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Share Market Update: Market in early trade on the red mark, IT sector weakened despite the results of Infosys.
Share Market Update: The domestic stock market may have started well on Thursday, but the initial fast could not last long. The market recorded a decline in blue-chip stocks due to profits and frequent selling of foreign investors. The BSE Sensex fell 130.92 points to 82,595.72 and NSE Nifty slipped 23 points to 25,196.90.
Many legendary shares decline
The shares of the Sensex which recorded the biggest decline were Trent, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, Infosys and Axis Bank. At the same time, shares like Tata Motors, Atternal, Sun Pharma and Tata Steel saw a slight increase.
Infosys results good, but IT index under pressure
IT giant Infosys has recorded good profits in the June quarter with an increase of 8.7%, but despite this, the IT sector remained under pressure. Analysts believe that there is a decline in the sector due to weak global signals and profits. Talking about Asian markets, Korea was trading in Korea’s Korea, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hangseng all trading in the green mark. The American markets also closed up on Wednesday.
However, foreign institutional investors (FIIs) on Wednesday sold equity of Rs 4,209.11 crore, while domestic institutional investors (DIIs) purchased Rs 4,358.52 crore. This shows that domestic investors are trying to handle the market.
India-Britain FTA can provide relief to the market
Market analysts say that the Free Trade Agreement (FTA) between India and Britain on Thursday can bring positive perception in the market. This agreement will increase exports of products like leather, footwear and clothing, while the import of whiskey and cars from Britain will be cheaper.
Light increase in oil prices
Global crude oil benchmark brant crude rose 0.31% to $ 68.72 a barrel. This can provide some relief to companies related to the energy sector.
Was strong on Wednesday
Significantly, on Wednesday, the stock market performed strongly. The Sensex rose by 539.83 points at 82,726.64 and the Nifty gained 159 points to close at 25,219.90. But on Thursday, investors took a cautious stance while cutting profits, which led to the market pressure.
