3 weeks ago
Sensex, Nifty Open Higher but Quickly Lose Early Gains
On Monday, the stock market in India woke up feeling very happy.
A stock market is a place where people can buy tiny pieces of companies.
Investors from other countries were buying lots of these pieces, and companies were sharing good news about their earnings.
So at the very start of the day, the two big market measurement lists, the Sensex and the Nifty, went up.
The Sensex rose by more than 170 points, and the Nifty climbed to a high of 24,620.
But the happiness did not last long.
By 10:20 in the morning, almost all of those gains had disappeared.
The Sensex was only about 25 points higher than where it began the day.
Some companies, like Titan and ICICI Bank, still went up, but others, like IndiGo, went down.
In the end, the market finished the morning nearly where it started.
Indian equities opened higher Monday on continued foreign portfolio investor (FPI) buying and corporate earnings optimism, but surrendered most gains by 10:20 am.
The Sensex opened at 78,501, rose 0.22% to 78,676 in early trade, then fell back to trade about 25 points above its previous close.
The Nifty 50 opened at 24,581.25 and climbed to 24,620 before giving up its early gains.
Titan (+1.76%), ICICI Bank (+1.10%) and Axis Bank (+0.75%) led early Sensex gainers, while IndiGo (-0.65%) was the biggest loser.
FPIs purchased Indian equities worth $1.36 billion last week, following $2.12 billion in July, while India VIX rose 5.34% to 12.81.
- Who
- Indian equity investors, foreign portfolio investors (FPIs), and constituents of the Sensex and Nifty 50 indices.
- What
- The Sensex and Nifty 50 opened higher on FPI buying and strong earnings hopes but quickly gave up most of their early gains.
- Where
- Indian equity markets, namely the BSE Sensex and NSE Nifty 50.
- When
- Monday's morning trading session; the indices had lost most of their gains by 10:20 am.
- Why
- Continued FPI buying and optimism over corporate earnings drove the higher opening, though gains faded by mid-morning.
Key facts
- Sensex open
- 78,501 (previous close 78,499)
- Nifty 50 intraday high
- 24,620
- Leading sector
- Nifty Pharma (+0.65%)
- Top Sensex gainer
- Titan (+1.76%)
- Top Sensex loser
- IndiGo (-0.65%)
- FPI equity purchases
- $1.36 billion last week; $2.12 billion in July
- India VIX
- 12.81, up 5.34%
- Rupee open vs US dollar
- 95.17
Sources
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