Stock market starts tradingMumbai:
The stock market is seeing a decline in both the major indices in the morning on the first trading day of the week. Both the indices are down more than half a per cent. The Sensex was down 0.58 per cent and the Nifty was down 0.63 per cent. The Sensex was down 378 points at 64944 and the Nifty was down 121 points at 19306. In the Nifty 50, 46 stocks are seeing a decline, while only 3 stocks have advances. THE STOCKS THAT ARE SEEING THE MOST RISE HERE INCLUDE ONGC, NTPC, COAL INDIA SHARES, WHILE THE STOCKS THAT ARE SEEING THE BIGGEST DECLINE INCLUDE TATA MOTORS, BAJAJFINSV, JSWSTEEL.
Let us know that the local stock market fell for the second consecutive day on Friday and the BSE Sensex was losing more than 365 points. Both the benchmark indices ended lower on selling in banking, FMCG and pharma stocks 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. 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.
Significantly, the RBI has not made any change in the policy rate repo for the third consecutive time on Thursday. However, if the rise in food inflation increases overall inflation, the central bank has indicated to take tough steps. Also, the incremental cash reserve ratio (I-CRR) has been increased to 10 per cent of net demand and liability (NDTL) to take additional cash from banks.
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