Punjab Newsline | Mumbai
Indian stock market began the week on a weak note, with the benchmark Sensex falling more than 600 points and the Nifty slipping below the crucial 22,600 level amid broad-based selling pressure.
At 10:02 am, the Sensex was trading 616.08 points, or 0.84%, lower at 72,155.64. The Nifty declined 190.25 points, or 0.84%, to 22,590.00. The sharp fall in both benchmark indices reflected heightened pressure in early trade.
Among the 30 Sensex constituents, shares of Bajaj Finance, HDFC Bank, Kotak Mahindra Bank, Reliance Industries, Asian Paints and Infosys were among the major losers. Sun Pharma, InterGlobe Aviation and Adani Ports were trading higher.
HDFC Bank and Reliance Industries were among the biggest drags on the benchmark indices. Analysts said a decisive break below 22,600 could intensify selling pressure and potentially push the Nifty towards 22,400.
The 22,400 level is linked to a major lower trendline from the past two years and the 200-week Exponential Moving Average (EMA), making it an important technical support level.
Meanwhile, Brent crude, the global oil benchmark, rose 1.74% to $107.10 per barrel. Higher crude prices could add to concerns over inflation and market sentiment.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth ₹5,353.22 crore on Monday, adding to the pressure on domestic markets.
