After a day of gains, the domestic stock market saw a return to decline today. The weak opening of Asian markets directly impacted the Indian market.
The BSE Sensex opened with a fall of over 200 points and by 9:47 AM had fallen by 501 points or 0.62%, reaching 80,828. Meanwhile, the Nifty fell by 131 points to 24,535.
Sensex Slides 500 Points, Some Stocks Show Resilience
In early trading, IndusInd Bank saw a 2% decline, while Apollo Tyres showed strength in the market with a 3% rise. 14 Nifty stocks were trading in the green, with JSW Steel registering the highest surge at 2.63%.
Furthermore, stocks like Hero MotoCorp, Adani Ports, Shriram Finance, and Tech Mahindra also saw slight gains. On the other hand, selling pressure dominated in giants like Dr Reddy's, Power Grid, ONGC, and Sun Pharma, putting a brake on market momentum.
Power and Banking Stocks Suffer Most
Major stocks like Power Grid, Kotak Bank, and Sun Pharma registered the biggest declines today, increasing selling pressure on the market. Conversely, BEL and Tata Power showed significant gains, offering some relief to investors.
25 out of the 30 Sensex stocks opened with a decline, clearly indicating widespread weakness in the market. 9 out of 13 sectoral indices were trading in the red, while the small-cap and mid-cap indices saw little fluctuation.
It's noteworthy that Nifty has gained 2.7% and Sensex 2.4% so far this week. Both major indices are currently at their highest levels in the last seven months, a positive sign for long-term investors.
