Stock market: The rally in the stock market continued for the last four trading sessions and came to an end on Tuesday and the Sensex closed down by 341 points. The markets came down as stocks of companies with strong stakes in indices like HDFC Bank, HDFC, Kotak Bank and TCS fell. The 30-share BSE Sensex lost 341 points, or 0.69 per cent, to close at 49,162. Similarly, the Nifty of the National Stock Exchange also lost 92 points, or 0.61 per cent, to close at 14,850.75.
Many stocks fell.
Kotak Bank lost the most 3 percent among the Sensex shares. Apart from this, HDFC, Bajaj Finance, Bajaj Finserv, Tech Mahindra, HUL and Titan etc. declined. On the other hand, NTPC, ONGC, PowerGrid, Sun Pharma, Ultratech Cement and SBI are among the stocks in profit.
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Why did the Stock market gain
According to Vinod Modi, strategy head, Reliance Securities, the index came down due to weak trend in global markets and selling pressure. He said, “After the rapid rise in commodity prices in various countries, Asian markets fell amid concerns about rising inflation.” Apart from this, the inflation data in China is also affecting sentiments. “In today’s business, the public sector banks are growing by 1.12 percent. At the same time, the realty sector has been growing by 0.3 percent. There was a decline of 0.91 percent in private banks. The financial services sector closed 1.29 percent, IT sector 0.63 percent, banking sector fell 0.82 percent.
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