Stock Market: The stock market fell for the second consecutive day, 3.5 lakh crores of investors drowned
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stock market: There was sluggishness in the Indian market since morning on the third trading day of the week. By the time the market closed, the BSE Sensex fell nearly 677 points. The market remained in loss due to weak trend of global markets and capital withdrawal by foreign institutional investors. Credit rating agency Fitch Ratings has downgraded the rating of the US government over the past two decades, citing rising debt and deterioration in governance standards at the central, state and local levels. The rating agency has reduced the credit rating by one notch from AAA to AA+. The thirty-share BSE Sensex closed at 65,782.78 points, down 676.53 points, or 1.02 percent. At one point during the trading, it fell to 1,027.63 points. The National Stock Exchange’s Nifty also closed at 19,526.55 points, down 207 points, or 1.05 percent. It is being told that 3.5 lakh crores of investors drowned in the market today.
Vinod Nair, Head of Research, Geojit Financial Services, said that the local market witnessed an all-round decline, coupled with a weak trend globally. Concerns have increased due to the slowdown in industrial activities in the Euro area and China along with the downgrading of the credit rating of America. Besides, selling by foreign institutional investors as bond yields in the US rose, the domestic market suffered losses, he added. Tata Steel fell 3.45 per cent in the Sensex pack, while Tata Motors declined 3.19 per cent. Apart from this, Bajaj Finserv, NTPC, JSW Steel, State Bank of India, Larsen & Toubro and Bharti Airtel were also major losers. On the other hand, Nestle, Asian Paints, Hindustan Unilever and Tech Mahindra were among the gainers.
South Korea’s Cospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hangseng were in loss in other markets of Asia. According to stock market data, foreign institutional investors sold shares worth Rs 92.85 crore on Tuesday. Global oil benchmark Brent crude rose 0.80 per cent to $85.59 per barrel. In volatile trading, the BSE Sensex closed at 66,459.31 on Tuesday, down 68.36 points, or 0.10 per cent. The Nifty was down 20.25 points at 19,733.55.
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