Sensex Slips Over 300 Points On Weak Global Cues, Nifty Trades Below 17,750
Indian equity benchmarks fell in opening deals on Thursday amid weak cues from global markets. Asian stocks retreated with a global sell-off, as markets panicked over more aggressive noise from US policymakers about the need for a tighter monetary policy. Investors also awaited the outcome of the bi-monthly policy of the Reserve Bank of India (RBI) to be held on Friday.
Trends in Nifty futures on the Singapore Exchange (SGX Nifty) also indicated an intraday opening for the domestic indices.
The 30-share BSE Sensex closed 337 points or 0.57 per cent lower at 59,273 in early trade, while the broader NSE Nifty ended 82 points or 0.46 per cent lower at 17,726.
However, mid- and small-cap stocks were trading on a positive note as Nifty Midcap 100 gained 0.25 per cent and small-cap stocks gained 0.57 per cent.
Eight out of 15 sector gauges compiled by the National Stock Exchange were trading in the red. Nifty Financial Services and Nifty IT were underperforming with the index falling 0.71 per cent and 0.79 per cent, respectively.
On the stock-specific front, HDFC twins (HDFC and HDFC Bank) were the top losers as shares fell 2 per cent and 1.52 per cent, respectively. UPL, Wipro and Titan also lagged behind. HDFC twins each had gained 10 per cent after the mega-merger was announced on Monday. After that both the stocks have declined.
Overall, the market remained tight as 1,901 stocks were leading while 767 were falling on the BSE.
HDFC Twins, Wipro, Titan, TCS, Infosys, L&T and Maruti were among the top losers in the 30-share BSE index.
Conversely, Dr Reddy’s, NTPC, Sun Pharma, PowerGrid, Hindustan Unilever and UltraTech Cement were trading in the green.
On Wednesday, the Sensex closed 566 points or 0.94 per cent lower at 59,610, while the Nifty was down 150 points or 0.83 per cent at 17,808.