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The Indian stock market closed in the red zone today i.e. on Monday 18th November. The market opened with a decline in the morning also. Today the Sensex fell 0.27 percent and closed at 77,371.93. Nifty also fell 0.34 percent to close at 23,453.80.
The Indian stock market closed lower in the first trading session of the week with IT stocks like Infosys, TCS and Wipro falling heavily. Although growth was seen in most sectors except IT, the market came under pressure due to selling in IT stocks. At the end of today’s trading, BSE Sensex closed 241 points lower at 77,371 points and National Stock Exchange Nifty closed 79 points lower at 23,465 points.
rising and falling shares
In today’s trading, out of 30 Sensex stocks, 14 stocks closed with gains, while 16 stocks closed with decline. Out of 50 Nifty stocks, 21 closed with gains and 29 with decline. Gaining stocks include Tata Steel, Nestle India, HUL, SBI, JSW Steel, Adani Ports, Mahindra & Mahindra, Kotak Mahindra Bank, Maruti Suzuki, HDFC Bank, Bajaj Finance and Asian Paints. While TCS, Infosys, Tech Mahindra, NTPC, Bajaj Finserv, IndusInd Bank and Axis Bank closed with losses.
Field Update!
In today’s trading, gains were seen in shares of Banking, Auto, FMCG, Metal, Real Estate, Consumer Durables sectors, while selling was seen in shares of IT, Healthcare, Oil & Gas, Energy, Media and Pharma sectors. During today’s trading, the Nifty Midcap index closed flat while the Nifty Smallcap index closed with a decline.
Why did the Indian stock market fall?
IT shares have played a big role in the decline of the Indian stock market. Nifty IT index had fallen by more than 1200 points at one time and the index closed down by 2.22 percent. All 10 stocks included in the Nifty IT index closed with losses, including Infosys, TCS, Tech Mahindra, Wipro and LTIs Mindtree and HCL Tech. US Federal Reserve chief Jerome Powell has said that the central bank does not need to rush to cut interest rates. Due to his statement, the shares of American tech companies fell and it also affected Indian IT stocks. In fact, a large part of the revenue of Indian IT companies comes from America.
Apart from disappointing quarterly results of companies, selling by foreign investors also played a role in bringing down the market. The FII selling that started from the last week of September is continuing.