Stock market closed: Heavy selling in metal, IT shares, market closed with big fall, Sensex fell 1,048 points
Mumbai. Amidst the weak trend in the global markets, there was a big fall in the domestic stock markets on Friday due to heavy selling in metal, information technology and commodity stocks. Sensex fell 1,048 points while Nifty fell 336 points. BSE’s benchmark index Sensex based on 30 shares fell 1,048.16 points or 1.25 percent to close at 82,626.76 points.
At one point during trading, it fell 1,140.37 points to a low of 82,534.55 points. Similarly, NSE’s 50-share standard index Nifty also fell by 336.10 points or 1.30 percent and closed at 25,471.10 points. At one point during trading, it fell 362.9 points to end at 25,444.30.
28 out of 30 stocks included in the Sensex group closed with a decline. Hindustan Unilever, Eternal, Titan, Tata Steel, Adani Ports, Tata Consultancy Services, PowerGrid, Reliance Industries, Bharat Electronics Limited, Asian Paints, Mahindra & Mahindra, HDFC Bank and HCL Technologies were major losers.
On the other hand, only Bajaj Finance and State Bank of India closed with gains. “Investors remained cautious amid weak global cues and artificial intelligence (AI)-related fears ahead of the upcoming US inflation data,” said Vinod Nair, head of research at Geojit Investments Ltd. Nair said that the positive sentiment arising from the announcement of the India-US trade agreement has now vanished due to fears that AI will adversely affect the business of Indian IT companies.
Apart from this, profit booking in metal stocks also brought pressure on the market. In other markets of Asia, Hong Kong’s Hang Seng, China’s Shanghai Composite, Japan’s Nikkei and South Korea’s Kospi index remained in loss. A mixed trend was seen in European markets in afternoon trading. American markets closed down by two percent on Thursday.
Meanwhile, foreign institutional investors made net purchases of shares worth Rs 108.42 crore on Thursday. Domestic institutional investors were also net buyers worth Rs 276.85 crore. Global oil benchmark Brent crude rose 0.32 percent to $67.81 per barrel. On Thursday, Sensex fell 558.72 points to close at 83,674.92 points and Nifty fell 146.65 points to close at 25,807.20 points.
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