Bears reign for 8th day: Sensex falls 326 points

The second trading day of the week, Tuesday, also ended in the 8th consecutive day of negative territory as “bears” dominated the market. Following this, the BSE Sensex lost 326 points. established.
Global market cues were mixed. The domestic market got off to a lively start in the morning. But the bear’s grip tightened as oil and gas, pharma and banking stocks traded higher, brokerages said.
Meanwhile, market capitalization fell by Rs 16,000 crore to Rs 257.72 lakh crore at the end of trading. Foreign institutional investors (FIIs) sold shares to the tune of Rs 2,022.52 crore on Monday, market data showed.
Sensex Series Down:
The Sensex rose 58.26 points in the morning to open at 59,346.61 and touch a high of 59,483.72. Later, the Sensex, which fell as low as 58,795.97, eventually closed down 326.23 points (0.55 per cent) at 58,962.12. Only 9 stocks were gainers in Sensex. 21 stocks declined.
ASIAN PAINT ADVANCES: Popular paint maker Asian Paint led the gainers with gains of 2.90 per cent, Power Grid 1.32 per cent and Ultra Tech Cement 1.05 per cent. Also, M&M, Tata Motors, HDFC, HDFC Bank, Kotak Bank, Nestlé among others made the expensive list.
Tata Steel, Reliance decline: Meanwhile, major steelmaker Tata Steel led the decliners by 2.03 per cent for the second day. Next to this, Reliance, Bajaj Fin Serv, Infosys, ITC, Bharti Airtel, Axis Bank, Bajaj Finance, Titan, Tech Mahindra, NTPC, SBI and others were down between 1 and 2 percent. Also, leading IT companies such as Wipro, HCL Tech, TCS and Indus Ind Bank, Hindustan Uni Lever, L&T, Maruti, etc. also made it to the list of lowest prices.
Longest losing streak in three-and-a-half years
Major indices Sensex and Nifty fell for the eighth consecutive session. Interest rate hikes in developed economies have raised concerns among investors. Also, foreign institutional investors are continuously withdrawing their investments which is detrimental to the market. As a result, the market on Tuesday recorded the highest number of days (8 days) losing streak in the last three and a half years.