Sensex and Nifty started on a lower note today.
New Delhi:
Indian stock benchmarks fell on deal opening Thursday amid weak signals from global markets. Asian stocks retreated in line with a global sell-off as markets were rocked by more aggressive voices from US policymakers about the need for tighter monetary policy. Investors also waited for the Reserve Bank of India (RBI)’s bimonthly policy results, which were expected on Friday.
Trends on Singapore Exchange’s Nifty Futures (SGX Nifty) also pointed to a gap-down start for domestic indices.
The 30-share BSE Sensex fell 337 points, or 0.57 percent, to 59,273 in early trading, while the broader NSE Nifty fell 82 points, or 0.46 percent, to 17,726.
However, mid and small cap stocks traded positively as Nifty Midcap 100 rose 0.25 and small cap stocks rose 0.57 percent.
Eight of the 15 sector gauges – compiled by the National Stock Exchange – were in the red. Nifty Financial Services and Nifty IT underperformed the index, falling 0.71 percent and 0.79 percent, respectively.
On a stock-specific front, the HDFC twins (HDFC and HDFC Bank) were the biggest losers, as shares rose 2 percent and 1.52 percent, respectively. UPL, Wipro and Titan were also among the laggards. HDFC twins were each up 10 percent after the mega merger announced Monday. Both shares have since fallen.
Overall market size was strong with 1,901 shares moving up and 767 falling on BSE.
On the 30-stock BSE index, HDFC twins, Wipro, Titan, TCS, Infosys, L&T and Maruti were among the biggest losers.
In contrast, Dr. Reddy’s, NTPC, Sun Pharma, PowerGrid, Hindustan Unilever and UltraTech Cement in green.
Sensex had tanked 566 points or 0.94 percent to close Wednesday at 59,610, while Nifty had moved 150 points or 0.83 percent lower to settle at 17,808.
