Mumbai : The trend of decline in the stock market continues even on the occasion of Chhoti Diwali on Wednesday. A decline is being seen in the stock market today due to continuous withdrawal of foreign institutional investors and buying and selling trend of domestic investors.
Nifty and Sensex opened with a slight fall on Wednesday. The Nifty 50 index opened at 24,371.45, down 95.40 points or 0.39 per cent. Meanwhile, BSE Sensex opened 131.18 points or 0.16 per cent lower at 80,237.85.
Increased stability in assets
Experts said that as the US election dates approach, volatility is increasing across all assets globally. There is more instability due to the lack of clear trend in the elections so far. Among sectoral indices, except Nifty FMCG and Nifty Media, all other indices opened with losses. Out of the Nifty 50 list, 19 stocks opened with gains, while 31 stocks opened with a decline.
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These shares suffered losses
Maruti Suzuki shares gained nearly 2 percent after falling more than 3 percent on Tuesday. Shares of major pharma companies including Cipla, Dr. Reddy's and Sun Pharma were the biggest losers in the opening session on NSE.
Quarterly results of these companies came out
In quarterly announcements, some of the major companies including Larsen & Toubro, Tata Power, Dabur India, Aditya Birla Capital and DCM Shriram are scheduled to announce their second quarter results today. Experts also said that the markets may continue their recovery like the trend seen in Tuesday's session.
expert opinion
Akshay Chinchalkar, Head of Research, Axis Securities, has said that there is a possibility of near-term improvement in Nifty after the initial fall. There can be two reasons for this happening. First, Monday's rally formed a Japanese “Bullish Harami” candlestick pattern, which followed yesterday's recovery above Friday's high of 24,440. Second, historically, whenever Nifty falls at least 0.5 per cent below its previous close and rises at least 1 per cent above the same day's low, the market has seen a bullish rise in the next few days. .
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