Mumbai. The BSE Sexsex closed on Monday with a slight loss of 64 points, recovering from an initial major fall on the back of a negative trend in the global stock markets. During the early trade, Reliance Industries and Banking Shares fell significantly, but later the rupee’s improvement supported the market. The Sensex, based on thirty shares, had dropped more than 750 points at one time. But later it improved and finally it fell by 63.84 points, or 0.13 per cent, to close at 48,718.52.
The Nifty of the National Stock Exchange also witnessed a similar fluctuation and finally ended at 14,634.15 points with a marginal gain of 3.05 points, or 0.02 percent. Among the Sensex stocks, Titan lost the most by 4.58 per cent. Apart from this, IndusInd Bank, Reliance Industries, Axis Bank, Kotak Bank, ONGC, ITC and ICICI Bank also declined.
On the other hand, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints and NTPC were the major gainers. They rose up to 3.98 percent.
According to Vinod Modi, strategy head, Reliance Securities, “The stock market rose above the day’s low despite a weak trend globally. Concerns over debt recovery and asset quality of banks and NBFCs (non-banking financial companies) led to selling pressure in stocks of financial companies. However, the market was supported by buying in stocks of companies of daily use goods and metal companies. ”
He said that on the one hand, persistent cases of Kovid infection in the country continue to affect the perception of investors. On the other hand, the company’s positive quarterly results with positive management observations are supporting the market. On the macroeconomic fronts, the IHS Market India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in April, slightly higher than the 55.4 in March. Sector-wise, the BSE Consumer Durables, Energy, Banks, Oil & Gas, Realty and Financial indices fell by 1.99 per cent, while Telecom, Metals and FMCG closed with profits. The BSE Midcap and Smallcap indices saw gains.
According to the data released on Monday by the Ministry of Health, the number of Kovid-19 infected in the country has increased to 34,13,642 as against 33,49,644 on Sunday. Other markets in Asia declined in Hong Kong and Seoul. Shanghai and Takyo remained closed for the holiday. European markets had a declining trend in early trade. Meanwhile, the international oil standard Brent crude dropped 0.63 percent to $ 66.34 a barrel. The rupee strengthened 14 paise to close at 73.95 against the US dollar. (Agency)