Stock Market News: Amid continuous selling by foreign investors and weak signals from global markets, domestic stock markets remained under pressure on Wednesday and closed with losses for the third consecutive trading day. BSE’s 30-share major index Sensex closed at 84,559.65 points with a decline of 120.21 points or 0.14 percent, whereas during the day’s trading it had fallen 263.88 points to reach a low of 84,415.98. Similarly, the Nifty of the National Stock Exchange also slipped 41.55 points or 0.16 percent and closed at 25,818.55, which is the lowest level in the last one week.
Why is the stock market falling?
Due to this weakness in the market, selling was seen in many big shares of banking, financial and consumer sectors. Shares of Trent, HDFC Bank, Adani Ports, ICICI Bank, Bajaj Finserv, Bharat Electronics, Titan and Asian Paints, included in the Sensex, recorded the biggest decline, while shares of State Bank of India, Infosys, Axis Bank and Maruti Suzuki tried to handle the market to some extent and closed with gains.
Selling by foreign institutional investors also had a clear impact on investor sentiment, because according to the data, FIIs made a net sale of shares worth Rs 2,381.92 crore on Tuesday, while domestic institutional investors gave some support to the market by purchasing shares worth Rs 1,077.48 crore. Globally, in Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s markets closed with gains, while European markets also witnessed strength.
pressure on domestic markets
Despite this, weak closing of American markets and rise in crude oil prices kept pressure on domestic markets. In the international market, Brent crude rose 2.12 percent to $ 60.17 per barrel, increasing concerns about inflation and current account deficit. It is noteworthy that a day earlier i.e. on Tuesday, there was a huge fall in the market, when Sensex fell by 533.50 points to 84,679.86 and Nifty fell by 167.20 points to close at 25,860.10. Overall, selling by foreign investors, rising crude oil prices and global uncertainty seem to be determining the direction of the domestic stock market at present.,
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