Stock markets closed: Due to PM Modi’s appeal to buy less gold, there is a big fall in the shares of jewelers companies, major indices closed at lower levels.

Mumbai. There was a big fall in domestic stock markets on Monday and major indices closed at their lowest level in more than a month. BSE Sensex fell 1,312.91 points (1.70 percent) to 76,015.28. The Nifty-50 index of the National Stock Exchange also stood at 360.30 points i.e. 23,815.85 points. This is the lowest level for both the indices in more than a month. After Prime Minister Narendra Modi’s appeal to purchase imported goods and save foreign currency, there was clear concern in the market regarding pressure related to foreign currency payments.

Due to his appeal to buy less gold, there was a big fall in the shares of jewelers companies. Shares of airline companies also fell by four and a half percent due to the advice not to undertake unnecessary foreign travel. Shares of Kalyan Jewelers fell the most by nine percent in BSE. There was a decline in the macro market also. Nifty Midcap-50 index of medium companies fell 0.83 percent and Smallcap-100 index of small companies fell 1.13 percent. Except FMCG, Pharma and Health, other indices declined.

More pressure was seen on consumer durables, oil and gas, public sector banks, realty, media, finance and auto groups. Among the Sensex companies, shares of Titan, which owns the Tanishka brand, fell by nearly seven percent. Indigo and State Bank of India declined by four and a half percent. Shares of Bharti Airtel and Eternal also fell by more than four percent.

Reliance Industries shares closed down three and a quarter percent. Shares of Mahindra & Mahindra, NTPC and HDFC Bank fell by two to two and a half percent. Shares of Bajaj Finance, BEL, Maruti Suzuki, Trent, Asian Paints, PowerGrid, Bajaj Finserv and Tat Steel fell by one to two percent. Shares of L&T, UltraTech Cement, ITC, Tech Mahindra and HCL Technologies were also in the red. Shares of Sun Pharma, Hindustan Unilever and Adani Ports also remained in the green.

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Stock markets closed : Due to pressure on banks and financial companies, stock markets fell, Sensex-Nifty closed in the red.