Mumbai. Domestic stock markets fell on Tuesday due to selling pressure amid increasing global tensions and high crude oil prices. Sensex fell by 252 points while Nifty closed with a loss of 86 points. According to analysts, increasing tension in the Strait of Hormuz region and pressure on the ceasefire between America and Iran were the main reasons for the decline in the domestic market. Apart from this, investor sentiment was also affected due to the rupee falling to a record low amid high crude oil prices.
BSE’s benchmark index Sensex based on 30 shares fell 251.61 points or 0.33 per cent to close at 77,017.79 in a volatile session. At one time during trading, it fell 754.37 points to the level of 76,515.03. At the same time, NSE’s 50-share standard index Nifty fell by 86.50 points or 0.36 percent and closed at 24,032.80 points. Among the companies included in the Sensex group, shares of ICICI Bank, Tech Mahindra, Axis Bank, Bharti Airtel and Larsen & Toubro were major losers.
On the other hand, Mahindra & Mahindra, UltraTech Cement, Bajaj Finserv and Bajaj Finance registered gains. Vinod Nair, Head of Research, Geojit Investments Ltd, said, “The domestic market witnessed a volatile session with the post-poll sentiment waning and the market falling in line with the weak trend elsewhere in the world amid rising global tensions.”
Nair said the rupee fell to a record low due to continued pressure from high crude oil prices. Despite these adverse conditions, slightly better than expected results of companies provided some support and buying was seen at lower levels in select stocks. During this period, Brent crude oil remained around $ 113 per barrel. The rupee weakened by two paise and reached an all-time low of 95.25 against the US dollar.
Among other markets in Asia, the markets of South Korea, Japan and China remained closed while Hong Kong’s Hang Seng index remained in decline. European markets were trading with mixed sentiment. US markets closed with a decline on Monday. Foreign institutional investors (FIIs) had made net purchases of Rs 2,835.62 crore on Monday. On Monday, Sensex rose 355.90 points to 77,269.40 and Nifty closed 121.75 points higher at 24,119.30 after the election results were in line with market expectations.
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