Mumbai. In the local stock market on Monday, the standard indices Sensex and Nifty could not maintain the initial rise and closed with a decline. The market remained in loss due to sharp fall in Kotak Mahindra Bank amid withdrawal of foreign institutional investors.
BSE Sensex based on 30 shares closed at 81,151.27 points with a decline of 73.48 points or 0.09 percent. It had risen by 545 points in early trade but later came down due to selling pressure and at one point came down to 80,811.23 points. The index fluctuated by 958.79 points between high and low levels.
National Stock Exchange’s Nifty also closed at 24,781.10 points with a decline of 72.95 points or 0.29 percent. Among the 30 Sensex companies, Kotak Mahindra Bank declined by more than four percent. Its shares came down as the bank’s quarterly results were not as per the expectations of investors. Apart from this, Bajaj Finserv, IndusInd Bank, Adani Ports, UltraTech Cement, Bajaj Finance, Tata Consultancy Services, Infosys, Bharti Airtel, Hindustan Unilever and JSW Steel also declined significantly.
On the other hand, HDFC Bank rose by about three percent. The bank’s consolidated net profit has increased by six percent to Rs 17,825.91 crore in the September quarter. Due to this the bank’s shares rose. Other gainers include Asian Paints, Mahindra & Mahindra, Reliance Industries, Maruti and Tech Mahindra.
Vinod Nair, head of research at Geojit Financial Services, said, “The domestic market witnessed a lot of volatility… Meanwhile, FIIs continued their strategic buying in China due to weak financial results and valuation concerns of companies, while selling in India. of.” He said, “The second quarter results of the companies have not been as per expectations. Major private sector banks have particularly disappointed. However, domestic institutional investors (DIIs) helped to arrest the market decline. BSE Midcap index related to medium companies was down 1.63 percent and Smallcap index related to small companies was down 1.51 percent.
According to stock market data, foreign institutional investors sold shares worth Rs 5,485.70 crore on Friday. However, domestic institutional investors bought shares worth Rs 5,214.83 crore. In other markets of Asia, Japan’s Nikkei and Hong Kong’s Hang Seng were in loss while South Korea’s Kospi and China’s Shanghai Composite were in gain. There was a declining trend in the major markets of Europe during afternoon trading. American markets were on the rise on Friday. Global oil standard Brent crude stood at $ 73.82 per barrel with a gain of 1.04 percent.