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HomeBusinessMarkets fall on profit-booking, Sensex falls by 91 points

Markets fall on profit-booking, Sensex falls by 91 points

Mumbai, Dec 29 (PTI) The stock markets on Wednesday put an end to the continued rally for the past two days with both the BSE Sensex and NSE Nifty falling from their highs of more than a week. Markets fell on profit-booking in banks, IT and metal stocks amid a weak global trend.

In volatile trade, the 30-share Sensex closed at 57,806.49, down 90.99 points, or 0.16 per cent. 19 shares of Sensex were in loss while 11 were in gain.

The Nifty of the National Stock Exchange also closed at 17,213.60, down 19.65 points, or 0.11 percent. 31 stocks of Nifty remained in loss.

State Bank of India was the biggest loser with a fall of more than one percent in Sensex shares. Apart from this, ITC, NTPC, Tech Mahindra, Tata Steel, Kotak Bank and Mahindra & Mahindra also declined.

On the other hand, gainers include Sun Pharma, IndusInd Bank, Dr Reddy’s, Bajaj Finserv and Reliance Industries.

According to traders, the market remained volatile ahead of the last day of monthly settlement of positions in futures and options segment amid a weak trend in global markets.

Arijit Malakar, Head of Research, Ashika Stock Broking said, “The market closed almost stable today. In the last two trading sessions, buying to complete the deal in the futures and options segment for the month of December led the market to gain momentum. The market is expected to remain stable in the next two trading sessions due to the New Year holiday. Many global markets will remain closed for the next few days.

According to experts, there is concern in the market about the new form of corona virus, Omicron. After the restrictions of the Delhi government, there is a possibility that similar restrictions may be imposed in other states as well. If this happens, it can have an adverse effect on the revival of the economy in the short run.

Shares of PVR fell 1.98 per cent due to restrictions in Delhi.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the government and the market have different stances on Omicron.

“Globally, governments are taking a cautious approach and imposing some restrictions. In India too, some restrictions have been imposed in Maharashtra and Delhi amid increasing cases of infection. But the market reaction is such that Omicron is the last stage of the pandemic.

For the first time this month, foreign institutional investors were net buyers.

In other Asian markets, Shanghai Composite in China, Hong Kong’s Hang Seng, South Korea’s Kospi and Japan’s Nikkei ended with losses. Major markets in Europe were mixed in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.11 per cent to $78.76 per barrel.

The rupee fell by three paise to 74.73 (provisional) per dollar in the interbank foreign exchange market.

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