The downward trend in the stock market continued for the sixth consecutive day on Thursday. Withdrawal of foreign funds and negative trend in global markets have affected the market sentiment. BSE’s 30-share Sensex fell by around 850 points in early trade. While Nifty has fallen by almost 250 points.
Shares of Tech Mahindra fell by around three percent among Sensex companies. The company’s consolidated net profit fell by 61 percent in the July-September quarter. Shares of Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan were also losers.
Sensex was trading down 776 points at 63,270.41 and Nifty down 236 points at 18,887 at 11.57 minutes till the news was written.
Only Axis Bank shares were trading in profit. Axis Bank in the quarter ended September Rs. 5,864 crore net profit. In other Asian markets, China’s Shanghai Composite, Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi were in losses.
American markets closed with a negative trend on Wednesday. Global oil benchmark Brent crude was trading 0.29 percent lower at $89.87 a barrel. Foreign Institutional Investors (FIIs) on Wednesday invested Rs. 4,236.60 crore worth of shares were sold.