The stock market also ended negative on Monday, the opening day of the week. Following this, the Bombay Stock Exchange benchmark Sensex lost 715 points. The market capitalization lost Rs 4.33 lakh crore in a single day.
Global market sentiment was negative. Foreign institutional investors continue to sell shares and withdraw investments. The rupee is depreciating against the US dollar. Inflationary pressures have also caused concern. All of this has greatly affected the diets of investors. As a result, stockbroking firms said that the fall in stock sales was unbearable for a second day.
In particular, sources said that the sharp fall in Reliance shares was the main reason for the market slump, following the termination of Reliance Industries’ Rs 24,713 crore contract to acquire Pew Group assets. Meanwhile, foreign institutional investors sold shares worth Rs 2,461.72 crore last Friday and withdrew their investments, according to market data.
2,558 shares of the stock market fall: Only 980 shares of the total 3,674 company shares traded higher on the Mumbai Stock Exchange. 2,558 shares traded lower. 136 shares remained unchanged. 177 stocks recorded new 52-week highs and 23 stocks recorded new lows. The market capitalization declined by Rs 4.33 lakh crore to Rs 265.30 lakh crore at the end of trading. The number of registered investors has crossed 10.34 crore.
The Sensex fell by 439.31 points in the morning to close at 56,757.64, up from a high of 56,875.65. Then, the Sensex fell to 56,356.87, eventually losing another 617.26 points to settle at 56,579.89. The Sensex had lost 840.28 points at one point during the trade.
Tata Steel plunges: The Sensex, which includes 30 top-tier stocks, gained only 7 per cent. Tata Steel, a leading private steel company, fell 4.47 per cent to top the list. This was followed by Tech Mahindra, NTPC, Sunboma, Titan, Reliance, ITC, Ultra Tech Cement, L&T and Dr Reddy, which fell 2 to 2.75 per cent. Leading IT companies including Infosys, Wipro, TCS and HCL Tech were also on the list.
HDFC Bank’s Improvement: Meanwhile, HDFC Bank and ICICI Bank topped the list with gains of 0.76 per cent and 0.73 per cent, respectively. Also, HDFC, Kotak Bank, Maruti Suzuki, Bothi Hotel and Axis Bank were among the slightly more expensive.
Nifty 218 points down: 357 stocks were listed on the National Stock Exchange. 1,610 shares came on the losing list. Only 8 stocks gained in the Nifty list, which includes 50 top grade stocks. 42 stocks were on the losing list. The Nifty index fell further by 218.00 points (1.27 per cent) to close at 16,953.95. The Nifty was down 162.90 points at 17,009.05 in the morning and touched a high of 17,054.30. Then, it went down to 16,888.70.
Bank Index Only Rise: All other sector indices except the Nifty Bank Index on the National Stock Exchange were on the decline list. Of these, the Nifty Realty index fell 3.75 per cent to top the list. In addition, the IT, media, metal, pharma, healthcare, oil and gas indices fell 2 to 2.85 percent. Auto, FMCG, PSU Bank and Consumer Durables indices also fell by 1 to 1.40 per cent.