Stock Market Falls for Fourth Day: Indian Stock Market Ends Lower for Fourth Straight Day
Indian stock market indices fell for a fourth straight session as late selling pressure, rising crude prices and tensions in West Asia weighed on investor sentiment.
Stock Market Falls for Fourth Day: The Indian stock market failed to hold on to its early gains on Wednesday, with a sharp bout of selling in the final hour pushing the major indices into the red. It was the fourth consecutive session of losses for the domestic market.
The Sensex had started the day on a positive note at 76,724.95, compared with its previous close of 76,570.35. The index remained in positive territory for much of the session, but the mood changed towards the close. Selling picked up during the final hour and the Sensex ended 417.49 points lower at 76,152.86.
The Nifty also gave up its early strength and finished at 23,873.45, down 41 points.
Several heavyweight stocks contributed to the decline. Titan, Trent, ITC, Mahindra and Mahindra, Bajaj Finserv and HCL were among the notable losers in the Sensex pack. Bajaj Auto and Tech Mahindra also came under pressure during the session.
Some stocks managed to buck the broader trend. Axis Bank, Adani Ports, Asian Paints, HDFC, Bharti Airtel and BEL ended with gains, offering some support to the market.
Investors continued to keep a close eye on developments in West Asia, while the rise in crude oil prices added another concern for the market. Brent crude was trading at around 96.87 dollars a barrel in the international market.
Gold prices also remained elevated, with the international price of the precious metal standing at about 4,427.29 dollars an ounce.
The late selloff once again highlighted the cautious mood among investors. Although buying interest was visible at the start of trading, it did not last until the closing bell, leaving the Sensex and Nifty with another weak session.
