STOCK MARKET BSE NSE

Sensex tanks over 450 points in early trade; Nifty slips below 14,800

According to Binod Modi, Head Strategy at Reliance Securities, domestic equities do not look to be positive as of now on weak global cues.

Published: 11th May 2021 10:08 AM  |   Last Updated: 11th May 2021 10:08 AM   |  A+A-

Sensex

For representational purposes (Photo | PTI)

By PTI

MUMBAI: Equity benchmark Sensex tumbled over 450 points in early trade on Tuesday, tracking losses in index-heavyweights HDFC twins, ICICI Bank and Kotak Bank amid negative cues from global markets.

The 30-share BSE index was trading 470.10 points or 0.95 per cent lower at 49,032.31 in initial deals.

Similarly, the broader NSE Nifty slumped 145.80 points or 0.98 per cent to 14,796.55. Kotak Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by HDFC, TCS, ICICI Bank, Bajaj Auto, Tech Mahindra, M&M and Maruti.

On the other hand, Sun Pharma, NTPC, ONGC, ITC, Reliance Industries and UltraTech Cement were among the gainers. In the previous session, Sensex ended 295.94 points or 0.60 per cent higher at 49,502.41, and Nifty jumped 119.20 points or 0.80 per cent to 14,942.35.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 583.69 crore on Monday, according to provisional exchange data.

According to Binod Modi, Head Strategy at Reliance Securities, domestic equities do not look to be positive as of now on weak global cues.

"US indices, especially S&P 500 and Nasdaq, fell sharply mainly on account of heavy selling pressure in high profile technology and growth stocks.

While US equities have been gaining momentum consistently well supported by robust March quarter corporate earnings and loose monetary policy stance of the Federal Reserve, the bond market has been broadly muted in the last one month.

This started weighing on investors' sentiments as any surge in bond yield will make valuations of technology or growth stocks quite expensive, he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.73 per cent lower at USD 67.82 per barrel.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp