NEW DELHI: The stock market started the morning on Wednesday, the third trading day of the week, and ended with a slump. Following this, the Bombay Stock Exchange benchmark Sensex lost another 303 points. The market fell for the third day in a row as IT, metal and realty stocks rallied.
U.S. markets ended lower on Tuesday. However, trading in most of the European and Asian markets continued to be volatile. At this point, the domestic market started the morning with excitement. The afternoon trade ended with a loss of morning gains. Investors have assessed the potential for a recession in the United States following the tightening of central bank policy. Moreover, global markets are awaiting the announcement of the US Federal Reserve’s decision by the Federal Reserve. As a result, stockbrokers said they have been selling stocks for the past few days whenever the market picks up.
2,611 shares of the stock market plunge: Out of a total of 3,444 companies listed on the Mumbai Stock Exchange, only 717 shares were listed on the gains. 2,611 shares came on the fall list. 116 shares remained unchanged. 67 shares recorded new 52-week highs and 155 shares recorded new lows. The market capitalization declined by Rs 3.85 lakh crore to Rs 248.127 lakh crore at the end of trading. Meanwhile, foreign institutional investors sold shares worth Rs 2,393.45 crore on Tuesday and withdrew their investments.
Third day decline: The Sensex started the morning at 54,254.07, a gain of 201.46 points, to a high of 54,379.59. The Sensex, which had fallen to 53,683.16, finally fell 303.35 points (0.56 per cent) to close at 53,749.26. The market, which was dominated by bulls in the first half, came under bear control in the second half. The Sensex fell for the third day in a row.
18 stocks fall in Sensex: Only 12 stocks out of the 30 top-ranked stocks in the Sensex list gained. 180 shares were on the fall list. Leading paint company Asian Paint fell 8.04 percent to top the list. This was followed by TCS, Tech Mahindra, Wipro, L&T, Infosys, M&M, which fell 2 to 3.70 per cent. HCL Tech, SBI, Dr Reddy, Reliance, Tata Steel and Maruti were also on the list.
NTPC Improvement: At the same time, NTPC, a public sector undertaking, rose 3.84 per cent to top the earnings list. Also on the list were Kotak Bank, Bothi Hotel, HDFC Bank, ICICI Bank, HDFC Bank, ITC, Nestle, Bajaj Finance, Bajaj Fin Chow, Axis Bank and Sunboma.
Nifty down 99 points: Only 275 stocks gained on the National Stock Exchange. 1,686 shares fell. In the Nifty list, 18 stocks were on the gains list and 32 stocks were on the fall list. The Nifty index, which started the morning at 16,196.35 with a gain of 71.20 points, rose to a high of 16,223.35. The Nifty, which had then fallen to 16,006.95, finally fell 99.35 points (0.62 per cent) to 16,025.80.
ID, metal indices fall sharply: Nifty ID index fell 3.84 per cent to top the list on the National Stock Exchange. Next, media, realty, metal and PSU Bank indices fell 2 to 3 percent. Also, Bombay, Healthco, Consumer Durables, Oil & Gas indices fell more than 1 percent. However, the Nifty Bank, Private Bank and Financial Services indices were slightly higher on the profit list.
LIC shares plummet!
Shares of LIC, which was recently listed on the stock exchange, closed lower for the first time on Tuesday. But Wednesday saw a decline.
Shares of LIC started the morning trading at Rs 831.50 and touched a high of Rs 841.45 on the National Stock Exchange. Then, it went down to Rs 814.25. The stock ended 0.99 per cent lower at Rs 814.95.
<!–
–>