Share Market: Market loses early gains; Sensex falls 402 points, Nifty slips by 24900
New Delhi| The domestic stock market lost the gains made in early trade on Monday in the very first hour. The Sensex fell 416.87 (0.51%) points to 81,352.48 at 11:00 after achieving a rise of up to 250 points. Nifty, on the other hand, appeared to be trading at a level of 24,851.70, sliding by 162.90 (0.65%) points.
Earlier, Indian markets opened with gains on Monday after positive trends in global markets. Indian markets fell by more than 4 percent last week. The Nifty 50 opened at 25,084.10 points, up 69.50 points or 0.28 per cent, while the BSE Sensex opened at 81,852.01, up 163.56 points or 0.20 per cent.
Market experts said Indian markets are expected to remain positive this week, but geopolitical conditions and the morning season starting this week may affect market performance. Banking and markets expert Ajay Bagga said, “We expect better performance in Indian markets this week, but on the condition that the conflict in the Middle East does not escalate”. It is expected that the end of the week will see the introduction of income and markets will have to analyze economic news, rather than the growing geopolitical risk that has become commonplace after the Hamas attacks on Israel on October 7, 2023
Among the regional indices, Nifty IT registered gains of over 1 per cent during the start of trading. Major IT companies including TCS are scheduled to announce their quarterly results this week. After Nifty IT, Nifty Metal gained. It increased by more than 0.9 percent at the time of writing the news. ITC, Trent and HCL Tech were the top gainers in Nifty 50, while Titan, Hindustan Unilever and Britannia were the top losers.
“The near-term uptrend for the Nifty 50 has turned sharply downwards, with support around 25,000″, said Varun Agarwal, MD, Profit Idea. There is a possibility of a slight jump earlier this week, yet caution should be exercised against holding long positions due to fluctuations in the market. Going below 25,000 could encourage a drop to 24,500.”