Business Desk:- After the initial sharp rise in the Indian stock market on Monday i.e. 5th October, selling was seen at the upper levels. The Sensex slipped nearly 650 points from the day’s high of 72,368, while the Nifty fell below 22,450. However, both the indices are still trading in the green compared to the previous trading day’s closing levels.
Here day high means the highest level of Sensex till date on that day. That means the Sensex has fallen by 650 points not from the previous closing price, but from the day high of 72,368. On October 1, the Sensex closed at 71,909.70. Therefore, despite falling about 650 points from the day’s high, the Sensex remains above the previous closing level.
Sensex had risen by more than 450 points in the beginning
The market had made a strong start on Monday. At around 9:18 am, the Sensex had risen by more than 458 points to reach the level of 72,368. This was the day high at that time. Meanwhile, Nifty was trading around 22,551 with a gain of 129 points.
The initial rise was supported by positive signals from the global market, decreasing concerns about US interest rates and softening crude oil prices. However, the market’s gains were later reduced due to increased selling at upper levels.
Market recovery after 8 weeks of decline
Before Monday, the Indian market had suffered 8 consecutive weeks of decline. On October 1, Sensex fell 570.59 points to close at 71,909.70 and Nifty fell 198.50 points to close at 22,421.95.
In such a situation, Monday’s initial rise brought relief for the market. However, the index slipping from the day’s upper levels also made it clear that there is selling pressure at higher levels.
HDFC Bank and Bajaj Finance rise
Among banking stocks, HDFC Bank remained bullish. The bank’s shares were trading more than 1% higher. In the bank’s Q2 update, gross advances increased by 16.3% year-on-year to Rs 32.19 lakh crore and deposits increased by 18.8% to Rs 33.27 lakh crore.
Bajaj Finance shares also rose by about 4%. The company’s AUM grew 26.5% year-on-year to Rs 5.85 lakh crore in Q2FY27. The company’s board has approved raising up to Rs 11,700 crore through QIP and up to Rs 5,800 crore through warrants.
Maruti, DLF and Vedanta also in focus
Maruti Suzuki shares also remained bullish in early trade. Excluding Toyota sales in September, the company’s domestic volumes rose 37% year-on-year. SUV volumes increased by 62%.
DLF shares were trading up about 0.8%. The company has completely sold Gurugram’s luxury residential project ‘The Aureva’ for about Rs 1,985 crore.
At the same time, Vedanta also remained in focus. After the decision of the Odisha High Court, the company can get a lump sum recovery of the old outstanding amount of about $ 290 million including interest.
Market also keeps an eye on RBI meeting
The meeting of the Monetary Policy Committee of RBI is also important for the market. This three-day meeting has started from October 5 and information about its decisions will be given on October 7. The market is also keeping an eye on the possibility of increase in repo rate by 25 basis points i.e. 0.25%.
Apart from this, factors like crude oil price, US bond yield and selling by foreign investors can also affect the direction of the market. At present, Sensex and Nifty have come down from the day’s high levels, but remain in the lead as compared to the previous close.