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There was a lot of activity in Dalal Street since this morning. High volatility is being seen in the domestic stock market since this morning. After registering gains in early trade, Indian benchmark indices — BSE Sensex and NSE Nifty — failed to maintain their momentum and were seen moving very sluggishly. The market is stuck in a range due to mixed signals from global markets and profit booking by domestic institutional investors.
Market experts say that due to the results of the first quarter of the current financial year and changes in crude oil prices, investors are currently avoiding taking big positions. This is the reason why the process of ‘buy on dips’ (buying on decline) and ‘sell on rise’ (selling on rising) is going on continuously in the market.
There was panic in the chemical sector, shares fell by 1%
The chemical sector has suffered the biggest blow in today’s business. Nifty Chemicals Index fell by about 1% in today’s trading session. Due to fluctuations in crude oil prices, the input cost (cost of raw materials) of these companies is expected to increase. Apart from this, due to slowdown in global demand, strong selling was seen in the shares of major specialty chemical companies like Tata Chemicals, Aarti Industries and UPL today. This decline has definitely increased some concern for retail investors.
Latest status of Sensex and Nifty, there was movement in these stocks
If we talk about the main indices, both Sensex and Nifty kept swinging between red and green marks today. While IT and pharma sectors tried to support the market, profit booking dominated the shares of auto, realty and metal sectors. According to market experts, until Nifty crosses its strong resistance level, this period of sluggishness and consolidation may continue in the market. Intraday traders are being advised to work very carefully by setting stop-loss in today’s environment.