There has been a halt in the five-day rising trend in the share market, Sensex fell by 199 points and closed at 73,128.
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Mumbai The bullish trend that had been going on for the last five trading sessions came to an end on Tuesday in the local stock market. BSE Sensex fell 199 points due to selling in shares of IT and petroleum companies amid weak global trend. The 30-share BSE Sensex closed at 73,128.77, down 199.17 points, or 0.27 percent. The Sensex opened weak but later gained momentum and reached its all-time high of 73,427.59 points. However, the market could not maintain this gain due to profit booking and at one point it slipped by 367.65 points to reach a low of 72,960.29 points.
NSE Nifty had reached a high of 22,124.15 during trading. However, it finally closed at 22,032.30 with a decline of 65.15 points or 0.29 percent. Of the 50 Nifty stocks, 33 were in loss while 17 were in profit. In the last five trading sessions, BSE Sensex gained 1,972.72 points or 2.76 percent and Nifty gained 584.45 points. Vinod Nair, Head of Research, Geojit Financial Services, said, “After better performance in the IT sector, the market came down due to profit-booking amid weak trend globally. Investors are considering that the current enthusiasm in the market may not be credible especially due to the high valuations of mid and small stocks in the domestic market. In the absence of new indicators, FITI Capital inflows from (foreign institutional investors) remained mixed. Oil prices remained strong amid ongoing global tensions.
Among Sensex companies, HCL Technologies fell the most by 2.05 percent. Apart from this, shares of Wipro, NTPC, Reliance Industries, Infosys, IndusInd Bank, Tech Mahindra, Tata Consultancy Services, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, Power Grid, Bharti Airtel and SBI also fell. IT shares fell sharply due to profit-booking. On the other hand, gainers included Tata Steel, Titan, Maruti, Larsen & Toubro, ITC and JSW Steel. HDFC Bank shares rose 0.42 per cent ahead of its financial results. The bank’s third quarter results came after the market closed. The net profit on standalone basis of the largest private sector bank increased to Rs 16,373 crore in the October-December quarter of the current financial year.
Religare Broking Ltd. Ajit Mishra, senior vice-president (technical research), said, “Profit-booking in IT, realty and energy stocks influenced sentiment. At the same time, shares of companies manufacturing metal and daily use goods showed strength. Indices representing more stocks (mid-cap and small-cap) also had a declining trend.” Among other markets in Asia, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng were in loss while China’s Shanghai Composite was in gain. . There was a declining trend in early trade in major markets of Europe. The US market was closed on Monday on Martin Luther King Jr. Day. Global oil benchmark Brent crude rose 0.68 percent to $78.68 a barrel. According to stock market data, foreign institutional investors bought shares worth Rs 1,085.72 crore on Monday.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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