Stock Market Slips as Heavyweights Face Selling Pressure

The stock market started the week on a downbeat, with major indices closing in negative territory due to selling pressure on heavyweight stocks. The Sensex dropped by 450.94 points while the Nifty saw a decline of 168.50 points. Only 11 Nifty stocks advanced, with Adani Enterprises among the top gainers.

The stock market commenced the week in negative territory, influenced by significant selling pressure in heavyweight stocks. Official figures show the Sensex fell by 450.94 points, marking a 0.57% decline to settle at 78,248.13. Likewise, the Nifty dropped by 168.50 points, or 0.71%, closing at 23,644.90.

Only 11 of the Nifty-listed stocks recorded gains, with Adani Enterprises, Tech Mahindra, and HCL Technologies leading the charge. However, Hindalco, Tata Motors, and Trent were among the biggest losers. Real estate, automotive, and metal sectors led the declines, whereas pharma emerged as a lone bright spot.

According to Ajit Mishra, Senior Vice President at Religare Broking Ltd., market volatility was evident in trading patterns, with early gains evaporating due to sector-specific selling pressures. Meanwhile, Vinod Nair of Geojit Financial Services pointed to foreign investor selling and a strengthening dollar as key factors affecting market sentiment.

(With inputs from agencies.)