Stock Market: When will the market recover? Sensex crashes on the first day of the week, heavy selling in IT, auto sector
The sell-off in the stock market did not stop even today. Both Sensex and Nifty opened with red marks. On the first trading day of the week, both the Sensex and the Nifty have seen a decline.
Share Market Latest Update: The sell-off in the stock market did not stop even today. Both Sensex and Nifty opened with red marks. On the first trading day of the week, both the Sensex and the Nifty have seen a decline. The Sensex fell by 460 points and the Sensex is trending at 81,733.32 points.
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Indian stock market opened in the red mark on Monday. In early trade, Nifty's auto, IT, PSU bank, pharma and metal sectors saw selling. At 9:32 am, the 30-share BSE barometer was trading 256.17 points or 0.31 per cent lower at 81,876.95, while the broader NSE Nifty was trading 62.70 points or 0.25 per cent lower at 24,705.60.
The market trend was positive. On the National Stock Exchange (NSE), 1,170 shares were trading in green, while 571 shares were in red.
Akshay Chinchalkar of Axis Securities said, "In Friday's highly volatile session, the Nifty saw a decline in the early part of the session, but the day's lower level came only on the falling neckline of the bullish head-and-shoulders pattern, which was activated on December 3 with an upside target of 25,500.
He further said that this target will remain valid as long as the market remains above 23,873, but now the more important support level is Friday's low of 24,180.
The Nifty Bank was trading 168 points or 0.31 per cent lower at 53,415.80. The Nifty Midcap 100 index was trading 243.30 points or 0.41 per cent higher at 59,234.85. The Nifty Smallcap 100 index was up 108.10 points, or 0.56 per cent, at 19,515.40.
According to market experts, "Heavy positions in the F&O segment are creating so much volatility in the market. The 500-point rise in the Nifty from the day's low to the peak indicates massive short covering.
Today's Top Losers
NTPC, JSW Steel, M&M, Titan, Kotak Mahindra Bank, Infosys, TCS, Hindustan Unilever Ltd, Axis Bank and Tech Mahindra were the top losers in the Sensex pack. At the same time, Tata Steel, UltraTech Cement, L&T, ITC, Tata Motors, IndusInd Bank and HCL Tech were the top gainers.