 Nifty stocks were in profit. IndusInd Bank, Mahindra & Mahindra, Power Grid and Bajaj Finserv gained up to 2.01 per cent in Sensex stocks. On the other hand, ITC, Kotak Mahindra Bank, Tech Mahindra and Reliance Industries were among the losers. LT-NTPC has joined the top gainers in the market. There was a mixed trend in other Asian markets. Japan’s Nikkei was in profit while Hong Kong’s Hangseng and China’s Shanghai Composite were in loss. There was a mixed trend in the early trade in the major markets of Europe. US markets were in profit on Friday.
Rise in crude oil
Global oil benchmark Brent crude rose 0.73 percent to $81.66 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 1,988.77 crore on Friday. On Friday, there was a pause in the market for six days and both the benchmark indices came down by more than one percent. The Sensex closed at 66,684.26 points, down 887.64 points, or 1.31 percent. The Nifty also fell 234.15 points, ie 1.17 percent, to close at 19,745 points.
Rupee gains 15 paise at 81.83 per dollar
A sharp jump in India’s forex reserves boosted investor sentiment and the Indian currency on Monday closed 15 paise higher at 81.83 (provisional) against the dollar. The rupee opened at 82 against the US dollar at the Interbank Foreign Exchange market and touched a low of 81.82 and a high of 82.04 in the day’s trade. The rupee had closed at 81.98 against the US dollar on Friday. Anuj Chaudhary, research analyst at Sharekhan BNP Paribas, said softening crude oil prices and a sharp rise in India’s forex reserves supported the rupee. The Reserve Bank of India said on Friday that India’s foreign exchange reserves increased by US $ 12.74 billion to reach $ 609.02 billion in the week ended July 14. However, a weak trend in the domestic equity markets and a stronger US dollar limited the rupee’s gains.
US dollar rises amid disappointing PMI of Europe and UK
Anuj Chowdhary said that the US dollar rose amid disappointing PMI data from Europe and Britain, which put pressure on the rupee. Meanwhile, the dollar index, showing the US dollar’s position against a basket of six major currencies, rose 0.19 per cent to 101.26. Global oil benchmark Brent crude futures were up 0.74 per cent at $81.67 per barrel. Risk aversion in global markets and rising concerns over global economic slowdown may weigh on the rupee. He expressed hope that the rupee would trade in the range of 81.50 to 82.40 against the dollar in the near term. Talking about domestic stock markets, the 30-share BSE Sensex fell 299.48 points or 0.45 percent to close at 66,384.78 points. The National Stock Exchange’s Nifty fell 72.65 points, or 0.37 percent, to 19,672.35 points. According to the provisional data of the stock market, foreign institutional investors (FIIs) sold shares worth Rs 1,998.77 crore on a net basis on Friday.
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