The S&P BSE Sensex was trading 194.63 points lower at 73,811.31 at 10:15 am, while the NSE Nifty50 was down 29.80 points at 22,472.20.
Sensex and Nifty fell in early trade on Tuesday.
New Delhi,UPDATED: May 21, 2024 10:25 IST
Benchmark stock market indices opened Tuesday’s trading session on a weak note due to losses in heavyweight financial and information technology stocks.
The S&P BSE Sensex was trading 194.63 points lower at 73,811.31 at 10:15 am, while the NSE Nifty50 was down 29.80 points at 22,472.20.
Most of the broader market indices also fell sharply as volatility continued to climb amid uncertainty over the Lok Sabha elections.
Heavyweight indices such as Nifty Financial Services, Nifty Bank and Nifty IT were trading in negative territory in early trade. However, Nifty Metal provides some support, gaining nearly 1.8%.
The top five gainers on the Nifty50 were Coal India, JSW Steel, Hindalco, BPCL and Tata Steel. On the other hand, the top losers were Nestle India, Axis Bank, HUL, Infosys and TCS.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Overnight trading was influenced by Atlanta Fed President Bostic's comments on higher future US interest rates, possibly akin to 1990s levels, and a single rate cut in 2024. Vice Chair Barr echoed this, advocating steady rates amid disappointing Q1 CPI data.”
“Nifty bulls are poised to continue their climb, bolstered by pre-election rallies and a technically strong outlook above key EMAs. Nifty aims for an all-time high of 22,795 and targets 23,000, with options data indicating a 22,000-23,000 trading range,” he added.
Tapse indicated that today’s focus will be on Q4 results from several major companies and the upcoming FOMC Minutes on May 22.
Published By:
Koustav Das
Published On:
May 21, 2024
English (US) ·