Local stock markets fluctuated on Thursday amid the expiry of monthly derivatives contracts and the BSE Sensex closed down 173 points. HDFC Ltd, HDFC Bank, L&T, and HUL, which had a good share in the index, declined. According to traders, the weak trend in global markets also affected the investors.
The 30-share BSE Sensex fell by 172.61 points, or 0.43 percent, to 39,749.85 points, and the National Stock Exchange's Nifty fell 58.880 points, or 0.550 percent, to close at 11,67.88 points. L&T was the biggest loser among the Sensex stocks. It fell by about 5 percent. Other major stocks that declined included Titan, ONGC, Axis Bank, HUL, Mahindra & Mahindra, and HDFC.
The gainers include Asian Paints, Ultra Tech Cement, HCL Tech, Kotak Bank, and Reliance Industries. According to traders, the market fluctuated with the expiry of contracts in the futures and options segment of October. Narendra Solanki, Head of Equity Research (Fundamental), Anand Rathi Sharers, and Stock Brokers said that the Indian market started off soft. The main reason for this was the global mixed trend with increasing cases of coronavirus in Europe. Many countries are again putting 'lockdown' to stop the epidemic from spreading.
He said that the market remained in decline in the afternoon business. Stocks of metals, vehicles, realty, and finance companies were seen selling.
Other markets in Asia declined in Hong Kong, Seoul, and Tokyo markets, while Shanghai closed higher. In Europe, major markets witnessed a boom in initial trading. Meanwhile, the international oil standard Brent crude was down 3.15 percent at $ 38.39 a barrel and the rupee fell 23 paise to 74.1 against the US dollar in the foreign exchange market.