New Delhi, 08 September (H.S.):
The domestic stock market remained under pressure during early trading today, with both benchmark indices, the Sensex and the Nifty, trading in negative territory. The market had opened on a weak note. Immediately after the opening, buying support triggered a marginal recovery in both indices, but the gains failed to sustain. Selling pressure soon emerged, causing the weakness in both indices to intensify. By 10 a.m., the Sensex was trading with a decline of 0.53 percent, while the Nifty was down 0.45 percent.
The BSE Sensex opened 162.53 points, or 0.21 percent, lower at 75,970.28. Soon after trading began, buying support pushed the index up to 76,012.11. However, the buying momentum failed to sustain. Selling emerged in the market shortly thereafter, causing the index to weaken progressively.
Continued selling in stocks dragged the Sensex down to 75,714.61. Subsequently, buyers once again stepped in with renewed buying interest, leading to a marginal improvement in the index. Amid sustained buying and selling activity, the Sensex, after trading until 10 a.m., was down 401.98 points, or 0.53 percent, at 75,730.83.
Like the Sensex, the NSE Nifty also began today's session on a weak note, slipping 36.05 points, or 0.15 percent, to open at 23,743.10. Immediately after the market opened, buying support helped the index recover by around 15 points from its opening level, taking it to 23,758.95. Thereafter, selling pressure intensified in the market. Continued selling in stocks pushed the Nifty down to 23,664.70.
Following this decline, buyers once again stepped up their buying activity, leading to an improvement in the index's movement. Amid continued buying and selling, the Nifty, after trading until 10 a.m., was down 107.45 points, or 0.45 percent, at 23,671.70.
By this point in the session, 2,922 stocks were witnessing active trading in the stock market. Of these, 1,375 stocks were trading in positive territory after posting gains, while 1,547 stocks were trading in the red after registering losses. Similarly, of the 30 constituents of the Sensex, 11 stocks were trading in the green with buying support, whereas 19 stocks were trading in the red amid selling pressure. Among the 50 Nifty constituents, 15 stocks were trading in positive territory, while 35 were trading in negative territory.
As of 10 a.m., shares of some of the major companies in the stock market, including Bharat Electronics, HDFC Life, Hindalco Industries, Eternal and Coal India, were trading with gains ranging from 0.37 percent to 2.10 percent. On the other hand, shares of Shriram Finance, Mahindra & Mahindra, Trent Limited, Bharti Airtel and Maruti Suzuki were trading with declines ranging from 0.96 percent to 1.39 percent.
In the previous trading session on Monday, the Sensex had closed 382.62 points, or 0.50 percent, lower at 76,132.81. Meanwhile, the Nifty ended Monday's session at 23,779.15, registering a decline of 118.55 points, or 0.50 percent.
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Hindusthan Samachar / Jun Sarkar
