By – Prakarsh Kastwar
Sensex Opening Bell: As the votes for the Haryana and Jammu and Kashmir assembly elections were counted, the Sensex gained by 304.83 (0.37%) points to 81,352.40 at 9:51 a.m. On the other hand, the Nifty was trading at 24,887.00, up 91.25 (0.37%) points. During this time, as the number of party seats in the market changes, so does the market’s hue.
The domestic stock market also experienced turbulence on Tuesday as votes were counted in the Haryana and Jammu Kashmir assembly elections. The benchmark indices fluctuate in tandem with the number of seats held by political parties in Haryana and Jammu Kashmir.
After a slow start, at 9:51 a.m., the Sensex increased 304.83 (0.37%) points to 81,352.40. On the other hand, the Nifty was trading at 24,887.00, up 91.25 (0.37%) points. Meanwhile, the market experienced multiple surges and dips. Following the bearish trend in Asian markets, selling pressure persisted in the Indian stock markets on Tuesday. As a result, the market fluctuated throughout early trading.
The Sensex and Nifty continue to rise and fall.
Earlier, the Nifty and Sensex had uneven starts. The Nifty 50 index opened up 36 points, or 0.15 percent, at 24,832.20 points. At the same moment, the Sensex index opened down 223.44 points, or 0.28 percent, at 80,826.56 points.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “The market saw weakness on negative cues from escalating geopolitical tensions in the Middle East, large FPI selling, and fears over the election results to be held today. The most crucial trigger that drove the Nifty down 5.6% from its peak was the constant large FPI selling over the last six trading days.”
Among sectoral indexes, Nifty Private Bank led the gains in the opening session, up 0.55 percent, followed by Nifty Bank, which rose 0.5%, while Nifty FMCG, Nifty Media, and Nifty Metal all saw selling pressure. Out of the Nifty 50 equities, 20 opened higher, 26 fell, and 4 were unchanged.
FPIs sold equity shares worth Rs 50,011 crore during six trading sessions.
Foreign portfolio investors (FPIs) sold equities for Rs 50,011 crore over the last six trading sessions, while domestic institutional investors (DIIs) bought for Rs 53,203 crore. Despite this, the market fell 5.6% due to negative mood.
Experts also believe that there are sufficient signs to imply that FPIs are employing a’sell India, buy China’ approach. High valuations in India and low valuations for Chinese stocks have prompted this shift in FPI strategy.
Varun Agarwal, MD of Profit Idea, stated, “On Monday, the Nifty index finished at the critical support level of 24,800, with momentum indicators in the oversold territory, which may lead to a transitory bounce. However, a weekly closing below 24,800 could result in more falls, possibly to 24,000.”
Other Asian markets had severe selling pressure on Tuesday, with Hong Kong’s Hang Seng index down more than 7.5% at the time of this report. Japan’s Nikkei index dropped 1.21 percent, while Taiwan’s weighted index sank 0.76 percent.