Stock market slides: Sensex opens 240 points lower
The domestic stock market faced pressure on Tuesday as fluctuations continued in the early hours of trading. Both the Sensex and Nifty indices opened lower but experienced some buying activity that momentarily boosted their performance.
At around 10 a.m., both indices managed to reach positive territory. However, this was short-lived, as selling pressure quickly returned. After the first hour of trading, the Sensex declined by 0.15 percent, while the Nifty dropped by 0.16 percent.
Among major stocks, Tata Steel, Maruti Suzuki, JSW Steel, Hindalco Industries, and IndusInd Bank showed resilience, with gains ranging from 2.40 percent to 1.56 percent. In contrast, stocks like Coal India, Adani Ports, Shriram Finance, Trent Limited, and HDFC Life suffered losses, declining between 2.79 percent and 1.15 percent.
The BSE Sensex opened the day down 240 points at 78,542. Initially, strong buying activity drove the index up to 78,833 points, gaining around 50 points. Unfortunately, selling pressure soon pushed it back down. By 10:15 a.m., the Sensex traded at 78,660 points, down 121 points.
Similarly, the NSE’s Nifty began trading with a loss of 78 points, starting at 23,916 points. The index rose to 24,026 points around 10 a.m. due to early buying, gaining over 30 points. However, it too succumbed to selling pressure. By 10:15 a.m., the Nifty was down 39 points at 23,956.
The market sentiment reflects a cautious approach among investors amid ongoing volatility. Analysts point out that the fluctuations are influenced by global cues and domestic factors, leading to a mixed trading environment. As trading progresses, market participants are closely monitoring the situation, looking for signs of stability or further declines.
In conclusion, the stock market’s early trading session exhibited both resilience and vulnerability. While some sectors showed strength, others faced challenges, illustrating the complexity of market dynamics. Investors remain alert as they navigate this fluctuating landscape.
