Mumbai: The impact of the rise in crude oil prices amid uncertainty over geopolitical conditions was visible on the initial movement of domestic stock markets on Tuesday. As soon as trading started, BSE Sensex fell 320.14 points to 78,204.40. Similarly, NSE Nifty was seen slipping 94.35 points and trading at 24,490.85.
Selling pressure was seen in the market in early trading. However, efforts were also seen to limit the fall due to buying in some major stocks.
Most pressure on these stocks
Among Sensex companies, shares of InterGlobe Aviation, Axis Bank, UltraTech Cement, Bharti Airtel, Eternal and Bajaj Finance were major losers in early trade.
On the contrary, shares of Titan, HCL Tech, Tech Mahindra and Infosys were seen trading with gains.
Market also keeps an eye on crude oil prices
The price of international oil standard Brent crude fell marginally by 0.13 percent to $ 87.61 per barrel. Amidst geopolitical uncertainties, investors are looking at fluctuations in crude oil prices as an important indicator for the market.
Mixed trend in Asian markets
There was no uniform trend in the major markets of Asia on Tuesday. South Korea's Kospi was trading in gains, while China's Shanghai SSE Composite and Hong Kong's Hang Seng were trading in decline.
Earlier on Monday, American stock markets also closed with a decline.
FII made net purchases of Rs 1,974 crore
The activities of foreign investors in the domestic market were also important. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 1,974.76 crore on Monday.
This figure reflects the activity of foreign investors in the market, although its impact was not enough to stop the decline in early trading on Tuesday.
The market closed with a slight gain on Monday
In Monday's trading session, BSE Sensex rose 43.27 points to close at 78,542.44. Whereas Nifty closed at the level of 24,583.80 with a gain of 13.15 points.
The impact of global cues, crude oil prices and geopolitical developments will now be important on the market direction at the beginning of Tuesday.
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