Mumbai [Maharashtra], August 10 : The stock market commenced trading on Thursday with a dip in key indices, reflecting a cautious start to the day's trading activities.
The Sensex opened down by 186.91 points at 65,795.75, while the Nifty was down by 57.85 points at 19,580.75 at the time of writing this article.
Investor sentiment remained mixed as the market exhibited early morning fluctuations.
Advances numbered 13, with declines surpassing at 37, and a single stock remained unchanged, reflecting the diversity of responses to the market's opening.
Among the Nifty-listed companies, the opening bell saw a divergent performance among key players.
ONGC, Adani Enterprises, Ultra Cement, Adani Ports, and BPCL emerged as the top gainers, highlighting their positive momentum and early market favour.
On the other hand, HCL Technology, Eicher Motors, Asian Paints, ITC, and TCS faced losses, becoming the top losers at the start of the trading day.
Wednesday's market session showcased a theme of market volatility, characterized by fluctuating indices and a dynamic trading environment. The Sensex, which encountered initial losses during the day, managed to rebound in the final hours of trading. It concluded the session with an encouraging gain of 149.31 points, closing at 65,995.81.
Similarly, the Nifty demonstrated resilience on Wednesday at the time of market closing, climbing by 61.70 points by the time the market closed, reaching a closing figure of 19,632.55.
The late-session surge indicated a shift in sentiment and a degree of optimism among investors, contributing to the market's overall positive finish on Wednesday.
Varun Aggarwal, Founder and MD, Profit Idea, said “Huge Volatility in global markets. Expect market to remain range bound due to US Inflation data. Selected stocks are expected to outperform. Lot of good opportunities from Mid & Small Cap space to pick during this consolidation phase.”
“Market is expected to decide the momentum only after the FED meet. Till than traders should look to trade in this range bound market”, said Aggarwal
“As per derivatives data, market is in consolidation phase and can outperform. Option writers are selling puts, which signifies market can go up. All this small negatives are temporary”, said Aggarwal
Market participants continue to closely monitor market developments, economic indicators, and global trends as they navigate a landscape characterized by both challenges and opportunities.
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