New Delhi, 26 August (H.S.): The domestic equity market remained under pressure amid volatility during early trading on Wednesday, with both the Sensex and Nifty retreating from their intraday highs. The market opened on a firm note and initially witnessed a mild bout of selling. However, buying interest soon returned, lifting both benchmark indices. After 10 am, renewed selling pressure once again weakened the market’s momentum.
Amid continued buying and selling activity, after the first hour of trading, the Sensex was up 0.25 per cent, while the Nifty was trading 0.05 per cent higher.
The BSE Sensex opened at 77,892.10, gaining 236.01 points, or 0.30 per cent, from its previous close. Shortly after the opening, selling pressure pulled the index down by nearly 90 points from its opening level within the first five minutes, taking it to 77,805.62. Thereafter, renewed buying interest strengthened the index and pushed it higher.
Supported by sustained buying, the Sensex climbed to 77,986.84 within the first half-hour of trading. However, the gains failed to sustain for long as profit booking at higher levels triggered a decline. At 10:15 am, after the first hour of trading, the Sensex was trading at 77,853.96, up 197.87 points, or 0.25 per cent.
Similarly, the NSE Nifty opened marginally higher at 24,341.95, gaining 7.40 points, or 0.03 per cent. Selling pressure emerged immediately after the opening, pulling the index down by nearly 25 points to 24,309.50, pushing it into negative territory. Buyers subsequently stepped in, helping the index recover and move back into the green.
Supported by continued buying, the Nifty rose by nearly 45 points to reach 24,378.60 around 10 am. However, the emergence of profit booking once again weighed on the index. At 10:15 am, after the first hour of trading, the Nifty was up 12.50 points, or 0.05 per cent, at 24,347.05.
A total of 2,807 stocks were actively traded in the market so far. Of these, 1,972 stocks were trading in positive territory, while 835 were in the red. Among the 30 Sensex constituents, 23 stocks were trading higher with buying support, while seven were under selling pressure. On the Nifty, 21 of the 50 constituent stocks were trading in the green, while 29 were in negative territory.
Among the major stocks, Kotak Mahindra Bank, ICICI Bank, UltraTech Cement, HDFC Life and Bajaj Finserv were trading with gains ranging from 2.08 per cent to 0.99 per cent after the first hour of trading. On the other hand, shares of Infosys, Apollo Hospitals, Bharti Airtel, Bharat Electronics and Nestle were trading lower, declining between 1.23 per cent and 0.85 per cent.
In the previous trading session on Tuesday, the Sensex had closed at 77,656.09, gaining 286.98 points, or 0.37 per cent. The Nifty had ended the session at 24,334.55, advancing 115.50 points, or 0.48 per cent.
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Hindusthan Samachar / Jun Sarkar
