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Monday, July 22, 2024

Markets Fall For 3rd Day; Sensex, Nifty Decline Nearly 1 Pc

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MUMBAI, Nov 21 (PTI): Market benchmarks fell for the third day running on Monday and ended nearly 1 per cent lower amid weak trend in global equities.
The 30-share BSE Sensex declined 518.64 points or 0.84 per cent to settle at 61,144.84. During the day, it tumbled 604.15 points or 0.97 per cent to 61,059.33.
The broader NSE Nifty fell 147.70 points or 0.81 per cent to end at 18,159.95.

From the Sensex pack, Reliance Industries, HDFC, Tata Consultancy Services, Tech Mahindra, Infosys, Bajaj Finance, Wipro and Tata Steel were the major laggards.
Bharti Airtel, Axis Bank, IndusInd Bank, Hindustan Unilever and Power Grid were among the winners.

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Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong ended lower, while Tokyo settled higher.
Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended higher on Friday.
International oil benchmark Brent crude was trading 0.91 per cent lower at USD 86.82 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 751.20 crore on Friday, as per exchange data.

“The sharp decline in crude prices is a huge positive for the domestic economy. However, the market did not respond favourably due to stronger headwinds from the global market. The prospect of a prolonged tightening cycle by the US Federal Reserve and the Chinese Covid restrictions affected the world market,” said Vinod Nair, head of Research at Geojit Financial Services.
“Nifty continued its down move for the third consecutive day. Investors globally fretted about the economic fallout from fresh Covid-19 restrictions in China…,” said Deepak Jasani, head of Retail Research, HDFC Securities.

In the broader market, the BSE midcap gauge dipped 0.15 per cent and smallcap index climbed marginally by 0.01 per cent.
Among sectoral indices, IT fell 1.46 per cent, power 1.42 per cent, utilities 1.41 per cent, realty 1.38 per cent, teck 1.04 per cent, and metal 0.89 per cent.
Telecommunications and consumer durables were the only winners.
“Indian equities witnessed selling pressure on the first day of the week on the back of weak global cues. Global sentiments were impacted after China reported surge in Covid cases leading to concerns over economic growth outlook.

“Investors were cautious ahead of the US Fed minutes, which would give insights into the central bank’s future rate hike stance given the softening inflation,” said Siddhartha Khemka, head – Retail Research, Motilal Oswal Financial Services Ltd.

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