Stock Market News: Benchmark equity indices fell on Tuesday as a result of ongoing withdrawals of foreign funds and subdued Asian market indications. The benchmark indices declined along with major index constituents Reliance Industries and HDFC Bank.
The largest laggards among the Sensex companies were Maruti, State Bank of India, JSW Steel, HDFC Bank, Kotak Mahindra Bank, Tata Steel, Tata Motors, ITC, Reliance Industries, and NTPC.
The winners included Mahindra & Mahindra, Hindustan Unilever, UltraTech Cement, and Asian Paints.
In Asian markets, Shanghai traded in the black while Tokyo and Hong Kong saw weaker quotes.
On Monday, the US stock markets mainly closed in the positive.
Benchmark Brent crude for world oil prices fell 0.89 percent to $89,90 per barrel.
According to exchange statistics, foreign institutional investors (FIIs) sold stocks on Friday worth Rs 1,685.70 crore.
Foreign Portfolio Investors (FPIs) sold approximately Rs 14,767 crore worth of Indian shares in September, mostly as a result of the strengthening dollar, a sustained increase in US bond yields, and a surge in crude oil prices.
Because it was Mahatma Gandhi Jayanti on Monday, the stock markets were closed.
The October series, which historically has been a favourable month for markets, is giving mixed signals. The persistent selling by FIIs will continue to be the main negative for the near term. The market is facing significant headwinds from the dollar index exceeding 107 and the US 10-year bond yield reaching a 16-year high of 4.68 percent. This is because FIIs are anticipated to continue selling in response to the increasing dollar and US bond yields.
But on the plus side, V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The bulls will be emboldened to buy on the back of the tailwind of the 5% crash in Brent crude prices.”
The BSE benchmark increased 320.09 points or 0.49 percent on Friday to close at 65,828.41. To finish at 19,638.30, the Nifty gained 114.75 points, or 0.59 percent.