#StockMarketClosing

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Stock Market Closing: Market Declines Due to Weak Global Cues, Sensex and Nifty Drop by 1 Percent

The stock market concluded the fourth day of the trading week in the red. Both stock exchanges recorded a decline of nearly 1 percent. Meanwhile, the Indian Rupee saw a slight increase of 2 paise against the US Dollar. It's worth noting that crude oil prices continue to fluctuate.

Amidst significant negative trends in global markets, continuous foreign fund outflows, equity benchmark indices Sensex and Nifty witnessed a decline of approximately 1 percent on Thursday. Traders also pointed out that heavy selling pressure in major companies like Reliance Industries, Infosys, and TCS had an impact on the market sentiment. Read more : Petrol and Diesel Prices Today: Updated Fuel Rates in These Cities, Find Out Today's Prices Today, the BSE Sensex closed at 65,508.32, down 610.37 points or 0.92 percent. During the day, it slipped to 65,423.39 after falling by 695.3 points or 1.05 percent. The Nifty ended at 19,523.55, down 192.90 points or 0.98 percent. Top Gainers and Losers Tech Mahindra saw the most significant decline in the Sensex pack today, dropping by 4.59 percent. It was followed by Asian Paints, Vipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, TCS, Mahindra and Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries, and JSW Steel, all witnessing substantial losses. On the flip side, Larsen and Toubro, Bharti Airtel, Power Grid, and Axis Bank's shares were among the top gainers. Global Market Overview In Asian markets, the Shanghai Composite closed in the red, while Tokyo and Hong Kong ended lower. South Korea had a holiday, leading to a halt in trading. European markets were trading with a negative bias. On Wednesday, the US markets closed mixed. Global crude oil benchmark Brent Crude slipped by 0.38 percent to $96.18 per barrel. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth ₹354.35 crore on Wednesday. Vinod Nair, Chief Research Officer at Geojit Financial Services, commented that the selling was broad-based as investors remained cautious due to the fluctuations in oil prices. If crude oil continues to stay above $90 per barrel, it poses a risk to inflation and reduces operating margins. Currently, high interest rates and the tapering of the US bond yields are affecting FIIs' staying in sell mode. Market Recap from Yesterday In the previous session on Wednesday, the BSE benchmark index gained 173.22 points or 0.26 percent to close at 66,118.69. Meanwhile, the Nifty increased by 51.75 points or 0.26 percent to end at 19,716.45. Rupee Strengthens The Indian Rupee closed at ₹83.20 (last) against the US Dollar on Thursday, marking a 2 paise increase due to rising crude oil prices and improvements in greenback. It opened at ₹83.22 against the US Dollar and traded in the range of ₹83.25 to ₹83.13 during the day's trading. Today, the Rupee closed at ₹83.20 against the US Dollar, which is 2 paise higher than the previous close of ₹83.22. On Wednesday, after sluggish trading, the Rupee had closed at ₹83.22 against the US Dollar." Read the full article