The stock market opened flat in the red today, extending the bearish sentiment that has been present. The market continued its downward trend. The Nifty opened at 18964.75, down 156.45 points, while the Sensex saw a notable decline of 481.30 points, opening at 63564.74. There were 46 declines and 4 advances among the Nifty companies. The biggest gainers were Axis Bank, HCL Technology, and IndusInd Bank, providing some optimism in the midst of the gloom. Nevertheless, significant losses were experienced by businesses like Tech Mahindra, Hindalco, M&M, Adani Enterprises, and Bajaj Finserv, which contributed to the general pessimistic outlook.
Varun Aggarwal, founder and managing director Profit Idea, said, “Yesterday’s positive opening, Nifty reversed early gains and ended nearly 1 per cent lower to close a 3-month low below the 19200 mark. Downside momentum continued and its effect can be seen on today’s opening as well. Nifty has reached nearly 19000 levels. Today being FO expiry, 19000 OI is maximum, it will be important for bulls to defend this crucial technical as well as psychological level on index”.
The market’s negative momentum persisted from the previous day, where Nifty experienced an early surge only to close nearly 1 per cent lower, marking a 3-month low below the 19200 mark.
The downward trend was exacerbated by today’s futures and options expiry, with 19000 being the maximum Open Interest (OI). Analysts emphasize the importance of defending this crucial technical and psychological level to prevent further declines.
