Sensex slips from record level, Nifty reaches new peak

Olivia Smith

Bombay stock market

Bombay stock market

Share Market Update: The local stock market was almost flat on Wednesday. While the BSE Sensex fell by 33 points, the NSE Nifty rose to a new high with a marginal gain of 9 points. Weak trend globally and HDFC Bank and HDFC Ltd. The decline in the market curbed the momentum.

The 30-share Sensex closed down 33.01 points, or 0.05 per cent, at 65,446.04. The Sensex was in decline for most of the trading session and at one point it broke as high as 222.56 points.

The National Stock Exchange’s Nifty closed at a new record high of 19,398.50, up 9.50 points or 0.05 per cent. It touched a high of 19,421.60 points and a low of 19,339.60 points during the trade.

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Among the Sensex stocks, HDFC Bank was the top loser of more than three percent. HDFC Ltd. Also came down about three percent. Apart from this, Bajaj Finserv, Wipro, Tata Motors, Axis Bank, NTPC, Bajaj Finance and Ultratech Cement were major losers.

On the other hand, gainers include Maruti, Tech Mahindra, IndusInd Bank, Hindustan Unilever, ITC, ICICI Bank, Power Grid and Nestlé. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in losses.

The major markets of Europe continued to decline. US markets were closed on Tuesday. Growth in the country’s service sector slowed in June to a three-month low. This information has been given on Wednesday in a monthly survey.

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However, Indian service providers continue to indicate a positive demand trend, which has led to an increase in new business volumes and job creation. The seasonally adjusted S&P Global India Services PMI business activity index fell to 58.5 in June. In May it was at 61.2.

Vinod Nair, head of research at Geojit Financial Services, said that global concerns and a fall in PMI services had an impact on the domestic market. The effect of increasing trade tension between America and China was seen on the market. Apart from this, the details of the Federal Open Market Committee (FOMC) are also awaited.

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He said, however, the market improved at the last minute due to buying. This confirms the confidence of investors towards the Indian economy. Meanwhile, global oil benchmark Brent crude fell 0.43 percent to settle at $75.92 a barrel. According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 2,134.33 crore on Tuesday.
Edited By : Chetan Gour (Language)

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