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Share market in the grip of bears, Sensex breaks 1,145 points, Nifty 14,700 points

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language | Updated: 22 Feb 2021, 06:15:00 PM

Mumbai, February 22 (Language) The decline in the stock markets continued for the fifth consecutive trading session on Monday. The Sensex lost 1,145 points in the midst of a broader sell-off in the market, while the Nifty fell below the 14,700-point level. The negative trend in global markets also affected the market sentiment. However, surprisingly the rupee remained strong, but this did not bolster investor sentiment. Traders said investors’ perception was affected by rising cases of COVID-19 infection in many states and concerns over the valuation front. BSE

Mumbai, February 22 (Language) The decline in the stock markets continued for the fifth consecutive trading session on Monday. The Sensex lost 1,145 points in the midst of a broader sell-off in the market, while the Nifty fell below the 14,700-point level. The negative trend in global markets also affected the market sentiment. However, surprisingly the rupee remained strong, but this did not bolster investor sentiment. Traders said investors’ perception was affected in several states due to rising cases of COVID-19 infection and concerns on the valuation front. The 30-share BSE Sensex fell by 1,145.44 points, or 2.25 per cent, to 49,744.32 points. This is the biggest drop in the Sensex in a day in two months. Similarly, the National Stock Exchange’s Nifty lost 306.05 points, or 2.04 percent, to close at 14,675.70 points, down from 14,700 points. In this way, the Sensex has lost 2,409.81 points and the Nifty 639 in the last five sessions. Among the Sensex companies, Dr. Reddy’s shares fell the most by 4.77 percent. The shares of Mahindra & Mahindra, Tech Mahindra, Axis Bank, IndusInd Bank and TCS also lost. Of the 30 Sensex stocks, only three… ONGC, HDFC Bank and Kotak Bank gained up to 1.14 percent. Vinod Nair, head of research, Geojit Financial Services, said, “Economic growth is increasing due to increasing virus cases. Apart from this, the weak trend of global markets also affected the market sentiment. Market volatility has also increased due to the week of F&O settlement. ”He said that the situation has weakened globally due to increase in bonds and increase in inflation. This has also slowed the flow of foreign portfolio investors (FPIs). BSE Midcap and Smallcap were down by 1.34 percent. Among other Asian markets, China’s Shanghai Composite, Hong Kong’s Hangseng and South Korea’s Cospi were the losers. Japan’s Nikki benefited. European markets were also at a loss in early trade. Meanwhile, the global benchmark Brent crude oil was trading 0.66 percent higher at $ 62.55 a barrel. In contrast to the weak trend of the stock market, the rupee gained 16 paise to close at 72.49 a dollar in the interbank foreign exchange market.

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