Market bounces after a fall in early trade

Image Source: File The 30-share BSE Sensex fell 299.15 points to end at 58,541.64 in early trade.

Highlight

  • The 30-share BSE Sensex fell 299.15 points to end at 58,541.64 in early trade.
  • The NSE Nifty also fell 89.85 points to 17,441.
  • Foreign institutional investors (FIIs) offloaded shares worth Rs 3,260.05 crore on Friday.

Benchmark indices on Monday started trading on a bearish note with weak global market trend but soon recovered all initial lost ground and were trading in positive territory. After a weak start, the 30-share BSE Sensex ended 299.15 points lower at 58,541.64 in early trade. The NSE Nifty also fell 89.85 points to 17,441. However, later both the benchmark indices regained all the initial lost ground and were trading higher.

Sensex was trading 157.23 points higher at 58,998.02, while Nifty was trading 49.70 points higher at 17,580.55. From the Sensex pack, UltraTech Cement, Asian Paints, Titan, Dr Reddy’s, Tata Steel, HCL Technologies, Maruti and ICICI Bank were the major laggards in early trade. Mahindra & Mahindra, IndusInd Bank, Infosys, Bajaj Finserv and State Bank of India were trading in the green. Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong were trading lower.

US markets closed in negative territory on Friday. “The near-term market structure has weakened and buying on dips strategy is unlikely to work in the current risk-free global environment. FIIs turning sellers is a short-term downside. The market is likely to take a decisive trend. Only Following the Fed policy announcement on September 21,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

The 30-share BSE benchmark had closed 1,093.22 points or 1.82 per cent lower at 58,840.79 on Friday. Nifty closed 346.55 points or 1.94 per cent lower at 17,530.85. Meanwhile, international oil benchmark Brent crude rose 0.62 per cent to $91.92 per barrel. According to data available with the BSE, foreign institutional investors (FIIs) offloaded shares worth Rs 3,260.05 crore on Friday.

Read also: Rupee rises 14 paise to 79.64 against US dollar in early trade

Read also: Market Update: 6 of Top-10 Most Valuable Firms Drop Rs 2 Lakh Crore; TCS, Infosys biggest laggards

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