Share Market:  Foreign fund outflow, weak cues from US markets and selling in IT stocks pushed the domestic benchmark indices Sensex and Nifty lower on Monday, extending the previous session's losses. The 30-share BSE Sensex settled 241.30 points lower or 0.31 per cent down at 77,339.01. This was the fourth consecutive fall in stock market. During the session, it fell by 615.25 points or 0.79 per cent to 76,965.06. The NSE Nifty fell 78.90 points or 0.34 per cent to 23,453.80, marking its seventh consecutive day of decline.

Among the Sensex stocks, Tata Consultancy Services, Bajaj Finserv, HCL Technologies, NTPC, Infosys, Tech Mahindra,  Axis Bank, IndusInd Bank, Sun Pharma and Reliance Industries were the major laggards. Hindustan Unilever, Mahindra & Mahindra,  Tata Steel, Nestle and State Bank of India were among the gainers.

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Reasons behind the stock market fall today

- According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 1,849.87 crore on Thursday.
- Foreign investors pull out Rs 22,420 crore from domestic markets this month on account of high domestic valuations, increased allocations to China and rising US dollar and Treasury yields.
- In intraday trade today there was heavy selling of IT stocks
- The US equity market ended lower on Friday, extending weak cues for the global market.

Share Market was closed on Friday

With this selling, foreign portfolio investors (FPIs) have registered a total withdrawal of Rs 15,827 crore so far in 2024. The Indian share market was closed on Friday on the occasion of Guru Nanak Jayanti.

In Asian markets, Hong Kong and Seoul ended in the green, while Shanghai and Tokyo traded in the red. Almost all Asian Markets were trading lower on Monday. In the previous trading session, the Sensex, the indices of the top 30 shares on BSE, had closed 110.64 points or 0.14 per cent lower at 77,580.31, while Nifty 50, the index of top 50 shares on NSE, The Nifty had closed at 26.35 points or 0.11 per cent lower at 23,532.70.

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(With Agencies Inputs)