The rally in the stock market stopped, Sensex lost 256 points
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In other Asian markets, Japan’s Nikkei closed with gains while China’s Shanghai Composite, Hong Kong’s Hangseng and South Korea’s Cospi remained in losses. Most of the European markets were trading with gains. Meanwhile, international oil benchmark Brent crude gained 0.52 per cent to USD 86.31 per barrel. Foreign institutional investors (FIIs) were net sellers on Wednesday and sold shares worth Rs 494.68 crore, according to available data.
Selling in banking, FMCG and oil and gas stocks amid weak Asian cues ended the three-day rally in domestic markets on Thursday. The Sensex fell nearly 256 points in volatile trade, while the Nifty lost nearly half a percent. BSE’s 30-share index Sensex fell 255.84 points, or 0.39 percent, to close at 64,831.41 points. In early trade, it had strengthened to reach a high of 65,178.33. But it pared all its gains and closed in the red due to selling at the expiry of August derivatives contracts. The National Stock Exchange (NSE) Nifty also closed at 19,253.80, down 93.65 points, or 0.48 percent.
Asian Paints was the biggest loser in the Sensex pack, shedding 1.33 per cent. Besides IndusInd Bank, Axis Bank, SBI, Bajaj Finance, Nestle and TCS, Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also declined. On the other hand, Maruti Suzuki registered the maximum gain of 2.22 per cent. Apart from this, Titan, UltraTech Cement, Tata Steel, Jio Financial Services, Tech Mahindra, Wipro and ICICI Bank also closed with gains. Ajit Mishra, senior vice-president, technical research, Religare Broking Ltd, said, “The market remained volatile due to monthly settlement and it fell about half a per cent.”
Vinod Nair, Head of Research, Geojit Financial, said, “Weak economic indicators in the US have raised the possibility of a tightening in the interest rate trend, which is seeing a decline in bond yields. However, this development had limited impact on the domestic market. In the broader market, the BSE Midcap index fell 0.02 per cent, while the Smallcap closed with a gain of 0.79 per cent.
In other Asian markets, Japan’s Nikkei closed with gains while China’s Shanghai Composite, Hong Kong’s Hangseng and South Korea’s Cospi remained in losses. Most of the European markets were trading with gains. Meanwhile, international oil benchmark Brent crude gained 0.52 per cent to USD 86.31 per barrel. Foreign institutional investors (FIIs) were net sellers on Wednesday and sold shares worth Rs 494.68 crore, according to available data.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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