New Delhi, 19 October (H.S.): Domestic equity markets traded lower during early trading on Monday after a modestly positive opening gave way to selling pressure. Both benchmark indices, the BSE Sensex and the NSE Nifty 50, slipped into negative territory shortly after the market opened. Amid continued buying and selling, the Sensex was down 0.31 per cent and the Nifty had declined 0.36 per cent after the first hour of trading.

The BSE Sensex opened 120.03 points higher, up 0.16 per cent, at 74,849.30. However, volatility intensified soon after trading began. Gains in heavyweight stocks such as Reliance Industries, State Bank of India and Larsen & Toubro provided some support to the market, but sustained selling in banking heavyweights, including Axis Bank and HDFC Bank, kept the benchmark under pressure.

As selling intensified, the Sensex dropped to an intraday low of 74,169.23. The index subsequently recovered a significant portion of its losses as buying emerged within the first 15 minutes of trading. However, persistent fluctuations continued to influence market sentiment. At 10:15 a.m., after the first hour of trading, the Sensex was down 234.86 points, or 0.31 per cent, at 74,494.41.

The NSE Nifty 50 also began the session on a marginally positive note, opening 4.70 points higher, or 0.02 per cent, at 23,150.85. Buying in the initial minutes lifted the index to an intraday high of 23,175.25. However, weakness in banking stocks soon weighed on the benchmark, pushing it down to a low of 22,970.50.

The Nifty subsequently recovered some ground as buyers returned to the market, although selling pressure continued to limit gains. At 10:15 a.m., the index was trading 84.15 points lower, down 0.36 per cent, at 23,062.

Market breadth remained negative during the early session. A total of 2,530 stocks were actively traded, of which 818 were trading in positive territory, while 1,712 were recording losses.

Among the 30 constituents of the Sensex, 12 shares were trading higher, supported by buying interest, while 18 were in the red. On the Nifty, 17 of the 50 constituent stocks were trading with gains, compared with 33 that were trading lower.

Among the major stocks, State Bank of India led the gainers, advancing 1.81 per cent. Reliance Industries rose 1.21 per cent, Larsen & Toubro gained 0.97 per cent, Titan Company climbed 0.89 per cent, and Power Grid Corporation advanced 0.76 per cent.

On the losing side, Axis Bank was the biggest laggard, declining 4.11 per cent. HDFC Bank fell 1.94 per cent, Infosys dropped 1.21 per cent, Tata Consumer Products lost 1.11 per cent, and Kotak Mahindra Bank slipped 0.78 per cent.

In the previous trading session on Friday, the Sensex had closed 413.66 points higher, gaining 0.56 per cent to settle at 74,729.27. The Nifty had also ended the session on a positive note, rising 148.80 points, or 0.65 per cent, to close at 23,146.15.

---------------

Hindusthan Samachar / Jun Sarkar