Flat Start Of The Stock Market, Bajaj-Mahindra Shares Shine
Flat start of the stock market, Bajaj-Mahindra shares shines- Stock market news.
The start of the stock market was flat on Thursday. However, Sensex opened at 52,638.50 points slightly above Wednesday’s close.
More than a dozen stocks including Bajaj Auto, Mahindra saw a rise. At the same time, NSE’s Nifty 50 was also trading above the green mark at 15,732 points.
However, a day earlier, there was a declining trend amid a negative trend in global markets.
The Bombay Stock Market (BSE) could not sustain the initial gains due to high selling by investors and finally, the BSE Sensex closed with a fall of 67 points.
Traders said the trading sentiment remained weak due to the depreciating rupee against the dollar and the lack of fresh positions.
This is the reason why the 30-company-based BSE Sensex came under selling pressure after rising nearly 400 points at one point and finally closed at 52,482.71 points, down 66.95 points, or 0.13 percent.
Similarly, the Nifty of the National Stock Exchange (NSE) fell 26.95 points, or 0.17 percent, to end at 15,721.50.
Power Grid was the biggest loser in the Sensex, falling 1.51 percent. Along with this, Bajaj Finserv, ICICI Bank, HDFC, NTPC, HUL, Bajaj Finance, and Larsen & Toubro also declined.
In contrast, shares of Infosys, Reliance Industries, Nestle India and Maruti Suzuki, Tech Mahindra, and Ultra Tech Cement registered gains.
Market sentiment remained negative. Of the 30 stocks included in the Sensex, 18 were down while 12 managed to maintain gains.
Vinod Nair, Head of Research, Geojit Financial Services, said that the delta nature of the coronavirus remains a matter of concern in Asian markets.
At the same time, there is an eye on the US employment data in the global markets. June employment figures in the US are to be released this week.
These figures play an important role in the monetary policy of the US Federal Reserve.
Binod Modi, head of the strategy at Reliance Securities, said that the selling pressure on the domestic stock markets continued to gain early gains in the last session of the close of trading.
Selling in financial stocks drove the market down.
There was a lot of volatility in the market during trading. It started off on a strong note but continued to gain early gains in the afternoon session due to profit-taking.
However, during this period, buying was seen in the shares of information technology, metal, and auto companies.
Pharmaceutical companies remained firm while Reliance Industries also saved the market from falling further.
Among other Asian markets, Hong Kong and Tokyo ended with losses while those in Shanghai and Seoul closed with gains.
The European markets were at a loss till mid-day. On the other hand, Brent crude, the benchmark of international crude oil, rose 0.79 percent to $ 74.87 per barrel.
The rupee further depreciated by nine paise to Rs 74.32 against the dollar. Rising crude oil prices hit investor sentiment
