The stock market in Mumbai went down for the second day in a row on Tuesday. This was because people were selling their stocks in certain banks, power companies, and FMCG stocks. This happened because of mixed global markets and foreign fund outflows. The fall in stocks from Reliance Industries, HDFC Bank, and ICICI Bank also made people feel less confident about investing.
The BSE Sensex went down by 183.74 points or 0.31 per cent to end up at 59,727.01. During the day, it went down 331.45 points or 0.55 per cent to a low of 59,579.30. The NSE Nifty also went down by 46.70 points or 0.26 per cent to end at 17,660.15. This happened because 29 of its stocks declined while only 21 advanced.
Vinod Nair, who works at Geojit Financial Services, said, “The banking stocks did not do very well during the day, while the market was struggling because of the sell-off in the IT sector. However, the IT sector did experience a small rally thanks to bottom fishing.”
Deepak Jasani, who works at HDFC Securities, said that global markets were also struggling on Tuesday. This was because investors were worried about Chinese data that showed an uneven recovery, and they were also worried about central banks like the Federal Reserve tightening their policies.
