Stock Market Weakens for Fifth Consecutive Day: Sensex and Nifty Decline in Early Trading
New Delhi: The domestic stock market continues to trade under pressure for the fifth consecutive day during early hours of trading. Although the trading session began with a marginal uptick, the market soon succumbed to selling pressure, pulling indices into the red. Within the first hour of trading, the Sensex dropped by 0.48% and the Nifty by 0.41%.
During the initial hour, notable performers in the stock market included Dr. Reddy’s Laboratories, Titan Company, NTPC, Adani Enterprises, and Tata Consumer Products, which posted gains ranging from 0.68% to 2.22%. Conversely, stocks like Axis Bank, Tech Mahindra, Cipla, JSW Steel, and Larsen & Toubro witnessed declines between 0.93% and 2.10%.
By this point in the session, active trading was observed in 2,333 stocks, out of which 1,142 were trading in the green, while 1,191 stocks were in the red. Among the 30 stocks listed on the Sensex, 6 were buoyed by buying support and traded in the green, while 24 succumbed to selling pressure and were in the red. Similarly, out of the 50 Nifty-listed stocks, 20 were trading positively, while 30 showed losses.
The BSE Sensex opened the day with a gain of 117.43 points at 79,335.48. In the first 15 minutes of trading, buying activity propelled the index to an intraday high of 79,587.15. However, this momentum was short-lived as selling pressure took over, driving the index into the red. By 10:15 AM, the Sensex was down 381.71 points, trading at 78,836.34.
The NSE Nifty started the session with a modest gain of 9 points at 23,960.70. Within the first half hour, buying activity pushed the index to an intraday high of 24,065.80. However, selling pressure soon set in, dragging the Nifty into negative territory. By 10:15 AM, the index was down 97.40 points, trading at 23,854.30.
In the previous session on Thursday, the Sensex had closed 964.15 points lower, marking a 1.20% decline to end at 79,218.05. The Nifty also finished 247.15 points lower, down by 1.02%, to close at 23,951.70.
Market sentiment remains cautious as buying and selling pressures continue to battle it out, with both indices reflecting ongoing volatility.