Sensex and Nifty fell by nearly one per cent on Tuesday amid losses in shares of realty, auto and metal companies and continued selling pressure in global markets. The 30-share Sensex of BSE fell 554.05 points, or 0.90 percent, to 60,754.86 points at the end of trading. 23 out of thirty Sensex stocks remained in losses.
On the other hand, the Nifty of the National Stock Exchange (NSE) closed at 18,113.05, down 195.05 points, or 1.07 points. 43 out of 50 Nifty stocks remained in loss. Maruti Suzuki was the biggest loser in the Sensex companies with four percent. Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T also suffered losses. On the other hand, shares of Axis Bank, HDFC Bank, ICICI Bank, Kotak Bank, Dr Reddy’s, Titan and Nestle India gained. stay in
why the fall
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market witnessed volatility due to rise in crude oil prices and selloff by foreign institutional investors. Globally, markets were under selling pressure on rising bond yields amid fears of a hike in interest rates in the US. Along with this, due to increasing concerns about oil supply, crude oil prices have also increased.
According to Deepak Jasani, Head of Retail Research, HDFC Securities, domestic traders booked profits amid weak global cues. Due to this Nifty closed even lower than the low level of the last four trading days. The BSE Midcap index fell 2.2 per cent while Smallcap lost 1.9 per cent. On a sectoral basis, basic goods, telecom, auto, realty and metals indices declined up to 2.76 per cent.
condition of foreign markets
Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Limited said, “The recent gains in the markets came to a halt due to strong sellers and investors focused on making profits. Weakness can be seen in Nifty levels in near future also. In Asian markets, Hong Kong, Tokyo and Seoul ended in losses, while Shanghai closed in the positive direction. Heavy selling pressure was seen in the European markets during the afternoon trade.
Meanwhile, Brent crude, the international oil standard, rose 1.13 per cent to USD 87.46 per barrel. Crude oil is seeing a rise on supply concerns following a drone attack on an oil facility in the United Arab Emirates. Foreign institutional investors sold shares worth Rs 855.47 crore on Monday, according to provisional stock market data.
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