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Stock Market Initiates Trading Week With Bearish Tone; Nifty-Sensex Slide

09:54 AM Mar 05, 2024 IST | 8PM News Desk
stock market initiates trading week with bearish tone  nifty sensex slide
Stock market initiates trading week with bearish tone; Nifty-Sensex slide

Mumbai (Maharashtra) [India] : The stock market kicked off Tuesday's trading session on a negative trajectory, with benchmark equity indices showing a downward trend.

The National Stock Exchange's (NSE) Nifty 50 started the day down by 34.35 points or 0.15 per cent at 22,371.25, while the Bombay Stock Exchange's (BSE) Sensex dropped 104.87 points or 0.14 per cent to 73,767.42 in the opening trade.

Simultaneously, the Bank Nifty index also witnessed a decline, opening lower by 190.40 points or 0.40 per cent at 47,265.70.

Among the Nifty companies, 20 registered advances while 30 witnessed declines. Notable gainers included Tata Motors, UPL, Eicher Motors, Apollo Hospital, and M&M, whereas Power Grid, BPCL, ICICI Bank, HCL Technologies, and ONGC were among the top losers.

This downward trend follows choppy movements witnessed in the Indian stock market in the preceding sessions.

Despite the volatility, key benchmark indices managed to close higher on Monday, with the Nifty 50 reaching an all-time high of 22,440 and ending 27 points higher at 22,405.

Similarly, the BSE Sensex gained 66 points to close at 73,872, and the Bank Nifty index finished 158 points higher at 47,456.

In the broader market, the small-cap index dipped by 0.78 per cent, while the mid-cap index added 0.16 per cent.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Technically, the Nifty 50 formed a small candle on the daily chart with minor upper and lower shadows, indicating the formation of a doji pattern. Open Interest (OI) data revealed the highest OI on the call side at 22,500 and 22,800 strike prices, with the maximum OI observed at the 22,200 strike price on the put side".

Meanwhile, investors in broader Asian equity markets turned their focus to China, where officials set an ambitious 5 per cent growth target alongside measures to boost confidence.

Futures pricing indicated selling in Chinese stocks amid growing concerns over economic slowdown. Elsewhere, Australian shares remained flat, Japanese equities opened lower, and US equity futures edged lower.

In commodities, oil prices remained steady, while gold held above USD 2,100 and bitcoin traded around USD 67,800.

As the day progresses, market participants will closely monitor further developments, both domestically and internationally, to gauge the direction of trading sentiment.

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