As indices declined at the start of trading on Tuesday, the stock market put investors through a roller-coaster-like experience. Key stock indices experienced a decline as the trading day got underway, indicating a bearish start. Investors became cautious and unsure about the day’s trading prospects as a result of the initial price decline.
The Sensex, representing the top companies listed on the Bombay Stock Exchange (BSE), initiated the trading session on a bearish note, opening 83.43 points lower at 65,935.26.
Simultaneously, the Nifty, mirroring the National Stock Exchange’s (NSE) broader market performance, commenced the day with a 16.60 point drop, starting at 19,657.95.
Throughout the trading day, market participantswill be closely watching the performance of Nifty companies.
Among these, 24 stocks registered gains, while 25 experienced declines, leaving only 1 unchanged. Eicher Motors, Tata Steel, Larsen & Toubro (LT), Dr Reddy’s Laboratories, and UltraTech Cement emerged as the top gainers.
Conversely, Apollo Hospitals, Asian Paints, Tata Consultancy Services (TCS), Tech Mahindra, and Infosys grappled with losses.
Varun Aggarwal, the founder and managing director of Profit Idea, shared his insights on the market’s direction. Aggarwal noted, “Open Interest (OI) data suggests the market may consolidate for some more time, with heavy put writing at 19,500 and call writing at 20,000 Nifty levels.”