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regular-article-logo Monday, 22 April 2024

Sensex declines 352 points on profit taking, weak global trends

Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said

PTI Mumbai Published 26.02.24, 04:25 PM
Bombay Stock Exchange

Bombay Stock Exchange File

Closing in the red for the second straight session, benchmark Sensex on Monday declined 352 points due to profit-taking in IT, metal and consumer durable goods shares amid weak global trends.

The 30-share BSE barometer closed at 72,790.13 points, down 352.67 points or 0.48 per cent over the previous close. As many as 26 index constituents declined while four advanced.

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The broader Nifty of NSE dropped 90.65 points or 0.41 per cent to end the day at 22,122.05 points and 37 stocks in the index were in the red.

Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said.

Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment.

IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.

Tata Steel, JSW Steel, Titan, Bharti Airtel, Axis Bank, Kotak Bank, IndusInd Bank, Bajaj Finance and Maruti were among the other Sensex losers.

On the other hand, Larsen & Toubro gained the most by 2.36 per cent. Power Grid, HUL and Nestle were also among the gainers.

"The market took a breather after the recent run-up as investors' focus shifted from earnings to economic triggers this week.

"The US and India GDP data, eurozone inflation, and US jobless claim data will be influential economic numbers for the central bank to take a call on interest rates, which will dictate market sentiment in the near term," Vinod Nair, Head of Research at Geojit Financial Services, said.

The uncertainty over demand and high US inventory pushed oil prices down, Nair added.

In the broader market, BSE midcap fell 0.38 per cent while BSE Smallcap slipped 0.06 per cent.

Asian markets mostly declined on Monday. Hong Kong's Hang Seng fell 0.5 per cent, the Shanghai Composite dropped 0.9 per cent and South Korea's Kospi declined 0.8 per cent. However, the Nikkei 225 in Tokyo gained 0.4 per cent.

European shares also traded lower with Euro Stoxx 50 dropping 0.22 per cent. The FTSE 100 in London slipped 0.34 per cent while CAC 40 in France declined 0.45 per cent.

Oil benchmark Brent Crude dropped 0.5 per cent to USD 76.11 per barrel in futures trade.

On Friday, Foreign Institutional Investors (FIIs) were net buyers as they purchased securities worth Rs 1,276.09 crore.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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