Stock Market: Weakness is being seen in the stock market today. The Sensex is trading at 60,550 with a fall of 113 points, while the Nifty is also seeing a weakness of 19 points. Right now she is doing business at 18,773. Yesterday, buying in IT, finance and petroleum stocks in the domestic stock market led to softening of the pace of increase in the policy repo rate, both the major indices closed with gains of more than half a percent. BSE’s 30-share index Sensex climbed 377.75 points, or 0.63 percent, to close at 60,663.79 points. With this, the decline in Sensex for the last two days came to an end. The National Stock Exchange’s index Nifty also closed at 17,871.70 points with a gain of 150.20 points, or 0.85 percent.
30 stocks of BSE also declined
These stocks played a major role in the market yesterday
Shares of Adani Enterprises, Adani Ports & SEZ and HDFC Life played a big role behind this rally. Bajaj Finance was the top gainer in the Sensex pack, gaining 3.14 per cent. UltraTech Cement, Reliance Industries, Infosys, Wipro, HCL Tech, TCS, Bajaj Finserv, Tata Motors, Tech Mahindra, Titan and Maruti Suzuki also closed with gains. On the other hand, L&T suffered a loss of 1.62 per cent. Shares of Bharti Airtel, Axis Bank, Kotak Bank and Hindustan Unilever also declined. Shares of most of the Adani Group companies saw a rise. The positive statements from rating agencies on the loans given by the banks to the group strengthened their shares. Shares of group flagship company Adani Enterprises climbed 19.76 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said that the RBI made a small increase in the repo rate in line with market expectations. Due to this, the bulls dominated and there was a lot of buying. The Monetary Policy Committee of the Reserve Bank has decided to increase the repo rate by 0.25 percent, after which it has increased to 6.50 percent. Apart from this, the estimate of growth in Gross Domestic Product (GDP) has also been increased from 6.8 percent to 7 percent. Ajit Mishra, vice-president (technical research), Religare Broking Ltd., said, “Domestic markets supported domestic markets on favorable global cues and managed to recover from two days of losses.” Other markets in Asia were mixed. Hong Kong’s Hangseng, South Korea’s Kospi closed with gains, while Japan’s Nikkei and China’s Shanghai Composite closed with losses. Prior to this, a boom was registered in the US markets on Tuesday. Foreign Institutional Investors (FIIs) have continued their withdrawal from the Indian markets. As per the available data, FIIs sold a net amount of Rs 2,559.96 crore on Tuesday.
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