Mumbai, The stock market continued to decline for the fourth consecutive trading session on Wednesday. The BSE 30-share Sensex (Sensex) is showing a loss of 4.5 points after losing its initial gains and is moving towards the surface of 5,000 points.
The Sensex was hurt by heavy selling in shares of Reliance Industries (RIL) and Infosys. Apart from this, foreign institutional investors (FIIs) also continued to sell and the rise in crude oil also had a negative impact on trading sentiment.
Although the Sensex started with a rebound, it soon lost momentum. During the trading session, it had declined by 4.5 points to close at 9,412.60 points. But at the end of trading, it was down 2.4 points, or 0.21 per cent, at 8,04.5.
Similarly, the wide-based National Stock Exchange (NSE) Nifty fell by 4.5 points, or 0.3 per cent, to 19,12.10.
S Ranganathan, head of research at LKP Securities, said there was significant volatility in the benchmark indices ahead of the Consumer Price Index-based Inflation and Industrial Production (IIP) data released this week. Many stocks in the broader market were hit hard.
The Sensex pack includes Larsen & Toubro, Bajaj Finserv, NTPC, Bajaj Finance, Maruti Suzuki, Powergrid, Infosys and ITC. In contrast, Axis Bank, IndusInd Bank, HDFC, ACICI Bank, Kotak Mahindra Bank, HDFC Bank and Bharti Airtel were among the beneficiaries.
In other Asian markets, Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite closed higher, while South Korea’s Kospi fell. European markets were trading on gains in the afternoon session. Earlier in the day, US stock markets strengthened.
International oil benchmark Brent crude, meanwhile, rose 2.15 percent to ૫ 104.5 a barrel. The process of withdrawing foreign investors from Indian markets is underway. According to available information, foreign investors on Tuesday raised Rs. 2,50.5 crore shares were sold