The stock market began the week on a cautious note as global worries and tensions in Gaza weighed on investor sentiment. The benchmark Sensex and Nifty indices opened lower on Monday, with declines outnumbering advances among Nifty companies.At the start of the trading session, the Sensex opened 494.23 points lower, commencing at 65,486.61. Simultaneously, the Nifty opened 161.45 points down, initiating trading at 19,492.05.#Sensex loses 450 points, #Nifty near 19,500 IRFC tanks 5% pic.twitter.com/wS280sfhTX— ETMarkets (@ETMarkets) October 9, 2023 As the day started, the market saw a struggle to regain positive momentum, with only 6 Nifty companies advancing and 44 declining. Among the notable gainers were ONGC, HCL Technologies, TCS, Divis Lab, and Dr. Reddy, while Adani Ports, BPCL, TATA Steel, Adani Enterprises, and JSW Steel registered losses.Global uncertainties, coupled with the ongoing tensions in Gaza, contributed to the markets weak opening. Nifty opened with a gap down, setting crucial levels for bullish momentum above 19,767.Despite two unsuccessful attempts to breach these levels, the overall market sentiment remained bullish.The Indian economy continues to exhibit strength, providing confidence for the future. The major support level for the index remains at 18,887, providing a potential buying opportunity for investors. Market experts suggest that investors should consider selectively picking stocks in sectors such as IT, Media, Oil and Gas, Petrochemicals, and Metals. Additionally, there is significant potential for mid and small-cap stocks at current levels.Experts advise investors not to panic and maintain a long-term perspective, focusing on the next few months with optimism about the Indian economys resilience.
