The stock market started trading on a decline on Wednesday. Due to weak job data in the US, Dow Jones and Nasdaq declined last night, due to which weakness is also being seen in the Asian markets today.
Nifty started trading on Wednesday at the level of 25090 after a decline of 190 points. Sensex also declined by 710 points and opened at the level of 81845. Selling pressure is being seen in the IT sector.
In early trade, shares of Asian Paints, BPCL, Bajaj Finserv, Apollo Hospital, and HUL from the Nifty 50 index were bullish, while counters like Coal India, LTIMindtree Ltd, ONGC, Wipro, and Infosys were under the most selling pressure.
The concern about growth was the main cause of the market sell-off in US markets on the day yesterday. There are signs of contraction in the US manufacturing sector, which threatens the hope of a soft landing.
The market has been experiencing a correction to markets in the Indian markets for a long time which is evident in the current session. After 14 consecutive sessions of gains, Nifty is trading in the red on Wednesday.
Nifty opened directly around its major support level of 25100. Sensex also opened at the level of 81500 where it has been getting support.
In the market correction, retail investors may be planning to buy some good stocks at reasonable valuations. However, it remains to be seen how Nifty reacts around the level of 25000.
There is strong support at this level, but this level can also be compromised due to panic selling in the full market.
Quick Fact
Company name
Asian Paints
Sector
Paints and Coatings
Trading Status
Bullish
Market Index
Nifty 50
Company name
BPCL
Sector
Oil and Gas
Trading Status
Bullish
Market Index
Nifty 50
Company name
Bajaj Finserv
Sector
Financial Services
Trading Status
Bullish
Market Index
Nifty 50
Company name
Apollo Hospital
Sector
Healthcare Services
Trading Status
Bullish
Market Index
Nifty 50
Company name
HUL
Sector
Consumer Goods
Trading Status
Bullish
Market Index
Nifty 50
Company name
Coal India
Sector
Mining and Minerals
Trading Status
Under Selling Pressure
Market Index
Nifty 50
Company name
LTIMindtree
Sector
IT Services
Trading Status
Under Selling Pressure
Market Index
Nifty 50
Company name
ONGC
Sector
Oil and Gas
Trading Status
Under Selling Pressure
Market Index
Nifty 50
Company name
Wipro
Sector
IT Services
Trading Status
Under Selling Pressure
Market Index
Nifty 50
Company name
Infosys
Sector
IT Services
Trading Status
Under Selling Pressure
Market Index
Nifty 50
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