Mumbai, 23 March. The Indian stock market opened with a decline in Monday’s trading session due to tensions in the Middle East. At 9:28 am, the Sensex was at 73,223, down 1,309 points or 1.78 per cent, and the Nifty was at 22,705, down 408 points or 1.77 per cent. An all-round decline was seen in the stock market in early trading. Metal, PSU Bank and Consumer Durables were the top losers in the indices. Realty, Defence, IT, Healthcare, Energy, Infra, Media, Services and PSE indices were also in the red.
Along with largecap, midcap and smallcap also saw a decline. Nifty Midcap 100 index was at 53,607 with a weakness of 1,248 points or 2.28 per cent and Nifty Smallcap was at 15,331 with a gain of 387 points or 2.48 per cent. Tata Steel, SBI, Bajaj Finance, HDFC Bank, Titan, Indigo, HDFC Bank, BEL, UltraTech Cement, M&M, Trent, Axis Bank, M&M, Bharti Airtel, ITC, Kotak Mahindra Bank and Bajaj Finserv were the losers in the Sensex pack. Only HCL Tech was in the green. Analysts say that the markets have entered a period of risk aversion amid increasing geopolitical uncertainty and high oil prices.
“Global cues are still extremely weak, with high volatility and continued selling by foreign institutional investors negatively impacting market sentiment,” he said. Also said that emerging markets including India remain sensitive to external shocks. Big selling is also being seen in Asian markets. Tokyo, Shanghai, Hong Kong, Bangkok and Seoul were in the red. American markets also closed in the red in Friday’s session.
Foreign investors are continuously selling in the Indian markets. On Friday, foreign institutional investors (FIIs) had withdrawn equity worth Rs 5,518.39 crore. At the same time, domestic institutional investors (DIIs) had invested Rs 5,706.23 crore.
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