Sensex and Nifty down 1 pc in early trade amid heavy selling

Mumbai, Nov 7 (IANS) The Indian stock market opened in red on Thursday as heavy selling was seen in metal, auto, financial service, pharma, FMCG, energy, private bank and infrastructure sectors in early trade.

Sensex was trading at 79,549 after falling more than 800 points or 1 per cent. At the same time, Nifty was trading at 24,241 after falling over 250 points or 1 per cent.

However, the market trend remained positive. On the National Stock Exchange (NSE), 1,250 stocks were trading in green, while 999 stocks were trading in red.

Nifty Bank was at 52,061.85 after falling 255.55 points or 0.49 per cent. Nifty Midcap 100 index was trading at 57,4.350 after rising 87.70 points or 0.15 per cent. At the same time, Nifty Small cap 100 index was at 18,886.40 after slipping 19.70 points or 0.10 per cent.

Bajaj Finserv, UltraTech Cement, Bajaj Finance, Nestle India, ICICI Bank and Kotak Mahindra Bank remained the top losers in the Sensex pack. At the same time, Tata Steel, HCL Tech, TCS and JSW Steel were the top gainers.

According to market experts, the Trump victory is turning out to be more potentially transformative than thought earlier.

“With the Congress and the Senate coming under Republican control and President Trump exercising power without bothering about another term in office, hugely transformational decisions are possible in the months following Trump’s assumption of office,” they noted.

In Asian markets, except Jakarta and Tokyo markets, the markets of Shanghai, Seoul, Bangkok and Hong Kong are trading in the green.

The US stock market welcomed Trump's victory in the US presidential election in a grand manner. The US stock market closed in the green after a massive jump of 3.57 per cent on the last trading day.

In India, foreign institutional investors (FIIs) sold equities worth Rs 4,445 crore on November 6, while domestic institutional investors bought equities worth Rs 4,889 crore on the same day.

---IANS

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