New Delhi: The stock market closed negative for the fourth day in a row. Subsequently, the Mumbai stock market index Sensex lost another 98 points. The main reason for the decline was the oversold in banking and IT company stocks.
Global market cues were weak. US inflation data came in higher than expected. However, its impact on the country’s market was not much. Meanwhile, the domestic markets started with a boom. But following the weakening of the European and Asian markets, the domestic market also got hot selling stocks. Due to this, the series decline for the fourth day has become inevitable. Also, as Thursday was the last day for settlement of weekly contracts in the forward market, the volatility was seen to increase significantly, brokerages said.
1,940 stocks fell: 1,382 stocks were gainers out of a total of 3,462 shares traded on the BSE. 1,940 stocks came on the fall list. 140 stocks remained unchanged. 71 stocks registered a new 52-week high price and 29 stocks registered a new 52-week low price. Market capitalization fell by Rs 38 thousand crore to Rs 250.66 lakh crore at the close of trading.
Sensex loses 98 points: The Sensex, which opened at 53,688.62 in the morning, rose 174.47 points to a high of 53,861.28. The Sensex, which later fell to 53,163.77, eventually settled down 98 points (0.18 per cent) at 53,416.15.
Axis Bank declines: 12 out of 30 top-tier stocks on the Sensex list gained. 18 stocks came on the fall list. Of this, Axis Bank, a private bank, led the decliner list with a decline of 1.74 percent. Next, HCL Tech, SBI, Tech Mahindra, TCS, Wipro, Ultra Tech Cement, ITC, Infosys and others declined between 1 and 1.50 percent. Also, HDFC Bank, ICICI Bank, Bajaj Finance, Bajaj Fin Sav ITC, Bharti Atel among other leading company stocks also came in the low price list.
Sunpharma advances: Meanwhile, drugmaker Sunpharma led the gainer chart with a gain of 2.22 percent. Next to this, Doctor Reddy, Kotak Bank, Maruti Suzuki etc. jumped between 1.50 and 1.75 percent. Also, Titan, Reliance, Nestlé Tata Steel, Pav Grid were also marginal gainers.
Nifty down 92 points: 666 stocks were gainers on the NSE. 1,268 stocks came on the fall list. On the Nifty list, 21 stocks were gainers and 29 stocks were losers. The Nifty closed 28.00 points (0.18 per cent) lower at 15,938.65. The Nifty opened at 16,018.85 with a gain of around 52.20 points in the morning and soared to a high of 16,070.85. Later, it went down to 15,858.20.