Stock Market Today 02 Dec: The Indian stock market was trading at a blistering pace yesterday, but today it opened in red with a sharp decline. The Sensex was trading at around 85,508, down 134 points and 0.16 percent, while Nifty fell 31 points and 0.12 percent to 26,145. Let’s explore the reasons for stock market decline and today’s top losers and gainers.
Stock Market Downfall Reason
The domestic stock market opened weak as both benchmark indices slipped into negative territory, pressured by a depreciating rupee and continued foreign portfolio investor (FPI) outflows. Market experts said investor sentiment turned negative after the currency weakened and FPIs continued to withdraw funds from Indian stock markets. While the markets had touched new highs on Monday, they failed to sustain those levels.
Top Gainers and Losers Share Today
Shares of major companies like HDFC Bank, ICICI Bank, UltraTech Cement, Axis Bank, Bajaj Finserv, Tata Steel, Tata Motors PV, Titan Company, and Power Grid declined. Equity also remained under pressure during early trade. However, selective buying in stocks like Asian Paints, Infosys, Bharti Airtel, Bajaj Finance, SBI, Maruti Suzuki, NTPC, HUL, and L&T helped the Sensex limit losses and post a slight recovery.
Stock Market Today 02 Dec
In the broader market, the Nifty Midcap index rose 0.27 percent, indicating buying interest in mid-sized companies. On the other hand, Nifty Smallcap index fell 0.12 percent. Sectorally, financial stocks performed worst, with the Nifty Financial Services index falling 0.7 percent and the Nifty Bank index falling 0.4 percent.
Experts on Share Market
Analysts said the market remained volatile as traders continued to book profits amid mixed global cues. Investors can use the current period to gradually accumulate reasonably priced large-cap and mid-cap stocks, which will lead the next leg of the market rally. The small-cap segment remains overvalued. Despite the recent rally, Bank Nifty has the potential to provide strength to market as valuations in this segment remain comfortable.
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