Stock Market: Indian stock market opened in the red on the first trading day of the week, big fall in Sensex.

Mumbai, 12 January. Indian stock markets opened in the red on Monday, the first trading day of the week. During this period, there was a big decline in the major benchmarks of the domestic market and all the Nifty indices were seen trading in the red. The 30-share BSE Sensex opened flat with a fall, but soon its decline continued and it fell by more than 300 points.

Till the time of writing the news, BSE Sensex was trading at the level of 83,228 with a decline of 348 points or 0.42 percent. Whereas Nifty fell by 106.50 points or 0.41 percent and was trading at 25,576.80. In the broader market, the Nifty Midcap index fell 0.18 percent and the Nifty Smallcap index fell 0.33 percent. Sector-wise, Nifty Realty index fell by 1.6 per cent, Nifty Pharma index by 0.97 per cent, Nifty Auto index by 0.6 per cent and both Nifty IT and Bank indices fell by 0.5 per cent.

Shares of Hindustan Unilever Limited, Asian Paints, Axis Bank, Tata Steel and SBI were among the top gainers in the Sensex pack. Whereas the maximum weakness was seen in the shares of Eternal, BEL, L&T, Power Grid, Reliance, Infosys, Bajaj Finance. Akash Shah, Technical Research Analyst, Choice Broking said that Nifty50 is still under pressure as the market is not getting any new strong bullish signal.

Technically, to stop the fall, Nifty needs to remain above the support zone of 25,500-25,600. At the same time, continuous breakout above 25,800–25,850 is necessary for stability and improvement in the market. The expert further said that Bank Nifty is also currently trading in a limited range with a negative trend. Its immediate support is near 59,000. If this level is broken the index may slip to 58,900–58,800. On the other hand, the range of 59,500-59,600 remains a strong resistance. Uptrend can be expected only if there is a strong break above this level.

Akash Shah said that on January 9, foreign institutional investors (FIIs) were net sellers for the fourth consecutive session with the sale of about Rs 3,367 crore. At the same time, domestic institutional investors (DIIs) made net purchases of about Rs 3,701 crore, supporting the market. According to market expert Shah, considering the current situation, investors and traders are advised to focus only on selected and strong stocks, look for opportunities in quality stocks on decline and wait for a clear breakout before taking any aggressive positions.