New Delhi, 02 September (H.S.): The domestic stock market, after suffering a sharp decline during early trading on Wednesday, is showing signs of recovery from its lower levels. The market opened on a weak note today, and selling pressure emerged immediately after the opening bell, causing both the Sensex and Nifty to register steep losses within the first five minutes of trade. The Sensex fell more than 800 points, while the Nifty slipped below the 23,800-point level.
The market decline led to a loss of Rs 5.60 lakh crore in the market capitalisation of companies listed on the BSE within the first five minutes of trading. However, after the initial decline, buyers stepped in and started making fresh purchases, leading to an improvement in the movement of both benchmark indices. After the first hour of trading, the Sensex was down 0.76 per cent, while the Nifty was trading 0.86 per cent lower.
The BSE Sensex opened at 76,471.32 points, down 472.96 points, or 0.61 per cent, from its previous close. Selling pressure intensified immediately after the opening, pulling the index down by more than 800 points to 76,135.72 points within a short span. Thereafter, buyers became active and began making purchases, resulting in a gradual recovery in the index. Amid continued buying and selling activity in the market, the Sensex was trading at 76,362.56 points at 10:15 a.m., down 581.72 points, or 0.76 per cent, after the first hour of trading.
Similarly, the NSE Nifty began trading at 23,858 points, declining 197.80 points, or 0.82 per cent. As selling pressure emerged immediately after the market opened, the index soon fell by nearly 270 points to 23,786.80 points. Thereafter, buying activity picked up, leading to a recovery in the index. Amid continued buying and selling during the first hour of trade, the Nifty was trading at 23,849.75 points at 10:15 a.m., down 206.05 points, or 0.86 per cent.
A total of 2,991 stocks were actively traded in the stock market so far. Of these, 1,170 stocks were trading in positive territory with gains, while 1,821 stocks were trading in the red after registering losses. Among the 30 Sensex constituents, 11 stocks were trading in positive territory with buying support, while 19 stocks remained under selling pressure and traded in the red. Similarly, among the 50 Nifty constituents, 10 stocks were trading higher, while 40 were trading lower.
After the first hour of trading, shares of major companies including Coal India, Adani Ports, Adani Enterprises, ONGC and Axis Bank were trading with gains ranging from 3.92 per cent to 0.45 per cent. On the other hand, shares of Eicher Motors, Bajaj Auto, InterGlobe Aviation, Shriram Finance and Asian Paints were trading lower, with declines ranging from 3.93 per cent to 2 per cent.
In the previous trading session on Tuesday, the Sensex had closed with a marginal decline of 12.99 points, or 0.02 per cent, at 76,944.28 points. The Nifty, meanwhile, ended Tuesday’s session 24.60 points, or 0.10 per cent, lower at 24,055.80 points.
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Hindusthan Samachar / Jun Sarkar
