Share Market: The decline in the local stock market continued for the fourth consecutive day on Thursday and the BSE Sensex fell by another 17 points. Investor sentiment was affected as Hindustan Unilever's financial results were not as per expectations amid continued capital outflow by foreign institutional investors (FIIs). The 30-share BSE Sensex closed at 80,065.16 points, down 16.82 points or 0.02 percent. During the trading, the index went up to a high of 80,259.82 points while it fell down to 79,813.02 points.

Nifty also declined

The National Stock Exchange's Nifty also closed at 24,399.40 points with a fall of 36.10 points or 0.15 percent. Among the shares included in the Sensex, Hindustan Unilever fell by about six percent. The share price of the company, which makes daily use goods, fell after it reported a 2.33 percent decline in its consolidated net profit to Rs 2,595 crore in the second quarter of the current financial year. The company's profit was affected mainly due to the slowdown in demand in the urban market. Apart from this, the shares of Nestle, ITC, Maruti, Asian Paints, Infosys, Tata Consultancy Services, Larsen & Toubro, and HCL Technologies also fell.

These shares remained in profit

On the other hand, UltraTech Cement, Mahindra & Mahindra, Titan, Adani Ports, State Bank of India, and Power Grid were among the gainers. According to stock market data, foreign institutional investors sold shares worth Rs 5,684.63 crore on Wednesday. On the other hand, domestic institutional investors bought shares worth Rs 6,039.90 crore. VK Vijayakumar, Chief Investment Strategist, at Geojit Financial Services, said, "The biggest challenge facing the market is the continuous capital withdrawal by foreign institutional investors. According to NSDL data, they withdrew Rs 93,088 crore till October 23. The reason for FII capital withdrawal is the high valuation of shares in India while the valuation in China and Hong Kong is attractive.

State of global markets

He said that the market sentiment has also been affected due to the growth in the quarterly financial results of the companies not being as per expectations. In other Asian markets, South Korea's Kospi, China's Shanghai Composite, and Hong Kong's Hang Seng were in loss while Japan's Nikkei was in profit. Global oil benchmark Brent crude jumped 1.99 percent to $ 76.45 per barrel. On Wednesday, the BSE Sensex fell by 138.74 points, while the Nifty fell by 36.60 points.