Share Market: Market slips after initial gains; Sensex falls 700 points, Nifty falls below 24100
New Delhi| There was a decline in the domestic stock market after initial gains. During this period, Sensex fell by 700 points, Nifty fell below 24100. Earlier, the stock market once again opened on the green mark on Thursday. Sensex and Nifty slowed down in early trade, but remained bullish. The 30-share BSE Sensex has climbed 95 points in early trade to reach 80,329.08 points and the 50-share Nifty has gained 48.15 points to reach 24,323.05 points. Apart from this, the rupee remained stable at 84.46 against the US dollar, falling by six paise in early trade.
Equity benchmark indices Sensex and Nifty opened on a positive note in early trade on Thursday amid buying in blue-chip stocks like HDFC Bank and State Bank of India. The 30-share Sensex stocks included HDFC Bank, Adani Ports, ITC, State Bank of India, Hindustan Unilever, Tata Motors, IndusInd Bank and Tata Steel. Tech Mahindra, Infosys, HCL Technologies, Mahindra & Mahindra, Tata Consultancy Services and Power Grid were among the laggards. Foreign institutional investors (FIIs) bought shares worth Rs 7.78 crore on Wednesday, according to exchange data.
According to experts, “The period of market recovery is likely to continue in the near future”. A clear positive for the market is that continued selling by foreign institutional investors (FIIs) has stopped. This will give retail investors confidence to start buying aggressively again”
“But there is no room for so much optimism”, said VK Vijayakumar, chief investment strategist, Geojit Financial Services. The strong dollar is negative for emerging markets, so FIIs are unlikely to become aggressive buyers” In Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong were down. American markets closed with a decline on Wednesday.
Vijayakumar said big institutions would love to wait and see clarity about the policies of US President-elect Donald Trump and its potential impact on trade and the global economy. Brent crude, the global oil standard, fell 0.21 percent to $72.68 a barrel. On Wednesday, BSE’s benchmark index had closed at 80,234.08, up 230.02 points, or 0.29 per cent. Nifty had closed at 24,274.90, up 80.40 points or 0.33 per cent.
