Mumbai : The trend of decline in the Indian stock market has continued for the fourth day. At the close of today's trading, a slight decline was seen in the BSE Sensex. Today, the main index of the domestic market, BSE Sensex has fallen by about 17 points. The market has fallen due to capital withdrawal by foreign institutional investors (FIIs) as well as the financial results of Hindustan Unilever not coming as expected.
BSE Sensex based on 30 shares closed at 80,065.16 points, down 16.82 points or 0.02 percent. During trading, the index reached a high of 80,259.82 points while it came down to a level of 79,813.02 points. National Stock Exchange's Nifty also closed at 24,399.40 points with a decline of 36.10 points or 0.15 percent.
Decline in business of this company
Among the Sensex stocks, Hindustan Unilever has registered a decline of about 6 percent. The daily-use goods maker's share price came down after it was reported that its consolidated net profit declined by 2.33 per cent to Rs 2,595 crore in the second quarter of the current financial year. The company's profit was mainly affected by softening demand in the urban market.
Condition of Sensex listed companies
Apart from this, shares of Nestle, Asian Paints, Infosys, ITC, Maruti, Tata Consultancy Services, Larsen & Toubro and HCL Technologies also fell. On the other hand, the profitable stocks include UltraTech Cement, Titan, Adani Ports, Mahindra & Mahindra, State Bank of India and Power Grid.
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FII capital withdrawal
According to stock market data, foreign institutional investors sold shares worth Rs 5,684.63 crore on Wednesday. Whereas domestic institutional investors bought shares worth Rs 6,039.90 crore. VK Vijayakumar, chief investment strategist, Geojit Financial Services, said, “The biggest challenge facing the market is the continued capital outflow by foreign institutional investors. According to NSDL data, till October 23, they withdrew Rs 93,088 crore. The reason for capital withdrawal by FIIs is the high valuation of shares in India while the valuations in China and Hong Kong are attractive.”
Sensex and Nifty fell marginally
He said that the market sentiment has also been affected due to the growth in quarterly financial results of companies not being as per expectations. In other markets of Asia, South Korea's Kospi, China's Shanghai Composite and Hong Kong's Hang Seng were in loss while Japan's Nikkei was in profit. Global oil benchmark Brent crude jumped 1.99 percent to $76.45 per barrel. BSE Sensex had fallen by 138.74 points on Wednesday, while Nifty had fallen by 36.60 points.
(with agency input)
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