Monday was a bad day for Indian stock market as Sensex and Nifty closed their markets in red after gaining for 6 consecutive sessions.
Apprehensions regarding global economic slow down coupled with the upcoming US Federal Reserve meeting on interest rate policy led to market showing bearish intents on Monday.
Benchmark index of Bombay stock exchange S&P BSE Sensex decreased 306.01 (-0.55%) to close the market at 55766.22. Previous close of S&P BSE Sensex was 56072.23.
13 stocks in the index advanced, while 17 stocks ended their trading in red.
Bank stocks such as Indus Ind Bank (1.99%) State Bank of India (0.76%) and HDFC Bank (0.23%) saved the index from declining further.
Top gainers on Monday were Tata Steel (2.66%) Indus Ind Bank, Asian paint (1.29%) HCL tech (1.13%) and Wipro (0.94%).
Top losers were Mahindra and Mahindra (-3.80%) Reliance industries (-3.31%) Maruti (-2.41%) Kotak Bank (-1.74%) and Nestle India (-1.21%).
Share price of Reliance industries decreased by 85.70 to close the market at 2417.40. Major factor which lead to a decrease in share value of Reliance industries was that the company was not able to post profit as expected by investors. Even though the company increased its net profit by nearly 11% compare to last quarter, economic analyst forecasted even higher growth in the net profit due to discount used by the company with regard to Russian crude and fuel export.
As similar to Sensex benchmark index of National stock exchange, Nifty 50 declined on Tuesday by nearly 88 points (-0.53%) to close the market at 16631.00 points.
Top gainers in the index were Tata Steel (3.06%) Indus Ind Bank (1.94%) Coal India (1.73%) Hindalco (1.53%) and Apollo hospital (1.40%).
Top losers were Mahindra and Mahindra (-3.99%) Reliance (-3.42%) Maruti (-2.5 0%) Eicher Motors (-2.2 1%) and ONGC (-2.00%).
Out of 50 stocks traded on the index, 31 stocks declined, while 18 stocks ended their trading in green.
Most of the Asian markets traded in red on Monday as NIKKEI 225, STRAITS TIMES, HANG SENG, TAIWAN WEIGHTED, JAKARTA COMPOSITE, and Shanghai Composite closed their trading in the red. Only SGX NIFTY, KOSPI, and SET COMPOSITE were able to perform well today.
In European markets, FTSE and CAC advanced while DAX of Germany lost 43 points to close the market at 13210.32 points.