The stock market started with a fall on Monday. The Drone attack on Aramco’s oil plants in Saudi Arabia has led to a rise in crude oil prices and has impacted markets across the world. Because of this, there is pressure on oil stocks in India too.
The Bombay Stock Exchange (BSE) Sensex opened with a fall of 176 points on Monday and within a short time the level of its fall exceeded 200 points. The National Stock Exchange (NSE) Nifty also opened with a fall of 60.90 points and is trading around 11,000.
The Sensex fell 176.72 points to open at 37,208.27, while the Nifty fell 60.90 points to open at 11,015. In early trade, around 332 shares gained and 502 shares declined. On Monday, the rupee also saw a fall in early trade. It opened 70 paise down at 71.62 per dollar against Friday. The rupee had closed at 70.92 on Friday.
By 9.30 am, the Sensex was trading down by 195 points and the Nifty was trading down by 61.75. Prominent stocks to rise included Indiabulls Housing, Hudco, BEL, ONGC and GAIL, while the leading losers included BPCL, IOC, HPCL, Asian Paints, Yes Bank, RIL, UPL, Tata Motors etc.
Markets around the world have been affected by the attack on Aramco’s oil plants in Saudi Arabia. Apart from this, the market will get direction from the investment trends of foreign portfolio investors (FPIs) and domestic institutional investors this week. Finance Minister Nirmala Sitharaman on Saturday announced several measures to boost exports and boost the residential sector as well as improve the health of the economy.
Last week, there was a good rally in the stock markets, with major cuts in interest rates by the Reserve Bank of India, a sign of progress in the US-China trade negotiations. On a weekly basis, the Sensex gained 403.22 points or 1.09 per cent to close at 37,384.99. At the same time, the Nifty closed 129.70 points or 1.18 percent higher at 11,075.90.