Stock market falls for the third consecutive day, Sensex slips 33 points more

The Uncut


Mumbai. Local stock markets declined for the third consecutive trading session on Tuesday. Sensex suffered a slight loss of 33.49 points due to selling in shares of some major companies manufacturing oil and gas and consumer goods of daily use. BSE’s benchmark index Sensex based on 30 shares closed at 84,266.29 points with a decline of 33.49 points or 0.04 percent. During trading, it reached a high of 84,648.40 points while it reached a low of 84,098.94 points.

National Stock Exchange (NSE) index Nifty also closed at 25,796.90 points with a slight decline of 13.95 points or 0.05 percent. Analysts said investor sentiment was affected due to soft trend in global markets and capital withdrawal by foreign institutional investors.

This was the third consecutive session of decline in the stock markets. In these three sessions, Sensex has lost a total of 1,570 points or about two percent and Nifty has lost 419 points or 1.6 percent. There is a decline in Indian markets after the announcement of a package to stimulate the economy in China. Among the 30 Sensex companies, IndusInd Bank had the biggest decline of 2.68 percent. Apart from this, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were major losers.

On the other hand, the stocks in profit include Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India. Vinod Nair, Head of Research, Geojit Financial Services, said, “With the recently announced encouraging policies of China’s central bank, foreign funds have started turning to China instead of the high-value Indian market. Along with this, after political changes in Japan, Bank of Japan can also increase interest rates. “Its impact on the domestic market can be seen in the short term.”

According to stock market data, foreign institutional investors sold shares worth Rs 9,791.93 crore on Monday while domestic institutional investors bought shares worth Rs 6,645.80 crore. In the broader market, BSE Smallcap index was up 0.56 percent. Whereas a gain of 0.27 percent was recorded in midcap.

Among other markets in Asia, Japan’s Nikkei remained in profit. South Korea’s Kospi, Hong Kong’s Hang Seng and China’s markets remained closed on Tuesday due to public holiday. China’s markets will remain closed for the whole week due to holidays. Business was mixed in major markets of Europe. American markets were in gains on Monday. The country’s manufacturing sector activity fell to an eight-month low in September due to slow growth in factory output, sales and new export orders. This came to light in a monthly survey on Tuesday.

Seasonally adjusted ‘HSBC India Manufacturing Purchasing Managers’ Index’ (PMI) stood at 56.5 in September as against 57.5 in August. Under PMI, a figure above 50 means expansion in production activities while a figure below 50 indicates a decline.
Global oil standard Brent crude fell by 1.66 percent to $ 70.51 per barrel. BSE Sensex fell by 1,272.07 points on Monday while Nifty fell by 368.10 points. Trading in the stock markets will remain closed due to Wednesday being a public holiday on the occasion of ‘Gandhi Jayanti’.

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