The stock market closed down.Mumbai:
The local stock market fell for the second consecutive day on Friday and the BSE Sensex lost more than 365 points. Hdfc Bank and ICICI Bank were among the losers amid negative cues from Asian and European markets. Market sentiment remains weak after the Reserve Bank of India's monetary policy review and sudden announcement of withdrawal of excess cash from banks. Today, the impact of LIC's quarterly results was seen in the market. LIC's stock price rose by about three percent today. Life Insurance Corporation of India (LIC) on Friday reported a multi-fold jump in net profit at Rs 9,544 crore for the first quarter ended September 683, <>. The company gave this information on Thursday. The state-owned insurer had posted a net profit of Rs <> crore in the year-ago period.
The 365-share BSE index ended 53.0 points or 56.65 per cent lower at 322,65.413. During the day, it had plunged to 57.<> points.
Similarly, the broader NSE Nifty fell 114.80 points, or 0.59 per cent, to close at 19,428.30.
Top losers in the Sensex pack included IndusInd Bank, NTPC, Asian Paints, HUL, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors.
On the other hand, HCL Technologies, PowerGrid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, SBI and M&M were among the gainers.
Vinod Nair, head of research at Geojit Financial Services, said, "There is selling pressure in the domestic market. Bank stocks continued to fall due to RBI's move to take additional liquidity from banks.
"Rising inflation concerns weighed on sentiment. Consumer Price Index (CPI) inflation in the US was lower than expected and global sentiment remains unfavourable despite higher-than-expected GDP growth in the UK," he said.
The Reserve Bank of India (RBI) on Thursday kept the repo rate unchanged for the third time in a row. However, if the rise in food inflation increases overall inflation, the central bank has indicated to take strict steps.
Elsewhere in Asia, South Korea's Kospi, China's Shanghai Composite and Hong Kong's Hang Seng ended with losses. European markets were trading lower in early trade. Us markets were trading higher on Thursday.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 331.22 crore on Thursday, according to exchange data. The global oil benchmark Brent crude was trading 0.57 per cent lower at USD 85.91 per barrel.
On Thursday, the BSE Sensex fell 307.63 points to 65,688.18 and the NSE Nifty fell 89.45 points to 19,543.10.
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