Stock Market News: There was a huge decline in the local stock market on Tuesday. The domestic market remained under pressure due to continuous selling by foreign institutional investors (FIIs) and weakness in Asian and European markets. BSE Sensex fell 519.34 points (0.62%) to close at 83,459.15 points, whereas it had slipped by 565 points during trading. Similarly, NSE Nifty fell by 165.70 points (0.64%) to 25,597.65 points.

Which stocks fell

Power Grid shares included in Sensex recorded the maximum decline of 3.13%. This decline was seen due to decline in the company’s profits in the September quarter. Apart from this, shares of Eternal, Tata Motors, Tata Steel, Maruti and Bharat Electronics also declined.

Whereas, shares of Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra and State Bank of India (SBI) were in profit. Shares of Titan rose 2.28% as the company’s consolidated net profit rose 59% to Rs 1,120 crore in the September quarter.

What do market experts say

Vinod Nair, Research Chief, Geojit Investments Limited, says that the Indian stock market declined due to weak global cues and widespread selling in IT, metal and power sectors. The rise in US bond yields and decreasing expectations of interest rate cuts by the Federal Reserve in the near future reduced the risk appetite, due to which FIIs continued selling for the fourth consecutive session.

According to stock market data, FIIs sold shares worth Rs 1,883.78 crore on Monday, while DIIs bought shares worth Rs 3,516.36 crore. BSE Smallcap index fell 0.69%, while Midcap fell 0.26%. 2,549 shares listed on BSE declined, 1,618 rose and 162 shares remained unchanged.

Ajit Mishra, Senior Vice President (Research), Religare Broking Limited, said that market sentiment weakened due to profit-booking in big companies and foreign capital withdrawal.

condition of global markets

In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with losses. There was a negative trend in European markets too, while most of the indices in American markets closed with gains on Monday.

Global oil benchmark Brent crude fell 1.34% to $64.02 per barrel. Let us tell you that Sensex had increased by 39.78 points on Monday, while Nifty had increased by 41.25 points. Stock markets will remain closed on Wednesday on the occasion of ‘Guru Nanak Jayanti’.

Also read: Well-known industrialist and Hinduja Group Chairman Gopichand Hinduja is no more, breathed his last in London.

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