Stock Market falls after three consecutive sessions of gains

NEW DELHI: After three consecutive sessions of gains, Stock Market fell on Monday as investors are awaiting the release of US inflation data and the Federal Reserve’s policy meeting.
Investors are also eyeing details on PM Modi’s new panel of ministers and their portfolios following Sunday’s swearing-in ceremony.
Sensex opened at 76,935.41 and hit its fresh record high of 77,079.04 during the session. The index finally closed with a loss of 203 points, or 0.27%, at 76,490.08.
Nifty opened at 23,319.15 and hit its fresh all-time high of 23,411.90. The index closed 31 points, or 0.13%, lower at 23,259.20.
Among the sectors, Nifty Metal was the biggest gainer with 1.9% followed by Nifty Realty and Pharma, at 1.3% and 1% respectively.
Nifty consumer durables and healthcare were up 0.7% each. Among those on the losing side, the Nifty IT Index fell 1.8%.
BSE mid- and small-cap indices continued witnessing buying interest. The BSE Midcap index rose 0.56%, while the Smallcap index jumped 1.04%.
The overall market capitalisation of the BSE-listed firms rose to nearly Rs 425 lakh crore from nearly Rs 423.5 lakh crore in the previous session.
The rupee settled for the day lower by 10 paise at 83.50 (provisional) against the US dollar on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities.
Forex traders said the downside in the rupee was restricted by easing political uncertainties as Narendra Modi was sworn in prime minister on Sunday for a record-equalling third term.
At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency.
Shares of Motilal Oswal Financial Services (MOFSL) soared 18.7% on Monday on the BSE, hitting a new all-time high of Rs 719.95 as the stock began trading ex-bonus from Monday’s session.
Notably, in May, the financial services company announced a bonus share issue for its shareholders who are eligible in a 1:3 ratio.
After the Reserve Bank of India (RBI) maintained a status quo on the repo rate and policy stance on Friday, all eyes are now on the US Fed decision on Wednesday this week.
Hopes are low that the US Fed will cut rates anytime soon after the surprisingly strong US monthly jobs data for May.
European markets witnessed a selloff, which also roiled sentiment in Asian markets.

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