Stock market opened with a big decline
Mumbai: Indian stock market opened with a decline in Monday’s trading session. The market is witnessing a decline all around. By 9:20 am, the Sensex was down 361 points or 0.45 percent at 80,243 and the Nifty was down 138 points or 0.56 percent at 24,392.
The trend on the National Stock Exchange (NSE) also remains negative. 1719 stocks are trading in the red mark and 385 stocks are trading in the green mark. Selling trend is also being seen in small and medium stocks. The Nifty Midcap 100 index is down 209 points or 0.37 percent at 55,780 and the Nifty Smallcap 100 index is down 94 points or 0.51 percent at 18,285.
UltraTech Cement, Infosys, NTPC, Nestle, Power Grid, HDFC Bank, Power Grid, Tech Mahindra, Tata Steel, ITC and TCS are the top gainers in the Sensex pack. Wipro, Kotak Mahindra Bank, Reliance, L&T, JSW Steel and ICICI Bank are the top losers.
Sector-wise, there is selling in Auto, IT, Fin Services, Realty, Energy, Infra and Private Bank. Pressure is being seen on PSU Bank, Pharma and PSE index. Deepak Jasani, Head of Retail Research, HDFC Securities, says that this week the market may remain volatile due to budget and global reasons. 24,854 is a resistance level for Nifty. At the same time, the level of 24087-24344 will act as a strong support for Nifty.
Most of the Asian markets are witnessing a decline. The markets of Tokyo, Shanghai, Seoul and Bangkok are in the red. There is buying only in the markets of Hong Kong and Jakarta. US markets closed in the red on Friday.
