Sensex falls 379 points on second consecutive day of 2024, Nifty closes at 71,613 points

Sensex fell by 379 points to settle at 71,892.48 on Tuesday because of profit-taking in financial institution and IT shares after current sharp positive aspects and recent overseas fund outflows. During the day, it tumbled 658.2 points or 0.91 per cent to a low of 71,613.74. The broader Nifty declined by 76.10 points or 0.35 per cent to shut at 21,665.80. As many as 31 Nifty shares declined whereas 19 superior. 

Among the Sensex corporations, Kotak Mahindra Bank, UltraTech Cement, Mahindra & Mahindra, Larsen & Toubro, ICICI Bank, IndusInd Bank, Wipro and Hindustan Unilever have been the foremost laggards. Sun Pharma, Bajaj Finance, Bharti Airtel, Reliance Industries, Bajaj Finserv and Titan have been among the many winners.

The market prolonged yesterday’s final hour’s sell-off, taking damaging cues from Asian friends because of weak Chinese manufacturing knowledge and mounting tensions within the Red Sea, which has the potential to disrupt world commerce and crude provides,” Vinod Nair, Head of Research at Geojit Financial Services stated.

“Ahead of the impending results season, investors are adopting a profit booking strategy. Auto stocks declined on below-expected volume numbers, while pharma stocks were the standout due to catch-up in the US economy,” Nair added. In Asian markets, Shanghai and Hong Kong settled decrease whereas Seoul ended within the inexperienced. European markets have been principally buying and selling in optimistic territory.

Asian, European and US markets have been closed on Monday for the New Year. Global oil benchmark Brent crude jumped 2.05 per cent to USD 78.58 a barrel. Foreign institutional buyers (FIIs) offloaded equities value Rs 855.80 crore on Monday, in keeping with trade knowledge.

The BSE gauge eked out a modest achieve of 31.68 points or 0.04 per cent to settle at 72,271.94 after a muted starting on Monday. The Nifty went up by 10.50 points or 0.05 per cent to 21,741.90. In 2023, the BSE benchmark jumped 11,399.52 points or 18.73 per cent, and the Nifty climbed 3,626.1 points or 20 per cent.

(With inputs from PTI)

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