Top News

Mumbai. Due to the sharp rise in crude oil prices and weak trend of global markets, the Indian stock market witnessed a decline during early trading on Monday. At the beginning of trading, BSE Sensex slipped 523.22 points to 77,628.23 points, while NSE Nifty was seen trading at 24,198.25 points, down 134.10 points.

In early trading, pressure was seen in many major banking stocks among the 30 companies included in the Sensex. After the quarterly results, shares of Axis Bank and HDFC Bank fell by about five percent. Apart from this, shares of Kotak Mahindra Bank, InterGlobe Aviation, Maruti and Bajaj Finance also remained in loss.

However, there was a rise in the shares of some big companies. Bharti Airtel, Tech Mahindra, NTPC, Reliance Industries and ICICI Bank were trading with gains. After strong performance in the April-June quarter, Reliance Industries shares rose by about one percent.

Impact of increase in crude oil prices

The rise in crude oil prices in the international market had an impact on the Indian stock market. The price of international standard Brent crude increased by 2.41 percent to $ 90.22 per barrel. According to market experts, rising prices of crude oil can affect inflation and costs of companies, due to which there is an atmosphere of caution among investors.

Mixed trend in Asian markets

Mixed business was also seen in Asian markets on Monday. China’s Shanghai SSE Composite and Hong Kong’s Hang Seng were in the lead, while South Korea’s Kospi fell up to 4.35 percent. At the same time, American markets closed with a decline on Friday.

FII sold

According to stock market data, foreign institutional investors (FIIs) were net sellers on Friday and sold shares worth Rs 376.41 crore. Earlier on Friday, the domestic market had closed with gains. A rise of 1.25 percent was recorded in BSE Sensex and 1.09 percent rise in NSE Nifty.