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After the rise in the last two trading sessions, the domestic stock market recorded a sharp fall on Wednesday. It is being told that the BSE Sensex closed down by 709 points. Similarly, the Nifty of the National Stock Exchange also fell by 225.50 points. Nifty closed at 15,413.30, down 1.44 per cent. Talking about the Sensex, the 30-share BSE Sensex fell 709.54 points and closed at 51,822.53 points, down 1.35 per cent. The Sensex had lost up to 792.09 points during trading.
Tata Steel, Wipro, Reliance Industries, IndusInd Bank, HCL Technologies, Bajaj Finserv, Titan and Bajaj Finance were the main losers in Sensex stocks. On the other hand, shares of TCS, HUL, PowerGrid and Maruti Suzuki India closed with gains.
In other Asian markets, Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng index and China’s Shanghai Composite closed lower. European markets also declined during afternoon trade. While the US stock markets closed with gains on Tuesday.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the market could see a good rally and saw this on Tuesday. But the question is, will this continue? Apart from the moderation in crude oil prices, there is no economic news which should help sustain the uptrend.
The dollar remains strong and US bond yields are attractive and expected to rise, he added. Given this, FIIs see no reason to change their selling strategy.
Meanwhile, international oil standard Brent crude fell by 4.19 percent to $ 109.8 per barrel. According to stock market data, foreign institutional investors are continuously making withdrawals from the capital market. He sold shares worth Rs 2,701.21 crore on Tuesday.