Business

The bullish trend in the stock market for six days came to an end, the Sensex fell below the 56,000 mark, falling 306 points.

Photo:PTI Share Market

Highlights

  • Sensex closed at 55,766.22 with a loss of 306 points
  • Nifty also closed at 16,631 points down by 88.45 points
  • Brent crude climbs 1.24 percent to $104.52 a barrel

Share Market On Monday, there was a break on the continuation of the bullish trend for the last six trading sessions and the Sensex closed below the level of 56,000 points, down 306 points. The market came down on the back of a fall in the shares of Reliance Industries and withdrawal of foreign institutional investors. The BSE 30-share Sensex closed at 55,766.22 points, down 306.01 points, or 0.55 per cent. It had fallen to 535.15 points during trading. Similarly, the Nifty of the National Stock Exchange also closed at 16,631 points, down 88.45 points, or 0.53 percent.

Profit booking stalled

Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities said, “Profit booking by investors in auto, oil & gas and telecom stocks halted the continued rally in the domestic equity market for the last six trading sessions. Investors are taking a cautious approach ahead of the meeting of the US central bank on Wednesday.” Among the Sensex companies, Mahindra & Mahindra’s stock fell the most by 3.80 percent. Reliance Industries’ stock fell 3.31 per cent. Shares of Maruti Suzuki India, Kotak Mahindra Bank, UltraTech Cement, Tech Mahindra and Nestle also ended in losses. On the other hand, Tata Steel, IndusInd Bank, Asian Paints, HCL Technologies, Wipro and NTPC closed with gains.

Global market also down

In other Asian markets, Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite ended in losses, while South Korea’s Cospi was up. Major markets in Europe were strong in afternoon trade. The US markets closed on Friday with a fall. Meanwhile, international oil benchmark Brent crude rose 1.24 per cent to $104.52 a barrel. Foreign institutional investors were net sellers on Friday, according to stock market data. He sold shares worth Rs 675.45 crore.

Rupee closes stronger by 14 paise

The rupee on Monday gained 14 paise to close at 79.76 (provisional) due to falling prices against the US dollar. The rupee opened at 79.86 in the interbank foreign exchange market. The rupee also touched a high of 79.70 and a low of 79.87 during trading. However, the rupee closed at 79.76 (tentative) at the end of trading, which shows a strength of 14 paise over the previous trading day. The rupee had closed at 79.90 per dollar in the previous trading session. The dollar index, which measures the strength of the dollar against the world’s six major currencies, fell 0.38 per cent to 106.32. This also gave little support to the rupee. According to Dilip Parmar, Research Analyst, HDFC Securities, the Indian rupee has started the trading week strongly against the US dollar. This also contributed to the softening of crude oil prices and the strengthening of regional currencies.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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