Stock market continues to slow; Sensex falls 75 points, Nifty below 24950
New Delhi| The market saw a decline for the second consecutive day. At 9:058 am, the Sensex was seen trading at 78,782.12, down 18.91 (0.02%) points. On the other hand, Nifty slipped 13.25 points to 24,008.60. Stock markets fell in early trade on Tuesday amid continued withdrawal of foreign funds and cautious investor sentiment ahead of the US presidential election and the Federal Reserve’s interest rate decision.
BSE Sensex fell 326.58 points to 78,455.66 in early trade. Whereas NSE Nifty fell by 86.7 points to 23,908.65. The rupee fell by two paise to reach its all-time low of Rs 84.13. Among the 30 Sensex stocks, Adani Ports, ITC, Reliance Industries, HDFC Bank, Power Grid and Hindustan Unilever had the biggest falls. JSW Steel, Tata Steel, IndusInd Bank, Tata Motors, Maruti and Sun Pharma were among the gainers.
Foreign institutional investors (FIIs) sold equities worth Rs 4,329.79 crore on Monday, according to exchange data. In Asian markets, there was a positive trend in Tokyo, Shanghai and Hong Kong, while there was a decline in Seoul. American markets closed with a decline on Monday.
Prashant Taapsee, Senior Vice President (Research), Mehta Equities Limited, said, “Due to tough competition for the US presidential election, investors globally are fearing increased market volatility…” Brent crude, the global oil standard, rose 0.12 percent to $75.17 a barrel.
Vikas Jain, head of research at Reliance Securities, said investors remain cautious ahead of the US presidential election and the US Federal Reserve’s interest rate decision later this week. On Monday, BSE’s benchmark index fell 941.88 points, or 1.18 percent, to close at 78,782.24, its lowest level since August 6. Nifty closed at 23,995.35, down 309 points or 1.27 percent.
