Indian equity markets opened lower on Thursday, August 13, extending the decline for the third consecutive trading session. The BSE Sensex fell more than 100 points in early trade, while the NSE Nifty 50 slipped towards the 24,350 level.
The 30-share Sensex was trading at 77,863.32, down 103.03 points, or 0.13 percent. The 50-share Nifty was around 24,360.55, lower by 75.40 points, or 0.31 percent.
Despite the decline in the benchmark indices, buying was seen in some stocks. According to early market data, around 1,258 stocks were trading higher, while 815 stocks were declining. About 180 stocks were unchanged.
Selling in large-cap stocks was among the factors weighing on the market in early trade. Shares of Reliance Industries fell around 1.14 percent to trade at approximately Rs 1,313.90. The decline in Reliance Industries affected the major indices because of the company’s large weight in the Indian market.
Shares of Titan Company also declined around 1.14 percent to approximately Rs 5,041. Among the major Nifty decliners, Grasim Industries, UltraTech Cement and Hindalco Industries were also lower. Grasim Industries fell around 2.33 percent, while UltraTech Cement declined approximately 2.15 percent and Hindalco Industries fell around 1.91 percent.
Shares of select companies gained despite the broader decline. Apollo Hospitals Enterprise rose around 1.65 percent in early trade, making it one of the top gainers. The company’s shares reached approximately Rs 8,739.
Eternal shares also gained around 1.08 percent and were trading at approximately Rs 317.45. Shares of Shriram Finance, Tech Mahindra and Mahindra & Mahindra were also trading in positive territory in early trade.
Most major sectoral indices were under pressure in early trade. The Nifty Pharma index declined around 0.78 percent, making it one of the weakest sectoral indices. The Nifty IT index also fell approximately 0.55 percent.
Indices linked to banking, real estate and infrastructure were also trading in the red, with declines of more than 0.40 percent.
The Nifty MNC index, however, edged up around 0.03 percent and remained in positive territory.
