Share Market Opening: Indian stock market is witnessing slow movement on the last trading day of the week. Selling is once again dominating the stock market. A period of selling is being seen in the banking, auto, financial and IT sectors of the market.
At 9.30 am, Sensex is trading at 71,522.03 with a slight increase of 0.13 percent or 93.60 points.
Nifty was at 21,773.95 with a gain of 0.26 percent or 56 points.
Shares of Power Grid Corporation, Britannia Industries, Cipla, ONGC and Adani Ports were among the top losers on Nifty.
Shares of Maruti Suzuki, M&M, ITC, Bharti Airtel and Hindalco Industries have made their place among the top gainers.
What do experts say
Aditya Gaggar, director, Progressive Shares, said banking and FMCG counters influenced the market sentiment and dragged the index down to end the session at 21,717.95. On the daily chart, the index has formed a large negative candle but has defended the 21,700 level as well as the 21DMA support, which can be considered as immediate support, while the upside appears to be limited at 21,900. In case of a breakdown, the correction could extend to 21,500, while at higher levels, a solid close above 22,100 is required to resume its uptrend. Bank Nifty is the main area of concern as it has broken its strong support level and now immediate support is placed at 44,500 while upside is limited at 45,600. Except the PSU banking sector, all other sectors are showing signs of short-term reversal.
How was the business in the fifth session?
In the fifth session of the week, the stock market came down due to selling of bank and auto shares due to increasing uncertainty regarding the timing of policy rate cut after the monetary policy review of the Reserve Bank. The Sensex based on 30 shares was in the lead in early trade, but later it closed at 71,428.43 points with a fall of 723.57 points or one percent. After the announcement of RBI’s monetary policy, the market suffered losses and at one time it fell to 921.38 points. National Stock Exchange’s Nifty also closed at 21,717.95 points with a decline of 212.55 points or 0.97 percent.