The first trading day of the week was disappointing for the stock market, Sensex fell 616 points and closed at 73,502.
[ad_1]
Mumbai Due to strong selling in metal and bank stocks amid weak global trends, the two-day long rise in domestic stock markets came to a halt on Monday and both the major indices witnessed a big fall. BSE’s 30-share index Sensex closed at 73,502.64, down 616.75 points or 0.83 percent due to profit-booking. At one time during trading it had slipped to 685.48 points.
National Stock Exchange index Nifty also closed at 22,332.65 with a decline of 160.90 points or 0.72 percent. Among Sensex companies, Power Grid and Tata Steel declined by more than two percent. HDFC Bank, State Bank of India, IndusInd Bank, Hindustan Unilever and NTPC also declined. On the other hand, shares of Nestle, Bajaj Finserv and Bajaj Finance closed with gains.
Vinod Nair, head of research, Geojit Financial Services, said the ongoing selling in global markets due to uncertainty over interest rate cut affected the sentiment in the domestic market. Caution was sounded ahead of the release of stronger-than-expected US non-agricultural jobs data and US inflation data. Mid- and small-cap indices continue to underperform due to valuation concerns, he said, while investors are modifying their portfolios to include safe-haven assets like gold.
Elsewhere in Asia, Japan’s Nikkei fell 2.2 percent and South Korea’s Kospi fell 0.8 percent. On the other hand, Hong Kong’s Hang Seng rose 1.4 percent and China’s Shanghai Composite rose 0.7 percent. On Friday, US markets closed in negative territory. Global oil benchmark Brent crude rose 0.29 percent to US$82.32 per barrel.
According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 7,304.11 crore on Thursday. The markets were closed on Friday on the occasion of Mahashivratri. On Thursday, the Sensex closed at a new peak of 74,119.39, up 33.40 points, while the Nifty closed at a record 22,493.55, up 19.50 points.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
