Market remained sluggish after holidays, Sensex slipped

Share Market: Indian stock market became sluggish after a long break of strong signals from the global market. The market broke in pre-opening amid indications of 55 points rise in GIFT Nifty. At 9.20 am, the Sensex was trading at 72,621.34, down 0.29 percent or 210.6 points. Whereas, Nifty is down 0.67 percent or 148.85 points at 21,947.90. The biggest decline in the market is seen in the FMCG sector which has fallen by 0.54 percent i.e. 291.65 points. Currently shares of 3101 companies are trading in the market. Out of these, weakness is being seen in the stocks of 1383 companies. At the same time, there is a rise in the stocks of 1497 companies. Whereas, no change is seen in the stocks of 221 companies.

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What is the condition of the sectors?

Stocks of 12 companies on the 30-share Sensex of BSE are trading in profit. Whereas, 18 companies are in loss. At the same time, red mark is being seen in all the sectors on Nifty except metal and auto. HDFC Life, Coal India, Bajaj Finance, Adani Port and Tata Motors were among the top gainers on Nifty. Whereas, shares of PowerGrid, Britannia, Bharti Airtel and Cipla have been included in the category of top losers.

What is the expert’s opinion?

Swastika Investmart Ltd. Santosh Meena, head of research, said that due to holidays the business volume will be less this week. However, due to it being the last week of the financial year and settlement in the futures and options segment, there may be fluctuations in the market. Last week, the 30-share BSE Sensex gained 188.51 points or 0.25 percent. At the same time, Nifty of National Stock Exchange had risen by 73.4 points or 0.33 percent. Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said that this week is of less trading sessions. There may be some fluctuations in the market due to settlement of derivative contracts. US gross domestic product (GDP) figures and other key economic figures will be important for the market. Analysts said that investors will also keep an eye on the global crude oil prices and the fluctuations of the rupee against the dollar. Prashant Tapse, Senior Vice President (Research), Mehta Equities Limited, said that the sharp fall in the currency level along with the selling of shares by foreign institutional investors is indicating that the road ahead may be difficult for the stock markets.