New Delhi, (thestates.news): After a declining trend in four consecutive trading sessions, the domestic stock market showed a rise in early trade today, but after a while lost its momentum under selling pressure. Both Sensex and Nifty indices started trading on a firm footing today supported by positive global cues. But after some time due to selling pressure, they lost their entire lead and reached flat level. In the early trade, 27 of the 50 stocks included in the Nifty were trading in the green with strength, while 23 stocks were showing a decline due to selling pressure. Similarly, out of 30 stocks included in the Sensex, 20 shares were trading in the green mark and 10 shares were trading in the red mark under selling pressure.
ONGC, Cipla BPCL, Britannia Industries and ITC were trading higher by over 2 per cent in the first one hour of trading. On the other hand, Apollo Hospitals, Divi’s Laboratories, Hero MotoCorp, Hindalco Industries and JSW Steel were trading in the red under selling pressure. The Bombay Stock Exchange (BSE) Sensex today started trading with a gain of 231.30 points from the level of 57,376.52 points. As soon as the business started, the buyers started buying all-round, due to which the Sensex started moving upwards while filling the gap. Sensex jumped 559.35 points to reach 57,704.57 points in the first 15 minutes of trading due to continuous buying.
After this strong rally, a sharp sell-off started in the market, due to which the Sensex started falling as fast as it had risen. The Sensex was trading at a level of 57,237.97 points with a gain of 92.75 points at 10.15 am after trading for the first one hour amid continuous buying and selling in the market. Like the Sensex, the Nifty of the National Stock Exchange (NSE) also started trading today with a jump of 127.20 points from the level of 17,143.50 points on the support of strong global cues. In the early trade, Nifty also got full support of the sharp buying in the market. Due to continuous buying, this index gained momentum soon after the market opened. In the first 15 minutes of trading, the Nifty jumped 160.15 points to reach 17,176.45 points.
However, this rally of Nifty could not be sustained for long. The situation completely changed as soon as the selling started in the market. After trading for the first one hour, at 10:15 am, the Nifty was trading at a level of 17,027.15 points with a gain of 10.85 points, losing its entire momentum. Due to mixed global cues, the domestic stock market today started trading with general strength in the pre-opening session. In this session, the BSE Sensex was up 77.60 points, or 0.14 percent, at the level of 57,222.82 points. On the other hand, Nifty was up by 142.20 points, or 0.84 percent, at the level of 17,158.50 in the pre-opening session.
On Monday, the Sensex closed at a level of 57,145.22, down 953.70 points, or 1.64 percent, on the last trading day. The Nifty had ended trading at 17,016.30, down 311.05 points, or 1.80 per cent. (HS)