Mumbai The domestic stock market declined for the third consecutive day on Wednesday. The benchmark index BSE Sensex fell by 374 points while NSE Nifty lost 141 points due to high crude oil prices due to soft trend in global stock markets and increasing tension in West Asia. The 30-share BSE Sensex closed at 76,570.35, down 373.93 points or 0.49 percent.
Nifty at 76,135.72 points
At one time during trading, it had fallen by 808.56 points to 76,135.72 points. National Stock Exchange's Nifty also slipped by 141.35 points or 0.59 percent and closed at 23,914.45 points. Among Sensex companies, Asian Paints, HDFC Bank, Mahindra & Mahindra, HCL Tech, Bharat Electronics and Infosys were major losers. On the other hand, Adani Ports, Bajaj Finserv, Power Grid, NTPC and Titan were among the gainers.
Fall in shares of these companies
Global oil benchmark Brent crude rose 0.40 percent to $95.13 per barrel. In other markets of Asia, South Korea's Kospi, Japan's Nikkei, China's Shanghai SSE Composite and Hong Kong's Hang Seng closed with losses. There was a downward trend in afternoon trading in the major markets of Europe. American markets also closed in loss on Tuesday.
Decline for the third consecutive trading session
Ponmudi R, chief executive officer (CEO) of online trading company Enrich Money, said, “The decline in the Indian stock market for the third consecutive trading session is in line with the widespread selling globally. Concerns about energy supply have increased due to the renewed conflict between America and Iran. Also, the hopes of opening the Strait of Hormuz soon have been dealt a blow.
He said, “Rising crude oil prices and rise in global bond yields have further weakened the risk appetite of investors.” According to stock market data, foreign institutional investors had made net purchases of Rs 1,143.38 crore on Tuesday. Earlier, on Tuesday, the Sensex closed with a slight fall of 12.99 points at 76,944.28 points and the Nifty closed at 24,055.80 points with a loss of 24.60 points.