Stock market slipped from top level under pressure of profit-booking

New Delhi. The rally in the Indian stock market since October 7 this month was hit on Tuesday due to profit-booking pressure. For the first time since October 6, the Sensex and Nifty closed in the red under selling pressure. However, even today, at the beginning of trading, both these indices set a record for all-time high opening. Both these indices of BSE and NSE rose further during the day’s trading and once again set a new record of all-time high. Sensex reached above 62 thousand mark for the first time, while Nifty also managed to go above 18,600 mark for the first time. But both Nifty and Sensex could not sustain the gains under pressure of profit-booking. Due to which both these indices fell and ended today’s trading in the red mark. The Bombay Stock Exchange (BSE) Sensex opened at a record level of 62,156.48 with a gain of 390.89 points today. At the beginning of trading, the stock market continued to buy and sell around this height for a long time. The Sensex reached the level of 62,201.72 points with the support of buying before 10 am, but after that the selling started in the stock market. Due to which the Sensex fell 607.43 points from the top level of that time to reach the level of 61,594.29 in the next 15 minutes.

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After this, once again buying started in the market and Sensex started moving upwards. This rise of Sensex remained till a few minutes before 2 pm. During this period, despite the slight selling, the Sensex continued to move forward with the support of continuous buying. With the support of buying, the Sensex rose by 479.84 points to reach the level of 62,245.43 points, but a few minutes before 2 pm, profit-booking started in the market, due to which there was a fierce sell-off. Due to this strong selling, the Sensex lost the day’s rally and reached the red mark and closed at 61,716.05, down 49.54 points.

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The Nifty of the National Stock Exchange (NSE) also started trading today with a gain of 125.30 points from a record level of 18,602.35. Supported by early buying, Nifty reached the level of 18,604.45 points, but the sharp sell-off that followed forced the Nifty to fall by 204.20 points from the day’s high to fall to the level of 18,400.25. However, the buying started after this took the Nifty out of the red mark again to the green mark. Nifty continued to remain around today’s top level with the support of buying till around 2 pm, but the selling started a few minutes before 2 pm also forced Nifty to dive into the red mark. Due to this selling pressure, Nifty ended today’s trading at 18,418.75 with a weakness of 58.30 points. After the day’s trading, the top 5 gainers included in the list of today’s top 5 gainers with the strength of Tech Mahindra 4.02 percent, Larsen & Toubro 3.22 percent, Bajaj Finserv 2.13 percent, Infosys 1.67 percent and Kotak Mahindra Bank 1.18 percent. On the other hand, ITC declined by 6.32 per cent, Tata Motors by 5.44 per cent, Eicher Motors 4.34 per cent, Hind Unilever by 4.04 per cent and Titan Company by 4.01 per cent to join the list of top 5 losers.

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