Mumbai, 23 June (IANS). The Indian stock market opened in a red mark on Monday amid weak global signals due to increasing stress in the Middle East. In early trade, selling was seen in IT and auto sector.
Around 9.30 am, the Sensex was trading at 81,731.07, declining 677.10 points or 0.82 percent, while the Nifty was trading at 24,907.75 with a decline of 204.6 points or 0.81 percent.
The Nifty Bank was trading at 55,865.10 with a decline of 387.75 points or 0.69 percent. The Nifty Midcap 100 index was trading at 57,776.05 after a fall of 219.45 points or 0.38 percent. The Nifty Smallcap 100 index was at 18,148.95 after 45.25 points or 0.25 percent.
According to analysts, even though the US bombing on Iran’s three nuclear facilities has increased the crisis, its impact on the market is likely to be limited. Now the uncertain factor is the nature of the Iranian reaction and its time.
Dr. VK Vijaykumar, the main investment strategist of Geojit Investments Limited, said, “If Iran targets US defense facilities, damages them or severely damage American military personnel, America’s response can be very large and this can increase the crisis. But the market assesses that Iran, America and Israel have some limitations against what Iran, America and Israel can do.
Meanwhile, the Sensex pack featured Infosys, HCL Tech, Hindustan Unilever Limited, Eternal, TCS, Asian Paints, Power Grid, Reliance, ITC Top Loles. At the same time, Bharat Electronics Limited (BEL), Bharti Airtel and Trent were top gainers.
Foreign institutional investors (FIIs) continued their purchases for the fourth consecutive day on 20 June and bought shares worth Rs 7,940.70 crore. On the other hand, domestic institutional investors (DIIs) sold shares worth Rs 3,049.88 crore on the same day.
The prime research head of HDFC Securities, Devarsh Advocate said, “We hope that our markets will react adversely and open in the red mark before the initial loss. The immediate resistance is now at 25,222 levels. The support is now upwards upwards.”
Bangkok, Japan, Sol, Hong Kong and Jakarta were trading in the red mark in Asian markets, while only China was trading in green mark.
In the last trading session on Friday, Dow Jones closed at 42,206.82 in the last trading session at 42,206.82 in the last trading session. The S&P 500 index fell 13.03 points or 0.22 percent to 5,967.84 and Nasdaq closed at 19,447.41, declining 98.86 points or 0.51 percent.
-IANS
SKT/