Mumbai There was a decline in domestic stock markets in early trade on Thursday amid negative signals from abroad and rise in crude oil and BSE Sensex fell by almost 800 points before noon. The selling pressure increased so much in early trading that BSE Sensex slipped by around 800 points, while Nifty also fell by around 250 points. Amid all-round pressure in the market, investors' concerns seemed to be increasing.
The Sensex opened with a gain of 29.30 points at 72,668 points but went into the red as soon as it opened. It was down 677.63 points (0.93 percent) at 71,961.07. Earlier at one time it had fallen by 785 points. All major Asian markets abroad are currently in decline. Besides, domestic stock markets are also under pressure due to crude oil rising by more than two percent.
Nifty under pressure
The Nifty-50 index of the National Stock Exchange opened four points down at 22,599.05. It fell 247.35 points or 1.09 percent to 22,355.70. After this, due to increased selling, it fell by 247.35 points or 1.09 percent to 22,355.70 points.
Asian markets also declined
Foreign signals also had an impact on the domestic market. There was a declining trend in the major stock markets of Asia. Apart from this, the increase in crude oil prices by more than two percent also increased the pressure on the Indian markets. The fear of expensive crude oil affecting India's import bill and costs of companies weighed heavily on market sentiment.
Most pressure in metal and oil-gas stocks
There was strong selling seen in the macro market also. Talking about sectors, except the IT sector, almost all the major groups were seen trading in the red. There was a decline of more than two percent in the oil and gas group. There is a decline of one to two percent in the indices of auto, FMCG, pharma, realty and health groups.
Most movement in these shares
Among Sensex companies, ITC's share fell by four and a half percent, Adani Ports by three and a half percent and IndiGo by three percent. Shares of Power Grid and Reliance Industries are down about two and a half percent. Apart from this, shares of BEL, Bajaj Finserv, Maruti Suzuki, HDFC Bank, Tata Steel, L&T, UltraTech Cement, Eternal, Mahindra & Mahindra and Asian Paints fell by one to two percent.
However, IT shares provided some relief amid the sharp decline of the market. Shares of Tech Mahindra, Titan, TCS, Infosys and HCL Technologies are currently up by one percent. Among the sector-based groups, except the IT sector which is up by more than one per cent, all other groups are under pressure. The metal group index is currently down about three percent.
Weakness in foreign markets, rise in crude oil and widespread selling put pressure on the initial movement of the domestic stock market on Thursday. Now investors will keep an eye on the market direction and global signals in the future business.