Stock Market Update: Market Opened in Red, Sensex at 58,142 and Nifty Over 17,000

The BSE Benchmark  Sensex on Monday opened in red  and was trading at 58,142.27, down 162.8 points , or 0.28 per cent. On the other hand, bluechip index Nifty50 was trading at 17,339, down 30 points, or 0.17 per cent. The Indian market opened in the negative territory, factoring in the negative global cues as Asian markets treaded the negative path on Monday.

On NSE,  Coal India, Hindalco, HDFC, UPL, JSW Steel were the top performers. The scrip of Coal India rose by 1.48 per cent, followed by Hindalco’s scrip which rose by 1.42 per cent.  On the flip side, Reliance, ICICI Bank, HCL Tech, Eicher Motor, Infosys were among the laggards. Sectorally,  Nifty Media was the top gainer in the early trade. However, Nifty Bank, Nifty Auto, Nifty FMCG, Nifty IT, Nifty Financial Services were trading in the red.

On BSE, NOCIL, Usha Mart, Apcotex Industries, Caplin Point were the top performers. However, Aegis Ltd, Future Consumers were the losers. Sectorally, BSE MidCap up 0.10 per cent and BSE SmallCap rose by 0.27 per cent.

“There are mixed signals for the markets at the start of the week. On the positive side, both FIIs and DIIs were bought last Thursday and the futures market also indicates FIIs going long. However, news from the US and Europe indicate a slowing down of the economy impacted by continuing restrictions on economic activity triggered by the new waves of the pandemic. Developed markets have turned slightly weak on these negative developments. The Mid-cap Index has staged a comeback this month outperforming the Nifty. But investors should refrain from jumping into the broader market since risk in the segment is on the higher side,” Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services said.

On Monday, Asian bourses also opened in red. Tokyo’s benchmark Nikkei 225 index was down 0.13 percent, or 40.25 points, at 30,341.59 in early trade, while the broader Topix index slipped 0.44 percent, or 9.13 points, to 2,082.52. On the other hand, The benchmark Hong Kong equities sank more than one percent in the first few minutes of trade on Monday following another sell-off on Wall Street fuelled by fresh inflation concerns. The Hang Seng Index fell 1.22 percent, or 320.61 points, to 25,885.30. The Shanghai Composite eased 0.10 percent, or 3.86 points, to 3,699.25, while the Shenzhen Composite Index on China’s second exchange edged up 0.07 percent, or 1.78 points, to 2,503.79. On Thursday, the BSE Benchmark Sensex closed in green at 58,305, up 54.81 points, or 0.09 per cent. On the other hand, the broader Nifty was trading at 17,357.35, up 3.85 points, up 0.02 per cent.

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