The market’s excitement that continued for two days was eclipsed, Nifty slipped from record level, Sensex also fell by 188 points.

Mumbai Amid a mixed trend in global markets on Tuesday, the market lost its initial gains due to the last round of selling in information technology (IT) and power sector stocks and both the benchmark indices closed with losses. BSE’s benchmark index Sensex based on 30 shares could not continue its rising trend for two days and closed at 74,482.78 points, falling 188.50 points or 0.25 percent. At one time during trading, it jumped 440.11 points to reach 75,111.39 points but came under selling pressure in the last hour of trading.

The standard index Nifty of National Stock Exchange (NSE) also fell by 38.55 points or 0.17 percent and closed at 22,604.85 points. In the afternoon, Nifty had also reached its record high of 22,783.35 points with a gain of 139.95 points. Among the companies included in the Sensex group, shares of Tech Mahindra, Tata Steel, JSW Steel, HCL Technologies, Tata Consultancy Services, Larsen & Toubro and Kotak Mahindra Bank saw the biggest decline. On the contrary, there was a bullish trend in Mahindra & Mahindra, Power Grid, Bajaj Finance, IndusInd Bank and Maruti.

In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng closed with gains while China’s Shanghai Composite closed lower. Most of the markets in Europe were trading with losses. American markets closed with gains on Monday. Global oil benchmark Brent crude rose 0.21 percent to US$88.59 per barrel. Vinod Nair, head of research at Geojit Financial Services, said there was a mixed trend in global markets ahead of the US Federal Reserve meeting.

It seems that the market has already considered the likelihood of an interest rate cut in the near term to be low. There was strong profit booking after the rally in the last few days. Foreign institutional investors (FIIs) turned buyers on Monday after continuous selling. According to stock market data, foreign investors made net purchases of shares worth Rs 169.09 crore. On Monday, Sensex jumped 941.12 points to reach 74,671.28 points while Nifty rose 223.45 points to close at 22,643.40 points. Trading in domestic stock markets will remain closed on Wednesday on the occasion of Maharashtra Day.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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