Stock market fell after losing initial gains; Sensex reached 400 points lower, Nifty below 24700

New Delhi| The domestic stock market seems to be trading on the green mark on the second trading day of the week. Major benchmark indices have strengthened in early trade. Sensex has jumped up to 200 points while Nifty has crossed 24800. Bajaj Housing shares were seen trading up 3% after the market opened, while CG Power shares were seen trading up 5%. However, after gains in early trade, selling seemed to dominate the market and the indices reached the red mark.

Earlier, major stock market indices rose on Tuesday amid buying in blue-chip stocks and continued activity by domestic institutional investors. BSE Sensex surged after falling in the last trading session and rose 239.33 points to 81,390.60 in early trade. Whereas NSE Nifty rose by 72.95 points to reach 24,854.05 points.

Among the 30 Sensex stocks, UltraTech Cement, Titan, Infosys, ICICI Bank, Power Grid, Tech Mahindra, Nestle and Bajaj Finserv were the biggest gainers. Tata Steel, Kotak Mahindra Bank, Tata Motors and NTPC were among the laggards.

On Monday, domestic institutional investors (DIIs) bought shares worth Rs 3,225.91 crore, according to exchange data. However, foreign institutional investors (FIIs) sold shares worth Rs 2,261.83 crore.

In Asian markets, there was a rise in Shanghai and Hong Kong while there was a decline in Seoul and Tokyo. American markets closed with a mixed trend on Monday. Brent crude, the global oil standard, fell 0.24 percent to $74.11 a barrel. On Monday, BSE Sensex had closed down by 73.48 points or 0.09 percent at 81,151.27 points. Nifty had closed at 24,781.10 points, down 72.95 points or 0.29 percent.

Shares of Hyundai Motor India were listed on exchanges on Tuesday with a 1.5% discount. The company’s shares were listed at Rs 1,931 per share on BSE, while the issue price was Rs 1,960. On the NSE it listed at Rs 1,934 per share.