The Indian stock market started with weakness on Thursday amid mixed global signals. Selling dominated Dalal Street in the early trading itself, due to which Sensex fell by almost 400 points, while Nifty also recorded a fall of up to 120 points. Pressure in IT stocks and global uncertainties weakened the market edge.
BSE Sensex was seen trading at 83,821.87 with a fall of 311.77 points. Whereas NSE Nifty fell by 122.50 points to reach 25,831.35. Market breadth also remained weak. About 1,105 shares showed gains, while 1,658 shares declined and there was no change in 150 shares.
Pressure in IT sector, banking took charge
IT shares led the decline on Nifty. Majors like Infosys, Tech Mahindra, TCS, HCL Tech and Wipro remained in the red. Weakness in global tech cues and movement of dollar put pressure on IT sector. On the other hand, buying was seen in stocks like ONGC, NTPC, Eicher Motors, ICICI Bank and Axis Bank, due to which the fall stopped to some extent.
The results of these companies will come today
Today the market will keep an eye on the quarterly results of many big companies. Dozens of companies including Hindustan Unilever, ONGC, Coal India, Hindalco, Biocon, Hindustan Aeronautics, IRCTC, Muthoot Finance, Petronet LNG and SpiceJet will release their results. The performance of these companies can decide the direction of the market.
Special attention will be kept on these stocks
- Federal Bank: RBI has approved ICICI Prudential AMC and ICICI Bank group companies to acquire up to 9.95% stake in Federal Bank. Due to this, movement in the stock is possible.
- Netweb Technologies: The stock will be in focus with the news of promoters selling 3% stake through block deal. The deal size is said to be around ₹514.5 crore.
- Kernex Microsystems: The company has received a large order worth ₹411.17 crore from Banaras Locomotive Works, which includes supply of 505 units of ‘Kavach’ system.
Will there be pressure in future also?
Experts believe that the market will keep an eye on global cues, dollar index and FII activity. If weakness in IT stocks continues, the market may remain under pressure, while strong results may support the market.
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