Markets News

Indian stock market declined by 1% amid profit booking after fresh highs

The Indian stock market although started the week at a good note but however the market witnessed pressure by the weekend. Both the Nifty and the Sensex ended at crucial levels amid weak global cues.

The BSE Sensex however slipped by 654.54 points or it moved down by 1.2 percent to close at 50,889.76 levels. Meanwhile, the Nifty50 also dropped by 181.5 points or fell by 1.2 percent to close at 14,981.8 levels.

However, putting more light, the Sensex moved towards 51,000 levels during this week and Nifty also crossed the 15,000 mark. Both the indices made a fresh record of 52516.76 levels and 15,431.75 levels respectively.

Meanwhile, the BSE Smallcap index increased beyond 1 percent on the back of Indian Overseas Bank, Central bank of India, Bank of Maharashtra, OnMobile and many others.

These companies gained in the range of 30-60 percent supporting the rally.

On the other hand, Arman Financial Services, Suzlon Energy, Polyplex Corporation, Solara Active Pharma and FIEM Industries fell down by 12-15%.

Moreover, the BSE midcap index further increased by 0.6 percent last week. It was supported by Bank of India, Union Bank of India and Aditya Birla among many others. These companies gained 10-43 percent in this week’s session.

Apart from this, the BSE Largecap index slipped by 1 percent. Meanwhile, the Reliance industries added most of the market value on the Sensex.

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