Sensex drops below 73,000 points amid worry of ‘trade war’, Nifty declines for 10th consecutive day

The standard index BSE Sensex was in disadvantage in the third consecutive trading session on Tuesday and closed down 96 points to close below 73,000 points. The decline in global markets also affected the local market amidst the deepening of concern over the fee war and frequent capital withdrawal of foreign institutional investors. The BSE’s 30 -share standard index Sensex closed at 72,989.93 points, declining 96.01 points, or 0.13 per cent, at 72,989.93 points. At one time during the trading, it was dropped to 452.4 points. Of the thirty shares of the Sensex, 18 were in loss, while 12 were in profit.

The National Stock Exchange (NSE) standard index Nifty declined in the 10th consecutive trading session and closed at 22,082.65 points with a decline of 36.65 points, or 0.17 percent. The Nifty opened at 21,974.45 points below 22,000 points, but later compensated some loss.

The Sensex shares led Bajaj Finserv, HCL Technologies, Nestle India, Asian Paints, Bharti Airtel, Sun Pharmaceuticals, Infosys, Maruti Suzuki India, Titan, Hindustan Unilever and Reliance Industries.

On the other hand, the shares in profit include State Bank of India, Zomato, Tata Consultancy Services, Adani Ports, Power Grid, Tata Steel and HDFC Bank.

Vinod Nair, head of research from Jiojit Financial Services, said, “The domestic market was successful in coming up from today’s lower level but due to adverse signs related to increasing global trade tension, it closed down with a decline.”

Railwayor Broking Ltd. Senior Vice President (Research) of K Ajit Mishra said, “Weak global signals are affecting the perception, but select buying is working to hold the decline.”

Despite the decline in the market, the BSE Smallcap index linked to the shares of small companies rose 1.28 percent, while the midcap of the medium companies strengthened 0.08 percent.

2,221 shares of BSE were in profit while 1,737 shares were in loss. There was no change in the price of 128 shares.

Meanwhile, the market capitalization of companies listed in BSE increased by Rs 1,06,388.96 crore to Rs 3,85,07,568.89.

The Indian Stock Box Senior Technical Analyst Ameya Randive said, “The Indian Standards Index opened at the lower level amidst the selling of FII and the ongoing tension between Russia and Ukraine. The decline continued during the business and finally they closed with losses. ”

He said, “The market perception was affected due to the concerns of the US President’s 25 percent duty on Canada and Mexico on Canada and Mexico and the concerns of the global trade war generated by 20 percent duty on Chinese imports.”

Other markets in Asia, Nikki of Japan, Hong Kong’s Hangseng and South Korea’s cospy were in loss while China’s Shanghai composite was in profit.

There was a decline in the afternoon trading in Europe’s markets. The American markets were in disadvantage on Monday. Meanwhile, global oil standard Brent crude fell by 1.37 percent to $ 70.64 per barrel.

According to the stock market data, foreign institutional investors on Monday made net selling of shares worth Rs 4,788.29 crore.