Sensex Came Down More Than 800 Points In Morning

Sensex came down more than 800 points as soon as the stock market opened.

The stock market recorded a fall during early trading on Thursday. Sensex opened at 59,731 below the previous closing level of 60,223 points.

After this, the decline increased and till the time of writing the news, it was trading down 861 points. Nifty 50 was also trading down 241 points at 17683 points.

Earlier on Wednesday, the stock markets continued to rise for the fourth consecutive trading session and the BSE Sensex on Wednesday gained 367 points and reclaimed the level of 60,000 points.

The rise in the bank and financial stocks limited the profit-booking effect in IT stocks.

According to traders, gains in the rupee against the US dollar and continued buying by foreign institutional investors supported the upside.

The market was volatile in the beginning. However, later it gained momentum and in the end, the 30-share BSE Sensex gained 367.22 points, or 0.61 percent, to close at 60,223.15 points.

Earlier, the index had closed above the 60,000 mark on November 17, 2021. Similarly, the Nifty of the National Stock Exchange closed at 17,925.25, up 120 points, or 0.67 percent.

Bajaj Finserv was the top gainer, rising over 5.09 percent in Sensex shares. Besides, Bajaj Finance, Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints, Maruti, and ICICI Bank were also gainers.

On the other hand, the declining stocks include Tech Mahindra, Infosys, HCL Tech, Wipro, PowerGrid, and Dr. Reddy’s. Of these, there was a decline of up to 2.87 percent.

18 out of 30 Sensex stocks ended in gains.

Vinod Nair, Head of Research, Geojit Financial Services said that the domestic market rose after a slight decline in volatile trade.

To curb the increasing cases of Covid infection, there was volatility in the market due to big restrictions. Bank stocks outperformed.

This is because the business of some private sector banks grew in double digits in the third quarter.

Ajit Mishra, Vice President (Research) Religare Broking said that the market started off well in the current year. But now it may go down a bit.

For the time being, banks and financial stocks are leading the rally. So their performance is crucial. Also, there may be some volatility on the last day of settlement of weekly deals.

Traders can opt for a ‘stop loss’ (sell the stock at a specified price in case of a fall) to limit losses on their purchases. However, shares can be bought on the downside.