New Delhi, 24 September (H.S.): Weak global cues were clearly reflected in the domestic equity market on Thursday, with the Indian stock market remaining under sustained pressure during early trade. The market opened on a weak note, and although buyers attempted to provide support to both the Sensex and Nifty shortly after the opening through renewed buying activity, the recovery proved short-lived. Selling pressure soon returned, deepening the losses in both benchmark indices.
Amid continued buying and selling activity, after the first hour of trading, the Sensex was down 0.92 percent and the Nifty had declined 0.98 percent.
The BSE Sensex opened at 74,272.40 points, registering a decline of 555.85 points, or 0.74 percent. Shortly after the start of trading, buyers stepped in aggressively, pushing the index nearly 90 points above its opening level to an intraday high of 74,362.29 points. However, the buying momentum failed to sustain for long. Selling pressure emerged soon thereafter, dragging the index down by more than 700 points to an intraday low of 74,111.23 points.
Amid continued volatility, the Sensex was trading at 74,137.52 points at 10:15 a.m., down 690.73 points, or 0.92 percent, after the first hour of trading.
Similarly, the NSE Nifty began the day's trading at 23,221.80 points, down 225 points, or 0.96 percent. Soon after the market opened, renewed buying activity pushed the index 60.15 points above its opening level to 23,281.95 points. However, selling pressure subsequently intensified, causing the index to extend its losses.
Persistent selling in equities dragged the Nifty down by 241.35 points to 23,205.45 points around 10 a.m. Thereafter, buyers once again attempted to revive the market through renewed buying, resulting in a marginal improvement in the index's movement. Amid continued buying and selling activity, the Nifty was trading at 23,217.10 points at 10:15 a.m., down 229.70 points, or 0.98 percent, after the first hour of trading.
A total of 2,908 stocks were actively traded in the stock market during the period under review. Of these, 826 stocks were trading in positive territory, while 2,082 stocks were in the red and witnessing losses.
Among the 30 constituents of the Sensex, only five stocks were trading in positive territory with buying support, while 25 stocks were under selling pressure and trading in the red. Similarly, of the 50 Nifty constituents, three stocks were trading higher, while 47 were in negative territory.
Among the heavyweight stocks, SBI Life Insurance, Tech Mahindra, ICICI Bank, Eternal and Titan Company were trading with modest gains ranging from 0.06 percent to 0.97 percent after the first hour of trading. On the other hand, shares of HDFC Life, Bajaj Finance, Axis Bank, Bajaj Finserv and Hindalco Industries were trading lower, with losses ranging from 1.92 percent to 6.29 percent.
In the previous trading session on Wednesday, the Sensex had closed 299.17 points, or 0.40 percent, higher at 74,828.25 points. The Nifty, meanwhile, ended Wednesday's session at 23,446.80 points, gaining 117.80 points, or 0.51 percent.
---------------
Hindusthan Samachar / Jun Sarkar
