After two consecutive days of gain, the stock market started weak on Wednesday. In the initial trading, the Sensex dropped by 142 points to 39808.57, while the Nifty dropped 45.10 points to 11,920.50. In the early trading, 230 shares were strengthened and 430 shares declined.
The decline in S & P BSE SENSEX continued further and at 11.30, it reached 39,676. Similarly, Nifty reached 11,889.75 by 11.30 in the morning.
Shares of Yes Bank, SBI, Indiabulls Housing, ONGC, GE Entertainment, Bharti Airtel, Infosys were included in the falling stocks, while stocks like DHFL, JSW Steel, Tata Steel, Sterlite Tech, Madarsan Sumi, ITC and Asian Paints were seen in the rise. Apart from metals and energy, all the sectors have seen decline.
In early trading on Wednesday, the rupee was flat and opened at 69.45 against the dollar. Significantly, Indian stock indices were seen strong on Tuesday. On Tuesday, the Sensex gained 165 points and the Nifty closed at 11,950 level. Around 1141 stocks gained and 1393 shares declined. At the end of the trading, the Sensex climbed 165.94 points to close at 39,950.46, the Nifty rose 42.90 to the level of 11,950.60.
YES BANK, ONGC, Tata Motors, G. Entertainment and IndusInd Bank were the major shareholders, while India Bulls Housing, Sun Pharma, M & M, Dr Reddy’s Lab and Tech Mahindra saw decline in shares. India Bulls Housing shares saw a decline of 8 per cent. Purchases were seen in auto, bank, energy, metal, IT and Infra sectors, while FMCG declined a bit.
During this entire business week the market will be seen in the monsoon’s progress in the country. At the same time, industrial production and inflation data, US-China trade war and crude oil prices can affect the market especially this week. The major financial data released in India and abroad this week will also give direction to the market. The dollar’s move against the dollar and the crude oil prices in the international market will also be visible.