Business Desk – Stock Market Today: Flat business is being seen in the stock market today i.e. on 10th September. Sensex is trading at around 74,800 and Nifty at 23,450. There is buying in banking and energy stocks in the market, while selling pressure is being seen in auto and pharma stocks.
The market has not received much support from global signals either. There is a decline in Asian markets today. South Korea's Kospi is down 55 points or 0.83% at 6,993, Japan's Nikkei is down 467 points or 0.75% at 64,699 and Hong Kong's Hang Seng is down 342 points or 1.35% at 24,933.
American market also closed with decline
Earlier on September 9, the American stock markets also declined. The Dow Jones fell 405 points, or 0.77%, to 52,381, the Nasdaq fell 168 points, or 0.64%, to 26,253 and the S&P 500 fell 37 points, or 0.48%, to 7,636.
The effect of continuous weakness in the American market is also visible on the Asian markets. In such a situation, investors are buying selected shares in the Indian market.
Domestic investors support the market
Amidst the selling by foreign investors, domestic institutional investors i.e. DIIs are continuously buying in the market. In the latest data of September 10, DII has bought shares worth Rs 1,509 crore. Their purchases in the last 7 days have been Rs 12,356 crore and in the last 30 days their purchases have been Rs 73,759 crore.
On the contrary, foreign institutional investors i.e. FII/FPI have sold Rs 583 crore in today's latest data. Foreign investors have sold shares worth Rs 3,538 crore in the last 7 days and Rs 10,705 crore in the last 30 days.
Sensex lost 813 points yesterday
Earlier on September 9, a big fall was seen in the Indian stock market. Sensex fell 813 points and closed at 74,764. Whereas Nifty fell by 204 points to the level of 23,432.
Today, some stability is being seen in the market after yesterday's fall. However, amid weakness in global markets and continuous selling by foreign investors, buying in banking, energy and other key sectors will be important for the further movement of the market.
What levels to watch in the market today?
According to Shrikant Chauhan, Head Equity Research, Kotak Securities, the level of 23,500-23,600 will be immediate resistance in Nifty. The level of 75,200-75,500 is important for Sensex. As long as the market remains below these levels, weak sentiment may persist.
On the downside, levels of 23,300-23,200 for Nifty and 74,300-74,000 for Sensex are considered important. If Nifty closes above 23,600 and Sensex closes above 75,500, then there can be scope for recovery in the market till 23,750-23,800 and 75,900-76,100.
