Sensex falls by 53 points amid weak trend globally, slight rise in Nifty

The Uncut

Mumbai. BSE Sensex lost about 53 points on Tuesday in volatile trading. The market declined due to weak trend in the markets of Asia and Europe and capital withdrawal by foreign institutional investors. BSE Sensex based on 30 shares closed at 73,953.31 points with a decline of 52.63 points or 0.07 percent. During trading, it reached a high of 74,189.19 and reached a low of 73,762.37. Of the Sensex stocks, 18 were in loss while 12 were in profit.

However, with the rise in metal stocks, the National Stock Exchange’s Nifty closed at 22,529.05 points with a gain of 27.05 points or 0.12 percent. 27 stocks of Nifty were in loss while 23 were in profit. Nestle, Maruti, IndusInd Bank, ICICI Bank, Hindustan Unilever, Larsen & Toubro, Tata Consultancy Services, Infosys, HDFC Bank and Axis Bank were major losers among Sensex stocks.

On the other hand, the stocks in profit include Tata Steel, JSW Steel, Power Grid, Tech Mahindra and State Bank of India.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Investors in the domestic market stayed away from the market and it remained stable today… The cautious remarks of the US Federal Reserve officials affected the investor sentiment.” He said, “The general elections are now at the final stage, hence there may be ups and downs. “However, despite the ups and downs, the market has recovered from last week’s losses.” The index of shares of medium companies rose by 0.34 percent while the index of shares of small companies fell by 0.18 percent.

Mehta Equities Ltd. Prashant Tapase, Senior Vice President (Research), said, “The domestic market remained subdued due to weak trend in Asian and European markets. Before the results of the general elections, investors are adopting a cautious rupee and are limiting investments in the stock market. In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss.

There was a declining trend in early trading in the major markets of Europe. There was a rise in the American market Wall Street on Monday. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 92.95 crore on Saturday. Global oil standard Brent crude fell 0.55 percent to $ 83.25 per barrel.

BSE Sensex rose 88.91 points to close at 74,005.94 in the special trading session on Saturday. NSE Nifty closed at 22,502 points with a gain of 35.90 points. NSE and BSE held a special trading session in the equities and share futures and options segments on May 18 to test their preparedness to deal with a major disruption or failure on their primary platforms.
The stock market was closed on Monday due to general elections in Mumbai.

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