The IT, PSU Bank, Financial Services, Pharma, FMCG, Metal and Energy indices witnessed the most selling. Only the Consumption index was trading in the green.
Stock Market Crash: ट्रंप के ‘टैरिफ वॉर’ से शेयर बाजार में हड़कंप, सेंसेक्स-निफ्टी में भारी गिरावट
The Indian stock market opened in the red on Monday due to the imposition of trade tariffs on Canada, Mexico and China by US President Donald Trump. Selling is being seen all around in the market. At 9:26 am, the Sensex was down 527 points or 0.68 percent at 77,019 and the Nifty was down 165 points or 0.70 percent at 23,317.
Selling is also being seen in midcap and smallcap as compared to largecap. The Nifty Midcap 100 index was down 282 points or 0.53 percent at 53,204 and the Nifty Smallcap 100 index was down 128 points or 0.80 percent at 16843.
The maximum selling was seen in IT, PSU Bank, Financial Services, Pharma, FMCG, Metal and Energy indices. Only the Consumption index was trading in the green.
Titan, Nestle India, Maruti Suzuki, Bajaj Finserv, Bharti Airtel, Sun Pharma, Zomato, Asian Paints, Axis Bank and ITC Hotels were the top gainers. N&T, NTPC, Power Grid, Tata Steel, Tata Motors, Reliance, IndusInd Bank, M&M, SBI, Tech Mahindra, TCS, ICICI Bank, UltraTech Cement and Infosys were the top losers.
Hardik Matalia, derivative analyst at Choice Broking, said that 23,200, 23,100 and 23,000 are strong supports for Nifty. In case of bullishness, 23,500 is a resistance level. If it breaks, then 23,600 and 23,700 levels can be seen.
Most of the Asian markets are trading in the red. Tokyo, Hong Kong, Bangkok, Seoul and Jakarta are in the red. US markets closed in the red on Friday’s trading session.
Crude oil prices are witnessing an uptrend. WTI crude is up 1.75 percent at $73.80 and Brent crude is up 0.86 percent at $76.32 per barrel.
Foreign institutional investors (FIIs) remained net sellers on February 1 and sold equities worth Rs 1,327 crore, while domestic institutions bought equities worth Rs 824 crore on the same day.
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