Mumbai, 30 December. The Indian stock market opened in the red on Tuesday, the second trading day of the week, amid weak global cues. During this period, due to widespread selling, major market benchmarks were seen trading with a decline. Till the time of writing the news in the initial trading session, the 30-share BSE Sensex was trading at 84,559.40 with a decline of 136 points or 0.16 percent. While NSE Nifty was trading at 25,893.20, falling 48.90 points or 0.19 percent.
During this period, all the Nifty indices were trading in the red. In the broader market, the Nifty Midcap index declined by 0.14 per cent while the Nifty Smallcap index declined by 0.16 per cent. Sector wise, Nifty Realty index fell by 0.7 percent, Nifty PSU Bank fell by 0.6 percent, Nifty FMCG fell by 0.4 percent and Nifty Pharma fell by 0.34 percent. In the Nifty pack, Eternal, Apollo Hospitals, Tata Consumer, UltraTech Cement, Jio Financial, Max Healthcare and Tata Steel were among the biggest losers. While Shriram Finance, TMPV, Hindalco, BEL, Adani Ports and Axis Bank were among the top gainers.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that although the market is showing weakness towards the end of the year, it does not indicate any major change in the direction of the market. The advance-decline ratio was more in favor of decline, due to which Nifty fell by almost 100 points yesterday. It is important to understand that this decline has occurred in low volume. A clear change in the direction of the market will be seen only at the beginning of the new year, when large institutional investors will become active again.
He further said that at the moment it would be better for investors to keep an eye on the market and wait for some new trigger or clear direction, however, taking advantage of the weakness in the market, investments can be made gradually in the shares of good and strong big companies (high quality largecaps). The expert further said that the auto sales figures coming after two days will indicate how sustainable the ongoing consumption boom in the economy is. These figures will also be very important from the point of view of economic development. On Monday, BSE Sensex fell 345.91 points or 0.41 per cent to close at 84,695.54. Whereas NSE Nifty50 fell by 100.20 points or 0.38 percent and closed at 25,942.10.
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