Stock Market News: The local stock market declined for the second consecutive day on Monday, where both the major indices closed in loss. In the absence of any solid global cues and last-minute selling by investors, the Sensex fell 331 points to close at 84,900.71, while the NSE Nifty fell 108.65 points to 25,959.50 and slipped below the crucial 26,000 mark.
On the decline in the domestic stock market, Vinod Nair, Head of Research, Geojit Investments Limited, says that after positive trading in a limited range, selling increased in the last half hour due to Monday’s expiry and the market closed with a decline, as the Nifty 50 index could not stand above the important limit of 26,000.
crashed market
Shares of companies included in the Sensex—Bharat Electronics, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Bajaj Finserv and Tata Motors—were sharply down, while Tech Mahindra, Asian Paints, Infosys, Adani Ports, Sun Pharma and HDFC Bank saw gains.
Mixed signals were seen in Asian markets, while European markets remained in the lead in afternoon trade. According to analysts, the delay in the US-India interim trade agreement and limited trade scope weakened investor sentiment.
Huge buying by domestic investors
However, some positive sentiment remained at the global level due to selective buying in IT stocks and expectations of a possible rate cut by the Federal Reserve in December. Meanwhile, foreign institutional investors sold shares worth Rs 1,766 crore, while domestic investors bought shares worth Rs 3,161 crore. Brent crude also fell by about 1 percent to $ 61.95 per barrel.
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