Stocks Witness 2nd Day of Decline Amidst IT and Banking Share Sell-Off
Stocks Witness 2nd Day of Decline Amidst IT and Banking Share Sell-Off

MARKET CLOSING REPORT: In a turbulent turn of events, the stock markets experienced a second consecutive day of decline, primarily driven by a substantial sell-off in the IT and banking sectors. Foreign fund outflows, coupled with weak trends in the US markets, added to the woes of investors.

The equity benchmark indices, Sensex and Nifty, struggled on weekend Friday as they faced a downturn. The 30-share BSE Sensex stumbled by 106.62 points, settling at 66,160.20. Throughout the trading day, it suffered a significant fall of 388.17 points, declining to 65,878.65.

Similarly, the NSE Nifty didn't fare any better, experiencing a decline of 13.85 points, ending at 19,646.05.

Among the Sensex constituents, prominent companies like Bajaj Finserv, HDFC Bank, Tata Motors, HCL Technologies, Tata Consultancy Services, Axis Bank, Infosys, IndusInd Bank, Tech Mahindra, and Maruti faced notable setbacks.

On the other hand, some companies managed to buck the trend and saw their stocks gain. Notable gainers included NTPC, Power Grid, Mahindra & Mahindra, JSW Steel, Bajaj Finance, ITC, and Reliance Industries.

The global scenario also played its part in the market's performance. While Asian markets like Seoul, Shanghai, and Hong Kong closed with gains, Tokyo witnessed a dip. In Europe, equity markets had a mixed performance, and the US markets closed negatively on Thursday.

Amidst all this, the global oil benchmark, Brent crude, experienced a decline of 0.42%, trading at $83.89 per barrel.

Foreign Institutional Investors (FIIs) were observed to have offloaded equities worth Rs.3,979.44 crore on Thursday, based on exchange data.

The previous day had been harsh on the BSE benchmark, which plunged 440.38 points, settling at 66,266.82. The Nifty also experienced a drop of 118.40 points, ending at 19,659.90, marking a challenging period for the market.

In conclusion, the stock market's performance is witnessing significant turbulence, with the IT and banking sectors facing sell-offs and global factors playing a crucial role in shaping the trends. Investors are advised to tread cautiously during these uncertain times.

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