The trend of decline in the stock market for some time continued on Monday as well. On the first trading day of the week, the Sensex fell 484.98 points to 79,001.34 in early trade. Nifty slipped 143.6 points to trade at 24,004.60.
The benchmark Sensex and Nifty fell in early trade on Monday as investor sentiment was affected by continued withdrawal of foreign funds, disappointing quarterly earnings and weak trend in Asian markets. Foreign exchange traders said that volatility is expected to continue in the equity market. This may create a downward environment in the near term.
The BSE Sensex fell 484.98 points to 79,001.34 in early trade. On the other hand, the NSE Nifty fell 143.6 points to 24,004.60. Asian Paints, a 30-share Sensex company, fell over 8 per cent. The company on Saturday reported a 43.71 per cent decline in its consolidated net profit to Rs 693.66 crore in the September quarter. The decline was due to weak demand, material price inflation and decline in decorative and coating business in the domestic market.
Axis Bank, Adani Ports, Nestle, Reliance Industries, Tata Steel and IndusInd Bank were also among the lagging stocks. However, Tata Motors, Power Grid, Maruti and HCL Technologies remained in profit.
