Mumbai The rally in the domestic stock markets for the last four trading sessions came to an end on Wednesday and the BSE Sensex closed down by about 347 points. The market declined due to profit-booking in bank, petroleum and metal stocks amid a weak trend in global markets.
The 30-share Sensex closed at 62,622.24, down 346.89 points, or 0.55 per cent. It had gone down 568.11 points during trading. The National Stock Exchange’s Nifty also closed at 18,534.40 points, down 99.45 points, or 0.53 percent.
Earlier, the Sensex had gained 1,195 points and the Nifty 348 points in a four-day rally till Tuesday. Axis Bank, State Bank of India, Reliance Industries, HDFC, HDFC Bank, NTPC, Tata Steel and UltraTech Cement were major losers in Sensex stocks. Stayed in. On the other hand, the stocks that remained in profit included Bharti Airtel, Tech Mahindra, Asian Paints, Sun Pharma, Tata Motors and Kotak Mahindra Bank.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Various data are indicating that the revival in the Indian economy is strong. This led to a bullish trend in the domestic stock markets. However, negative cues from other major global equities capped the gains. “The domestic market was weighed down by concerns over the possibility of a slowdown in western countries and a hike in interest rates,” he said. However, in spite of all this the performance of the market is better.
South Korea’s Cospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hangseng were among the losers in other Asian markets. Europe’s major markets were in a declining trend in early trade. US markets witnessed a mixed trend on Tuesday. Mehta Equities Ltd. Prashant Taspe, Senior Vice President, said that investors are also eyeing the fourth quarter GDP (Gross Domestic Product) data. These data will give an idea of the state of the economy. Foreign institutional investors were net buyers on Tuesday and bought shares worth Rs 2,085.62 crore, according to stock market data.
PC:Aaj Tak
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