Share Market Opening Bell! Sensex, Nifty open in red, banking and financial stocks continue to drag
The Indian markets started Tuesday’s session in the red as banking and financial shares continued to drag the benchmarks with Nifty opening around 15,700 and Sensex below 52,450 amid weak global cues.
The Indian markets started Tuesday’s session in the red as banking and financial shares continued to drag the benchmarks with Nifty opening around 15,700 and Sensex below 52,450 amid weak global cues.
The BSE Sensex slumped over 121 points or 0.23 per cent to 52,432, while Nifty tumbled by around 48 points or 0.31 per cent to 15,704 levels at open on Tuesday. The decline extended in the Nifty is led by banking stocks as Nifty Bank tumbled by 288 points 0.82 per cent to 34,791 today at open.
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The broader markets outperformed the benchmarks to open positive today. In this regard, the mid-cap index opened in the green by almost 14 points or 0.05 per cent to 27639 at open on Tuesday.
Of 50 scrips on Nifty50, 11 advanced, and 39 declined minutes after the market opened today. The private banks' stocks continued to drag the market, as HDFC Bank declined by around 2 per cent at open today along with ICICI Bank over 1 per cent.
ONGC has become the top laggard at open today declining by 2.23 per cent, and Adani Ports declined by almost 2 per cent on the back of SEBI and DRI probing news statement made by MoS Finance Minister on the first day of Parliament’s Monsoon Session.
On the other hand, Cement stocks such as UltraTech Cement and Shree Cement become the top two gainers in an otherwise weak market, surging by over 1.5 per cent in the early morning trade, followed by Power Grid, Grasim, and Asian Paints each grew by around 1 per cent minutes after the market open.
Except for the Nifty FMCG, all other sectoral indices are in the red during the early morning trade on Tuesday. Nifty Private Bank Index declined most by over 1 per cent eventually dragging Nifty Bank. Whereas, other financial stocks are weak too along with Metal, Auto, Pharma, IT, and Realty.
US markets on Monday ended in the red with Dow Jones hitting its worst day of 2021 as it skids over 700 points while Nasdaq slips 1 per cent. While Asian markets on Tuesday opened weak though of the session lows as the Japanese 'Nikkei' traded lower by 200 points while most of them trade flat.
Another important trigger, Foreign Institutional Investors sold shares worth Rs 466.3 crore in cash and bought Rs 666.07 crore in index futures.
The Nifty on Monday had its worst fall in over two months amid weak global cues, stronger US, and foreign investor ETF selling exasperated the weakness with Nifty closing down 171 points. Bank Nifty was the main culprit as the index fell nearly 2% with banking and financial saw selling pressure.
09:51 AM IST