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Stock market | Sensex down 575 points, Nifty also at a loss

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Mumbai Domestic stock markets fell for the third day in a row on Thursday and the BSE Sensex fell 575 points. Markets closed lower with losses in HDFC Ltd, HDFC Bank, TCS and Reliance Industries, which had strong losses in the index amid a weak trend in global markets. The 30-share Sensex fell 575.46 points, or 0.97 per cent, to close at 59,034.95.

During trading, it slipped to 633.06 points or 1.06 per cent. The Nifty on the National Stock Exchange also closed 168.10 points, or 0.94 per cent, lower at 17,639.55. Of the 30 Sensex stocks, Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Ltd. And the powergrid suffered the most damage. In contrast, Axis Bank, Hindustan Unilever, ICICI Bank, Mahindra & Mahindra and Dr. Reddy’s is involved in profits.

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VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The recent decline in the market is due to the US Federal Reserve’s aggressive stance on interest rates.” Other Asian markets included Hong Kong’s Hang Seng, South Korea’s Kospi, China’s Shanghai Composite Index and Japan’s Nikkei. The US stock market also declined on Wednesday.

International oil standard Brent crude rose 0.93 percent to 10 102 a barrel. Investors are awaiting the outcome of the RBI’s monetary policy review meeting. The monetary policy review will be announced on Friday. According to stock market data, foreign institutional investors on Wednesday traded at Rs. 2,279.97 crore shares were sold. (Agency)

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