Stock Market Closed: The stock market closed with a decline on the last Monday of the year, Sensex slipped 346 points, Nifty fell by 26,000.
Mumbai. Domestic stock markets closed with a decline on Monday due to selling in oil and gas and IT shares, withdrawal of foreign capital and weak business at the end of the year. Sensex lost 346 points while Nifty once again fell below the 26,000 level. BSE’s benchmark index Sensex based on 30 shares fell for the fourth consecutive trading session, falling 345.91 points or 0.41 per cent to close at 84,695.54.
During trading, the Sensex at one time fell by 403.59 points to 84,637.86 points. At the same time, the 50-share standard index Nifty of the National Stock Exchange (NSE) remained in loss for the third day and closed at 25,942.10 points, slipping 100.20 points or 0.38 percent.
Among Sensex constituents, Adani Ports, HCL Tech, Power Grid, Trent, Bharat Electronics and Bharti Airtel were major losers. On the contrary, shares of Tata Steel, Asian Paints, Hindustan Unilever and Eternal registered gains. Market experts say that at present there is a lack of any concrete signal for a bullish trend in the market.
Vinod Nair, Head of Research, Geojit Investments Ltd, said, “There are no strong reasons for further bullishness in the market at the moment. Most of the investors are in holiday mood, which indicates that the market will remain in a range in the near term.”
Ajit Mishra, Senior Vice President (Research), Religare Broking Limited, said that the market sentiment is being influenced by global cues and news related to select stocks. “In the absence of any major catalyst, trade deals remain subdued and investors are preferring selective investments rather than making broad bets,” he said.
Elsewhere in Asia, South Korea’s Kospi index rose more than two percent. China’s Shanghai Composite closed with slight gains while Japan’s Nikkei 225 and Hong Kong’s Hang Seng were in the loss. There was a downward trend in afternoon trading in most of the major markets of Europe.
US markets closed almost flat on Friday. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 317.56 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 1,772.56 crore.
Meanwhile, global oil benchmark Brent crude rose 1.70 per cent to $61.67 per barrel. Earlier on Friday also the local markets had closed with a decline. Sensex fell 367.25 points to close at 85,041.45 and Nifty fell 99.80 points to close at 26,042.30.
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