Domestic stock markets fell for the second consecutive day today under pressure from negative cues from European and Asian markets. The BSE Sensex closed at 51,941.64, down 333.93 points, or 0.64 per cent. The Nifty of the National Stock Exchange closed at 15,635.35, down 104.75 points, or 0.67 per cent.
The Sensex, which has been in the lead since morning, broke more than 400 points in just 15 minutes after 1 pm. During this time Nifty also took a dive of about 145 points.
Companies in the oil and gas, banking, finance and auto sectors put pressure on the market. With the increase in demand for electricity with the start of unlocking in many states, investors invested money in power companies.
There was more pressure on medium and small companies. BSE Midcap fell 0.71 per cent to 22,610.68 points. Smallcap ended 0.95 percent lower at 24,591.61 points. Both had closed at historic record levels on Tuesday.
Among the Sensex companies, L&T’s share was down 1.80 per cent and Reliance Industries was down 1.80 per cent. Bajaj Finserv holds 1.46 percent, IndusInd Bank 1.44 percent, Bajaj Finance 1.43 percent, State Bank of India 1.33 percent, Maruti Suzuki 1.30 percent, Axis Bank 1.28 percent, Bajaj Auto and Bharti Airtel both 1.10 percent and ICICI The bank’s stock lost one percent.
Shares of POWERGRID rose 3.42 per cent and NTPC by 1.72 per cent.
Most overseas markets declined. In Asia, South Korea’s Kospi fell 0.93 per cent, Japan’s Nikkei 0.35 per cent and Hong Kong’s Hang Seng fell 0.13 per cent, while China’s Shanghai Composite was up 0.32 per cent. Britain’s FTSE rose 0.56 per cent and Germany’s DAX 0.50 per cent in early trade in Europe.