he Sensex lost 51 points in cautious trade on Monday amid a weak trend in global markets and sustained outflows from foreign investors. On the other hand, the Nifty of the National Stock Exchange closed with an almost flat trend.
According to traders, traders turned cautious ahead of the November inflation data. BSE’s 30-share index Sensex closed at 62,130.57 points, down 51.10 points, or 0.08 percent. At the same time, the NSE Nifty closed flat at 18,497.15 points.
There was a big fall during the busines
However, the Sensex at one point fell to 505.52 points, or 0.81 per cent, but later recovered. NSE’s benchmark index Nifty also remained flat after volatile trading. The Nifty closed at 18,497.5 with a slight gain of 0.55 points. Asian Paints, Infosys, Titan, Kotak Mahindra Bank, Power Grid, Bharti Airtel, SBI and Bajaj Finserv were among the losers on the Sensex. At the same time, shares of Tata Steel, Nestle, Dr Reddy’s, UltraTech Cement, Wipro and HDFC Bank registered gains.
IT stocks under pressure
Vinod Nair, head of research, Geojit Financial Services, said, “The domestic market opened with a weak but rally in banking, metals and oil-gas stocks largely recovered these losses.” However, the market remains under pressure due to continued selling in IT stocks. South Korea’s Cospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hangseng closed with losses. Europe’s markets were also witnessing a decline in the afternoon session. US markets had closed at a negative level on Friday.
Crude oil breaks down to around $75
Meanwhile, international oil benchmark Brent crude fell 0.80 per cent to USD 75.49 per barrel. At the same time, the rupee on Monday declined by 25 paise to close at 82.53 (provisional) against the American currency at the Interbank Foreign Exchange market. Marketmen said risk aversion in the domestic market also weighed on the rupee.
The rupee opened lower at 82.54 at the Interbank Foreign Exchange market and ended the day at 82.53 against the US dollar, down 25 paise. Foreign Institutional Investors (FIIs) have continued their withdrawal from the Indian market. According to available data, FIIs sold shares worth Rs 158.01 crore on Friday.
