On Tuesday, October 14, the local stock market declined for the second consecutive day. BSE Sensex fell 297 points to close at 82,029.98, while NSE Nifty fell 82 points to 25,145.50. The domestic market remained in the red amid weak sentiment in Asia and Europe and capital withdrawal by foreign institutional investors (FIIs).
Fall in shares of these companies
The 30-share Sensex could not maintain its early gains and at one point fell 545.43 points during trading. Major Sensex losers included Bajaj Finance, Bharat Electronics, Tata Steel, TCS, NTPC, Trent, Asian Paints and Axis Bank. On the other hand, Tech Mahindra, ICICI Bank, Power Grid, Hindustan Unilever and Reliance Industries remained in the green.
Regarding the fall in the market, Ponmudi R, CEO, Enrich Money, believes that stock markets witnessed widespread profit-booking in the absence of new domestic cues. Weak signals from Asian and European markets affected investor sentiment. He further said that escalating US-China trade tensions have increased risk aversion, increasing the attractiveness of safe haven assets such as gold and US Treasury bonds.
European markets also declined
Other Asian markets including South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with losses. Major European markets also declined in afternoon trade. American markets closed with gains on Monday. Global oil benchmark Brent crude fell 1.82 percent to $62.17 per barrel. According to the data, foreign institutional investors sold shares worth ₹240.10 crore on Monday. On Monday, Sensex fell 173.77 points, while Nifty fell 58 points.