Trading started with a heavy fall in the Indian stock market on Thursday amid weak global signals. Sensex opened at 613.95 points and Nifty opened at 215.90 points. Shares of Bazaraj Finance, Axis Bank and Bazaraj Finserv are seen falling.
Indian stock market trading started with heavy fall on Thursday amid weak global signals. After the increase on the previous trading day, selling pressure from investors is seen as soon as the market opens. Selling pressure in shares of banking and financial institutions further increased the decline of the indices.
BSE Sensex opened at 74,214.30, down 613.95 points or about 0.82 percent. The NSI निफटी 50 index fell by 215.90 points to reach 23,230.90 level. As a result, the price lost the important level of Rs 23,250.
After opening the market, 806 shares were traded with an increase in the initial trade, while a decline was seen in 1,591 shares. There was no significant change in about 173 shares. The effect of selling pressure in banking and financial sector shares is also visible in the main indices.
Bajaj Finance shares fell 5.13 percent to ₹986.70 in early trading. Axis Bank shares were seen trading around ₹1,201, down by around 3.50 per cent. Bazaraj Finsar fell by 3.35 per cent to reach ₹1,784.15 level.
Apart from this, 1.89 percent decline was recorded in IndiGo shares and 1.45 percent decline in Kotak Mahindra Bank shares. Shares of HDFC Life and SBI Life Insurance also remained under pressure in early trade.
Even amid the overall decline of the market, buying in shares of some companies is seen. Tech Mahindra shares are seen trading around ₹1,569.30, up by around 0.92 per cent. Sun Pharma shares also rose marginally by about 0.29 per cent to reach ₹1,870.35 level. But this growth of some selected stocks was not enough to reduce the pressure of the overall decline of the market.
Weak signals from international markets and global uncertainty have been cited as the main reasons for the weak opening of the Indian stock market. In such a situation, investors can adopt strategies to reduce their stake in risky assets and extract profits. In the Indian market, intense selling pressure in the shares of banking and financial companies has increased the pressure on Sensex and Nifty. Due to the significant weighting of these companies in major indices, big declines in these stocks have a direct impact on the broader market.