Mumbai: Domestic stock markets fell for the third consecutive day on Thursday and the BSE Sensex fell by 575 points. Markets ended lower with losses in HDFC Ltd., HDFC Bank, TCS and Reliance Industries, which were strong losers in the index, amid a weak trend in global markets. The 30-share Sensex closed at 59,034.95, down 575.46 points, or 0.97 per cent.
During trading, it had slipped up to 633.06 points or 1.06 per cent. The Nifty of the National Stock Exchange also closed at 17,639.55, down 168.10 points, or 0.94 per cent. Of the thirty Sensex stocks, Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Ltd. And POWERGRID was the worst hit. On the contrary, Axis Bank, Hindustan Unilever, ICICI Bank, Mahindra & Mahindra and Dr. Reddy’s are among the gainers.
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VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The reason for the recent decline in the market is the aggressive stance of the US Federal Reserve on the interest rate.” In other Asian markets, Hong Kong’s Hang Seng, South Korea’s Kospi, China’s Shanghai Composite Index and Japan’s Nikkei were among the losers. The US stock market also declined on Wednesday.
Brent crude, the international oil standard, rose 0.93 percent to $ 102 a barrel. Investors are awaiting the outcome of RBI’s monetary policy review meeting. The monetary policy review will be released on Friday. Foreign institutional investors sold shares worth Rs 2,279.97 crore on Wednesday, according to stock market data. (agency)
