New Delhi, 12 October (H.S.): The domestic equity market came under pressure during early trading on Monday, with both benchmark indices, the BSE Sensex and the NSE Nifty 50, surrendering their initial gains and slipping into negative territory. The market opened on a firm note, and buying activity gathered momentum immediately after the opening bell, briefly lifting both indices. However, the rally proved short-lived as selling pressure soon emerged, eroding the early gains and dragging the benchmarks lower. By 11 a.m., the Sensex was trading 0.59 per cent lower, while the Nifty was down 0.45 per cent.
The BSE Sensex opened at 72,771.32, up 298.99 points, or 0.41 per cent. Supported by initial buying, the index climbed more than 110 points above its opening level within the first few minutes, touching an intraday high of 72,884.25. However, selling pressure subsequently intensified, weakening the index's trajectory. As buying and selling continued throughout the morning session, the Sensex was trading at 72,048.09 at 11 a.m., down 424.24 points, or 0.59 per cent.
Similarly, the NSE Nifty 50 began the session at 22,593.20, gaining 72.75 points, or 0.32 per cent. Fresh buying immediately after the market opened pushed the index up to 22,651.10. However, the subsequent wave of selling quickly wiped out its initial gains, sending the index into negative territory. Buyers made several attempts to support the benchmark by stepping up purchases, but persistent selling pressure prevented the recovery efforts from gaining traction. At 11 a.m., the Nifty was trading at 22,418.05, down 102.40 points, or 0.45 per cent.
Market breadth remained positive despite the weakness in the benchmark indices. A total of 2,998 stocks were actively traded during the session up to 11 a.m. Of these, 2,049 were trading in positive territory, while 949 were registering losses.
Among the 30 constituents of the Sensex, 16 stocks were trading higher, supported by buying interest, while 14 were in the red amid selling pressure. On the Nifty, 32 of the 50 constituent stocks were trading with gains, while 18 were trading lower.
Among the market's major stocks, Bajaj Auto, Dr. Reddy's Laboratories, Mahindra & Mahindra, Eicher Motors and Bharat Electronics were trading with gains ranging from 1.87 per cent to 3.12 per cent as of 11 a.m.
On the other hand, Tech Mahindra, Bharti Airtel, State Bank of India (SBI), ITC and NTPC were among the major laggards, declining between 1.12 per cent and 3.07 per cent.
In the previous trading session, on Friday, the domestic equity market had ended on a strong note. The Sensex surged 879.09 points, or 1.23 per cent, to close at 72,472.33, while the Nifty advanced 288.65 points, or 1.30 per cent, to settle at 22,520.45.
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Hindusthan Samachar / Jun Sarkar
