Mumbai: Domestic stock markets could not maintain their initial gains on Wednesday due to selling in shares of Reliance Industries and Information Technology (IT) companies and both the benchmark indices closed with losses. BSE Sensex fell 183 points while NSE Nifty lost 127 points.
Sensex slipped 183 points
BSE Sensex based on 30 shares fell 183.15 points or 0.24 percent to close at 77,472.94 points. During trading, it reached a high of 77,986.84 points and reached a low of 77,472.94 points. That means it fluctuated by 513.9 points during trading. Similarly, NSE Nifty based on 50 shares fell 126.80 points or 0.52 percent and closed at 24,207.75 points.
There was maximum selling in these shares
Among the companies included in the Sensex, shares of Infosys, Bharti Airtel, Larsen & Toubro, Power Grid, Tech Mahindra, NTPC, Mahindra & Mahindra and Reliance Industries were major losers. On the other hand, stocks with gains include Kotak Mahindra Bank, UltraTech Cement, Axis Bank and Tata Steel.
Investors booked profits after initial rise
Ponmudi R, Chief Executive Officer (CEO) of online trading company Enrich Money, said, “Indian stock markets closed with a slight decline on Wednesday. After initial gains, investors booked profits. “Fall in shares of information technology, FMCG, automobile and consumer durables companies neutralized the support provided by softening crude oil prices and positive trend in global markets.”
Crude oil prices also declined
Global oil benchmark Brent crude fell 2.96 percent to $85.96 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 gains. Most of the major markets of Europe were also in an upward trend in afternoon trading. US markets closed with gains on Tuesday.
FII bought shares worth Rs 1,593 crore
According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 1,593.53 crore on Tuesday. The Sensex had closed at 77,656.09 points on Tuesday, up 286.98 points. Nifty was at 24,334.55 points with a gain of 115.50 points.
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