Stock Market Update:
The last few weeks have seen a decline in the Indian stock market. Several foreign institutional investors have withdrawn some of their investments from the Indian capital market.
During the opening trade on Monday, the BSE Sensex broke 1568.02 points and came to the level of 52734.98. On Monday, the Sensex fell by more than 1,500 points, which has had a broad impact on the market. The wealth of equity investors diminished by more than Rs 5.47 lakh crore in early trade on Monday due to weak market sentiment. This has made investors very limp.
The 30-share BSE benchmark fell 1,568.46 points to close at 52,734.98 in early trade. The broad NSE Nifty fell 451.9 points to 15,749.90. The market capitalization of companies listed on the BSE fell by Rs 5,47,410.81 crore to Rs 2,46,36,948.05 crore in the morning trade, in line with the weak trend in stocks.
Meanwhile, the Nifty is witnessing a sell-off in equity markets around the world in the form of an open gap down, as US May inflation figures hit a four-decade high, prompting the US Fed to address the upcoming monetary policy meeting this Wednesday. Expressed concern about the increase in aggressive rates.
Hemang Jani, head of equity strategy at Motilal Oswal Financial Services, said India’s domestic inflation figures are due on Monday, which could lead to market turmoil. Bajaj Finserv, Bajaj Finance, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank and HDFC were among the major losers in the Sensex pack. Markets in Seoul, Tokyo, Hong Kong and Shanghai in Asia were trading with deep cuts.
US stock exchanges closed sharply lower on Friday. Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 3,973.95 crore on Friday, according to exchange data.
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