The stock market took investors on a roller-coaster ride as indices faced a downturn at the market opening on Tuesday
Published Date – 10:45 AM, Tue – 26 September 23
Mumbai: In a volatile trading session, the stock market took investors on a roller-coaster ride as indices faced a downturn at the market opening on Tuesday.
As the trading day commenced, key stock indices, faced a downtick, signalling a bearish start. This initial drop in prices left investors cautious and uncertain about the day’s trading prospects.
The Sensex, representing the top companies listed on the Bombay Stock Exchange (BSE), initiated the trading session on a bearish note, opening 83.43 points lower at 65,935.26.
Simultaneously, the Nifty, mirroring the National Stock Exchange’s (NSE) broader market performance, commenced the day with a 16.60 point drop, starting at 19,657.95.
Throughout the trading day, market participantswill be closely watching the performance of Nifty companies.
Among these, 24 stocks registered gains, while 25 experienced declines, leaving only 1 unchanged. Eicher Motors, Tata Steel, Larsen & Toubro (LT), Dr Reddy’s Laboratories, and UltraTech Cement emerged as the top gainers.
Conversely, Apollo Hospitals, Asian Paints, Tata Consultancy Services (TCS), Tech Mahindra, and Infosys grappled with losses.
Varun Aggarwal, the founder and managing director of Profit Idea, shared his insights on the market’s direction. Aggarwal noted, “Open Interest (OI) data suggests the market may consolidate for some more time, with heavy put writing at 19,500 and call writing at 20,000 Nifty levels.”
He further added, “The index is looking to stabilize this week and possibly can rise higher. Investors should not worry too much about looking at broader data. Nifty looks good with this healthy correction. This is good for markets in the medium to long term. Higher targets stay intact, with expected levels of 20,466, 21,234, and 21,410 on Nifty.”
Aggarwal also highlighted the potential of small and mid-cap stocks, stating, “Small and mid-cap stocks have huge potential even from current levels. IT, Media, Metal, Petrochemicals, and Banks look good for the medium term.”
As investors brace themselves for further market movements this week, the stock market continues to be influenced by a variety of factors, both domestic and global, that contribute to its inherent volatility.
