City
Epaper

Stock market opens tumultuously amidst global uncertainties

By ANI | Updated: October 19, 2023 10:15 IST

Mumbai (Maharashtra) [India], October 19 : The stock market saw a cautious start to the trading day as a ...

Open in App

Mumbai (Maharashtra) [India], October 19 : The stock market saw a cautious start to the trading day as a combination of global factors weighed in. At the opening bell, stock indices opened with losses in the low percentage range. The trading session began with both the Sensex and Nifty in the red, showing a degree of uncertainty in the market.

The Sensex opened lower, shedding 392.41 points from the previous close, initiating the session at 65,424.12. Simultaneously, the Nifty recorded a 134-point decline, starting at 19,537.75, raising initial concerns among traders and investors.

This bearish trend continued through the market opening, with only four Nifty companies advancing, while a significant 45 were in decline, leaving one company's stock unchanged.

Prominent gainers in the Nifty included Bajaj Auto, IndusInd Bank, L&T Mindtree, Hero Motocorp, and ITC. In contrast, notable losers encompassed companies such as Wipro, Hindalco, Tata Steel, Power Grid, and Bajaj Finance.

The market opened on a negative note in line with global cues, influenced by the recent US Treasury yield, which is nearing a 16-year high. Other global factors include rising oil prices and a Dow Jones Industrial Average that recently experienced a decline, adding to the overall caution in the market.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Nifty opened on negative note today following the global cues. US Treasury yield near 16 years high, oil jumps and Dow falls along with tension at Gaza Strip. Market is again going down and moving in expected Opening Interest (OI) range of 19500-20000. Bulls have defended 19500 levels quite well recently".

"It will be interesting to see how they defend the levels this time. IT, Pharma, Banking, Metals, FMCG, Media, Realty stocks continue to look attractive. Dip on these selected company's stocks can be good opportunity for investors. Bias on Indian economy remains bullish despite global concerns. Medium term target on Nifty remains 20466-21410. Major support lies at 18887. Risk defined strategies are advised in this volatile market", Aggarwal added.

The Nifty seems to be adhering to an expected OI range between 19,500 and 20,000, and market observers note that bulls have been defending the 19,500 levels effectively in recent times.

This challenge puts an interesting spotlight on the market's ability to maintain this support amid various global concerns.

Sectors such as Information Technology (IT), Pharmaceuticals, Banking, Metals, Fast-Moving Consumer Goods (FMCG), Media, and Real Estate are still holding investor interest and continue to appear attractive.

Dips in selected companies' stocks could potentially present opportunities for investors in this fluctuating market.

Despite global apprehensions, the general sentiment surrounding the Indian economy remains bullish, with a medium-term target for the Nifty index hovering between 20,466 and 21,410.

In this volatile market, experts recommend implementing risk-defined strategies to navigate potential uncertainties and market fluctuations.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalGermany resumes entry of vulnerable Afghan refugees after month-long freeze: Report

NationalChennai civic body assures conservancy workers of same pay pending tribunal decision

NationalHyderabad: ED attaches properties worth Rs 4.80 crore in money laundering case

EntertainmentCM Devendra Fadnavis visits Nana Patekar's residence for Ganpati darshan

EntertainmentSoni Razdan says there was no major departure for her part from what Saba Azad had done for ‘Song of Paradise’

Business Realted Stories

BusinessTrump targets India again over trade and tariffs, calls business ties 'one-sided'

BusinessSouth African delegation explores locomotive manufacturing at BLW in Varanasi

BusinessIndia a global model for digital regulation built on vision, trust and innovation: Scindia

BusinessSemicon India returns for 4th edition: PM Modi to inaugurate 3-day flagship semiconductor event in Delhi tomorrow

BusinessUS tariffs to have limited impact on India’s brass industry: Traders