Suspense Crime, Digital Desk : Indian stock market shed all its gains in last few hours as market closed in red today. Benchmark index Nifty closed at 23215, down by 27 points while Sensex closed at 74005 with a gain of 87 points. Nifty has hit the 24400 level today, but has lost momentum in last few hours due to profit booking by the investors, thus pushing indices down from their higher levels. Nifty has now again closed near its key 23200 level.It is noteworthy that, strong buying was seen in FMCG stocks today as most of the stocks including HUL, Nestle and Dabur have ended in green. The metal index on the other hand witnessed a slip of 1.1% in the trading session on June 10, as out of the 15 listed companies, shares of 14 companies closed in red. Let's have a quick look on why this sell-off took place.Main reasons for market downGeopolitical developments: The global uncertainty is the biggest reason for the down move in Indian stock markets. Even other Asian markets are trading in red; South Korean Kospi, Japanese Nikkei 225, China's Shanghai SSE Composite and Hong Kong's Hang Seng Index are all in red. The US markets ended lower yesterday and Wall Street futures are trading in red as well. So, we can expect US markets to open on a weak note today.Persistent selling by FIIs: Foreign institutional investors continue to offload shares in Indian markets. Foreign institutional investors sold shares worth Rs 4,566.03 crore yesterday.Profit Booking: The dip was also fueled by profit booking as the Nifty and Sensex had already reached their key levels in the intra-day.
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