The domestic stock market opened flat on Monday amid global tensions and global cues. At one time at 9.15 am, BSE Sensex was seen trading at the level of 74,603.22 with a gain of 39.3 points. At the same time, NSE’s Nifty was trading at the level of 23,174 with a slight gain of 22.9 points. Of the 30 Sensex constituents, UltraTech Cement, Tata Steel, InterGlobe Aviation, State Bank of India, HDFC Bank and ITC were among the top gainers. Bharat Electronics, Mahindra & Mahindra, Infosys, Trent and Tata Consultancy Services were among the major companies that suffered the most losses.
Movement seen in these stocks on Nifty
The biggest gainers on Nifty in the early session included Grasim Industries, JSW Steel, Hindalco Industries, Cipla and Tata Steel, while the losers were Shriram Finance, Bharti Airtel, Coal India, ONGC and Trent.
The Nifty smallcap index fell 1%, while the midcap index declined 0.5%. At the sectoral level, consumer durables, capital goods, oil & gas, power, realty, PSU banks and media sectors witnessed weakness of 0.5% to 1%.
Expert opinion
Hariprasad K., Research Analyst and Founder, Livelong Wealth. Said that the geopolitical developments taking place in West Asia and fluctuations in crude oil prices are expected to have a deep impact on the direction of the market throughout the week. Ongoing tensions between Iran, Israel and the United States have hit energy markets and raised concerns about shipping routes through the Strait of Hormuz, keeping crude prices high and investors’ risk appetite weak.
Asian market and crude oil
Mixed trend was seen in Asian markets. South Korea’s Kospi, Japan’s Nikkei 225 and Shanghai’s SSE composite index closed down, while Hong Kong’s Hang Seng index remained up. The US market closed down on Friday. Here, global oil benchmark Brent crude rose 1% to $ 104.2 per barrel.
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