New Delhi, 10 August (H.S.): The domestic equity market came under pressure during early trading on Monday, with both the Sensex and Nifty slipping into negative territory. The market opened on a flat note with marginal gains, and both benchmark indices initially gained some momentum with support from buying activity. However, selling pressure emerged shortly after the opening, pushing both indices into the red. By 10 am, the Sensex was down 0.12 per cent and the Nifty had declined 0.14 per cent.

The BSE Sensex opened with a marginal gain of 2.42 points at 78,501.59. Soon after trading began, buying support lifted the index by more than 175 points to an intraday high of 78,676.98. However, selling pressure emerged within the first five minutes of trading, erasing the initial gains and pushing the Sensex into negative territory.

Amid continued selling, the index fell to 78,298.92. Buyers subsequently returned to the market, helping the benchmark recover some ground. Amid sustained buying and selling activity, the Sensex was down 93.36 points at 78,405.81 by 10 am.

The NSE Nifty also opened with a marginal gain of 10.60 points, or 0.04 per cent, at 24,581.25. Buying support immediately after the opening pushed the index up by more than 50 points within the first five minutes, taking it to 24,620.95. Selling pressure subsequently intensified.

Persistent selling dragged the index to 24,511.10 during the first half hour of trading, taking it into negative territory. However, renewed buying activity later helped the index recover some of its losses. Amid continued volatility between buyers and sellers, the Nifty was trading 34.85 points lower at 24,535.80 by 10 am.

At that time, active trading was taking place in 2,787 stocks. Of these, 1,418 stocks were trading in positive territory, while 1,369 were in the red. Among the 30 Sensex constituents, 14 stocks were trading with gains, while 16 were witnessing losses. Similarly, 22 of the 50 Nifty constituents were trading in positive territory, while 28 were trading with losses.

Among major stocks, Titan Company, Tech Mahindra, Tata Steel, Cipla and Grasim Industries were trading with gains ranging from 1.30 per cent to 0.74 per cent by 10 am. On the other hand, shares of State Bank of India, HDFC Life, Adani Ports, Power Grid Corporation and Eternal were trading lower, with declines ranging from 1.49 per cent to 0.76 per cent.

In the previous trading session on Friday, the last trading day of the week, the Sensex had closed 455.59 points, or 0.58 per cent, lower at 78,499.17. The Nifty had also ended the session down 65.35 points, or 0.27 per cent, at 24,570.65.

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Hindusthan Samachar / Jun Sarkar