The bullish trend in the stock market for three days stopped, Sensex fell by 111 points, Nifty also closed in the red.
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Mumbai The bullish trend that had been going on for three trading sessions in the domestic stock markets came to an end on Tuesday and the BSE Sensex suffered a loss of 111 points. The market declined due to profit-booking in select private banks and auto stocks amid weak trend in US markets and capital withdrawal by foreign institutional investors. The 30-share Sensex closed at 73,903.91, down 110.64 points, or 0.15 percent. At one time during trading the Sensex had gone down to 270.78 points.
National Stock Exchange’s Nifty also closed at 22,453.30 points with a slight decline of 8.70 points or 0.04 percent. Both Sensex and Nifty had reached their all-time high during trading on Monday. Later, both the benchmark indices were up 0.5 percent. Vinod Nair, head of research, Geojit Financial Services, said, “The markets fell today after domestic equities hit record highs during trading yesterday.
Investors’ sentiments were affected due to reasons like strengthening of US dollar, increase in US bond yields and good rise in crude oil prices. Sensex stocks include Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro. , Tech Mahindra and Larsen & Toubro were major losers. On the other hand, gainers included Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank.
In other markets of Asia, China’s Shanghai Composite was in loss while Japan’s Nikkei, South Korea’s Kospi and Hong Kong’s Hang Seng remained in the positive zone. There was a bullish trend in early trade in most of the European markets. American markets Wall Street were in loss on Monday. According to stock market data, foreign institutional investors sold shares worth Rs 522.30 crore on Monday. Global oil benchmark Brent crude rose 1.61 percent to $88.31 per barrel.
Meanwhile, India’s manufacturing sector growth reached a 16-year high in March on the back of strong growth in output and new contracts. The seasonally adjusted ‘HSBC India Manufacturing Purchasing Managers’ Index’ (PMI) rose to 59.1 in March from 56.9 in February. Under PMI, an index above 50 means expansion in production activities, while a figure below 50 indicates a decline. The market remained on the rise for the third consecutive day on Monday with Sensex gaining 363.20 points and Nifty gaining 135.10 points.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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