Mumbai: On Tuesday, the stock markets continued to gain momentum from the last five trading sessions, and both the standard indices… BSE Sensex and NSE Nifty closed with a fall. Markets ended in losses with losses in shares of Reliance Industries, Infosys and HDFC Bank, which had a strong share in the index, amid a weak global trend.
The 30-share BSE Sensex was up over 200 points in early trade. But later it declined and in the end it lost 709.17 points or 1.26 percent to close at 55,776.85. At one point during trading, it had fallen 1,067.07 points to 55,418.95 points. The Nifty of the National Stock Exchange also closed at 16,663 points, down 208.30 points, or 1.23 per cent.
Tata Steel, Tech Mahindra, Kotak Mahindra Bank, Infosys, Reliance Industries Ltd., Axis Bank and HCL Tech were the biggest losers in the Sensex stocks. On the other hand, gainers include Mahindra & Mahindra, Maruti Suzuki, Nestle India, Asian Paints and Titan. Among other major Asian markets, Hong Kong’s Hang Seng and China’s Shanghai Composite ended in heavy losses amid concerns about a reimposed ‘lockdown’ to contain the pandemic.
Japan’s Nikkei rose marginally. Major markets in Europe had a declining trend in afternoon trade. The sentiment has also been affected by the meeting of the US Federal Reserve on monetary policy. According to Vinod Nair, Head of Research, Geojit Financial Services, “The new financial and trade restrictions along with the gas import ban on Russia have adversely affected the bullish trend in the world markets. This is a setback for the improving market in anticipation of a ceasefire….”
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“Before the meeting of the US Federal Reserve, other major markets of the world also fell,” he said. Meanwhile, international oil benchmark Brent crude fell 6.11 per cent to $100.4 per barrel. Foreign institutional investors sold shares worth a net Rs 176.52 crore on Monday, according to provisional stock market data.
Meanwhile, retail inflation rose to an eight-month high of 6.07 per cent in February, according to government data released on Monday. This is the second consecutive month that retail inflation is above the Reserve Bank’s satisfactory level. On the other hand, wholesale inflation jumped to 13.11 per cent on a sharp rise in the prices of crude oil and non-food items. (agency)