The Indian stock market opened on Tuesday with a decline, as observed during the early trading hours. According to reports, the Sensex recorded a drop of nearly 100 points, initiating trading at the level of 72,600. Simultaneously, the Nifty also experienced a decrease of 45 points, commencing business at 22,075.
Market Performance Today
Today, on Tuesday, the stock market is witnessing a downward trend. The Sensex registered a notable decline of 100 points during the initial trading hours. However, there are expectations of a potential recovery later in the day. Additionally, the Nifty also suffered a decrease of approximately 45 points, starting at 22,075. As the day progresses, market participants are keenly monitoring the market’s trajectory.
Petroleum Shares Hit Upper Circuit Again
During the early trading hours, it has been reported that out of the 30 stocks in the Sensex, 21 are experiencing a decline, while 9 are showing positive movement. Notably, petroleum shares, particularly those of PTE. Ltd., have hit the upper circuit once again. Today, a 5% upper circuit has been triggered in the PTE. Ltd. shares as soon as the market opened, replicating the pattern observed yesterday.
Vibhor Steel Tubes Listing
Another crucial development for investors today is the listing of Vibhor Steel Tubes Limited on the stock exchange. The company’s initial public offering (IPO), which was open for subscription from February 13 to February 15, was oversubscribed 320.05 times. The IPO price band was set between ₹141 to ₹151.
Market Correction After Yesterday’s Surge
After the significant surge observed in the stock market yesterday, today’s decline comes as a correction. Yesterday, the Nifty achieved an all-time high of 22,186 but closed at 22,122. Similarly, the Sensex, after a remarkable rise of 281 points, concluded the day at 72,708. Today’s 100-point drop in the Sensex seems to be a correction after yesterday’s bullish momentum.
The stock market’s performance today indicates a correction following the previous day’s surge. Investors are closely monitoring the market for potential opportunities and risks. The petroleum sector, especially PTE. Ltd., continues to be a focus due to its recurring upper circuit triggers. The listing of Vibhor Steel Tubes Limited adds an element of excitement for market participants, contributing to the dynamic nature of today’s trading session.