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Stock markets fall for 2nd day on selling in IT banking shares, FII ouflows

The NSE Nifty declined 13.85 points or 0.07 percent to finish at 19,646.05.

Reported By: PTI Mumbai Published on: July 28, 2023 17:44 IST
Sensex, Nifty, NSE, BSE,
Image Source : PTI Stock markets fall for 2nd day on selling in IT banking shares

Benchmark indices Sensex and Nifty declined for a second day in a row on Friday due to selling in IT and banking shares amid foreign fund outflows and weak trends in the US markets. The 30-share BSE Sensex fell by 106.62 points or 0.16 percent to settle at 66,160.20. During the day, it declined by 388.17 points or 0.58 percent to a low of 65,878.65.

The NSE Nifty declined 13.85 points or 0.07 percent to finish at 19,646.05. "The better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike. The Fed chief's comments about a data-centric approach without ruling out rate hikes added to the uncertainty.

"Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility. However, Asian markets remained largely positive due to the BOJ's decision to retain the policy rate, contrary to speculation about the removal of stimulus measures," said Vinod Nair, Head of Research at Geojit Financial Services.

From the Sensex pack, Bajaj Finserv, HDFC Bank, Tata Motors, HCL Technologies, Tata Consultancy Services, Axis Bank, Infosys, IndusInd Bank, Tech Mahindra and Maruti were the major laggards. NTPC, Power Grid, Mahindra & Mahindra, JSW Steel, Bajaj Finance, ITC and Reliance Industries were among the gainers.

In the broader market, the BSE midcap gauge jumped 0.55 percent and smallcap index climbed 0.49 percent. Among the indices, utilities rallied 2.61 percent, power jumped 2.57 percent, realty (1.92 percent), services (1.01 percent), FMCG (0.85 percent) and commodities (0.56 percent).

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