Today, the stock market began on a weak note, following sluggish trends in global markets and fresh outflows of foreign funds. The 30-share BSE Sensex initially dropped by 130 points to 72,660.13, while the Nifty saw a decline of 36.4 points to 22,085.65.
However, as the trading session progressed, both benchmark indices managed to recover some of the early losses and were seen trading marginally higher. The BSE Sensex was up by 10.30 points at 72,800.43, and the Nifty traded 8.85 points higher at 22,135.60.
Major Movers and Shakers:
Among the Sensex-listed companies, several major players such as Axis Bank, Bharti Airtel, HDFC Bank, Larsen & Toubro, Bajaj Finance, ICICI Bank, and Reliance Industries experienced declines. On the flip side, Tata Consultancy Services, HCL Technologies, Wipro, and UltraTech Cement were among the gainers during the session.
Global Market Scenario:
In the broader context of global markets, Seoul, Tokyo, and Hong Kong were observed to be trading lower, while Shanghai was trading in the green, indicating mixed sentiments across different regions. Meanwhile, the US markets closed marginally lower on the previous trading day.
Foreign Institutional Investors Activity:
Foreign Institutional Investors (FIIs) continued their trend of offloading equities, having sold stocks worth Rs 285.15 crore on Monday, according to exchange data.
Previous Market Performance:
On the previous trading day, the BSE benchmark had fallen by 352.67 points or 0.48 percent, settling at 72,790.13, while the Nifty had declined by 90.65 points or 0.41 percent to 22,122.05.
Market Outlook:
Analysts suggest that volatility may persist throughout the week due to the expiry of Futures and Options (F&O) contracts. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., commented on the situation, highlighting the expected volatility.
Oil Prices:
In the commodities market, global oil benchmark Brent crude saw a slight dip of 0.12 percent, trading at USD 82.43 a barrel.
Overall, the market remains cautious amidst various domestic and global factors, with investors closely monitoring developments for further cues on market direction.
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