Stock Market Today: Sensex falls 850 points, Nifty slips below 24,000; Titan, IndiGo top losers

Stock Market Today: The Indian stock market opened sharply lower on Monday, May 11, tracking negative global cues and cautious sentiment across Asian markets.

The benchmark BSE Sensex opened at 76,638.09 against its previous close of 77,328.19. The index slipped further to 76,479.74 in early trade, down 848.45 points, or 1.10 per cent.

The NSE Nifty 50 also started the session on a weak note. The index opened at 23,970.10 compared to its previous close of 24,176.15. Nifty traded at 23,970.10 in opening deals, lower by 206.05 points, or 0.85 per cent.

Broader markets, sectoral indices under pressure

Among the broader markets, the Nifty Midcap100 and Nifty Smallcap100 indices declined 0.61 per cent and 0.74 per cent, respectively. In broader trade, the Nifty MidCap and Nifty SmallCap indices were also down 0.84 per cent and 1.14 per cent, respectively.

All thematic indices on the National Stock Exchange (NSE) traded in the red.

Sector-wise, the Nifty Consumer Durable index emerged as the top loser. The Nifty Media, Nifty Auto and Nifty Realty indices also underperformed in early trade. The Nifty IT index, however, showed relative resilience and emerged as the top sectoral performer.

Crude oil jumps after Trump rejects Iran proposal

Investor sentiment remained weak after Brent crude oil prices surged sharply. Brent crude’s May futures contract traded 3.31 per cent higher at $104.64 per barrel amid concerns over prolonged supply disruptions.

The rise in crude prices followed comments from US President Donald Trump, who rejected Iran’s latest proposal aimed at ending the conflict in West Asia.

Jewellery stocks decline after PM Modi’s appeal

Jewellery sector stocks witnessed heavy selling pressure after Prime Minister Narendra Modi urged citizens to conserve India’s foreign exchange reserves.

In his address on Sunday, Modi appealed to people to avoid unnecessary foreign travel, overseas vacations and destination weddings abroad. He also encouraged domestic tourism and requested citizens to avoid non-essential gold purchases for one year to reduce pressure on foreign exchange outflows.

Q4 results today

Several companies are scheduled to announce their March quarter earnings on Monday. These include Abbott India, Anant Raj, Aurionpro Solutions, Canara Bank, Indian Hotels Company, JSW Energy, Nuvama Wealth Management, PVR Inox and UPL, among others.

FIIs continue selling

Foreign institutional investors (FIIs) continued to remain net sellers in the Indian market.

FIIs’ long positions in index futures declined to 12.39 per cent from 13.75 per cent earlier. FIIs sold shares worth Rs 4,110 crore in the cash market on Friday, marking their fourth straight day of selling.

Overall, FIIs remained net sellers of nearly Rs 10,579 crore across cash, index futures and stock futures segments.

Domestic institutional investors (DIIs), however, continued to provide support and bought equities worth Rs 6,748 crore, extending their buying streak to the 11th consecutive session.

Global market trends

US markets ended mixed on Friday. The Nasdaq and S&P 500 touched fresh lifetime highs and closed at record levels, while the Dow Jones ended marginally higher after trading in a 345-point range.

The Indian rupee snapped its two-day gaining streak and closed 23 paise lower at 94.48 against the US dollar.

The dollar index remained below the 98 mark for the third straight session.

In commodities, LME copper climbed to a three-month high, while LME nickel declined for the third consecutive day and hit a two-week low.

Gold prices rose Rs 269 to close at Rs 151,530 on Friday, while silver surged Rs 3,382 to Rs 261,922. Over the last three sessions, gold prices have climbed Rs 2,777, while silver has rallied Rs 17,606.