The Indian stock market commenced the week on a bearish note, with both the Sensex and Nifty indices registering losses during Monday's opening session. The 30-share BSE Sensex dropped 284 points to settle at 77,724, while the broader NSE Nifty slipped 62 points to 24,301. This downturn comes amidst a backdrop of varied international market performances.
Top Losers and Gainers on Dalal Street
Among the frontline stocks, Hindustan Unilever (HUL), Bajaj Finserv, State Bank of India (SBI), Infosys, and Tata Consultancy Services (TCS) were the primary contributors to the Sensex's decline, with shares falling by up to 1.31%. Conversely, a few stocks managed to defy the trend, with Eternal, Bharat Electronics (BEL), Axis Bank, and Mahindra & Mahindra (M&M) emerging as top gainers, rising by up to 0.79%.
Market Capitalization and Global Influences
The total market capitalization of firms listed on the Bombay Stock Exchange (BSE) stood at Rs 491.42 lakh crore as the market opened. Global cues presented a mixed picture; Asian markets saw gains, with Hong Kong's Hang Seng rising 424 points and Japan's Nikkei advancing 139 points. However, US markets had closed marginally lower on the preceding Friday.
Brent crude oil prices were trading at approximately $81 per barrel, a factor that market analysts are closely monitoring. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that the market is likely to remain within the 24000-24600 range in the near term, awaiting fresh triggers. He highlighted that persistent crude oil prices without an immediate resolution to global crises could cap any potential uptrend. Furthermore, the Nifty's performance is currently being hampered by the subdued showing of major IT and banking sector stocks.
"The market is likely to continue in the range of 24000 - 24600 in the near-term till some triggers emerge to break the range," stated Vijayakumar. "Crude trading at $81, without any prospects for an immediate resolution to the crisis, is likely to cap any uptrend that may emerge. Nifty is being bogged down by the poor performance of the IT majors and the big banking names."
Previous Session Overview
In the previous trading session on Friday, benchmark indices had also closed lower. The Sensex dipped 70.71 points, or 0.09 percent, to 78,009.25, while the Nifty ended down 29.85 points, or 0.12 percent, at 24,366.