Indices start trading on a muted note; IT & FMCG stocks slip, metals shine
The domestic equity market once again opened in the negative territory on April 19. In the early trade, the S&P BSE Sensex was trading 143 points or 0.24 per cent lower at 59,583.73 levels while the NSE's Nifty50 was quoting at 17,614.70, down 0.26 per cent. Infosys was the top loser on the 30-share index while Mahindra & Mahindra (up 0.75 per cent) was the top gainer.
Of 30 stocks on Sensex, only 11 stocks were in the green and the rest 19 were in the red. Infosys, TCS, and ITC were the top contributors to the index's fall in the early trade.
On the sectoral front, metal stocks were shining brightly. The S&P BSE METAL index was up over 1.5 per cent to 20,355 levels. Nalco, Jindal Steel, and Tata Steel were the top gainers on the index.
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On the flip side, technology stocks continued to bleed.
"For the near term, there are no triggers that can take the market sharply up or down. So, expect a brief consolidation phase for the market. Within this consolidation phase, there will be impressive moves in individual stocks. In the results expected this week, the best performance is likely to come from ICICI Bank. HCL Tech is unlikely to disappoint like Infosys. RIL’s results will be good but unlikely to surprise the market. Investors should closely watch the results that surprise on the upside along with positive management commentary. Such stocks will remain resilient even in a weak market," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The broader market was performing better than the headline indices. The S&P BSE MidCap index was up 0.21 per cent at 25,038.70 levels while the S&P BSE SmallCap index was up half a per cent at 28,384.97 levels.
MSCI's index of Asia shares outside Japan dropped 0.5 per cent to retreat further from Monday's two-month high, and in morning trade Japan's Nikkei looked set to snap an eight-day winning streak with a modest 0.4 per cent loss. In the overnight trade, US stocks ended mostly lower.
In commodities, gold prices edged lower on Wednesday as the U.S. dollar regained some ground, while traders assessed the chances of the US Federal Reserve raising interest rates just once more in May before pausing. Reuters reported. Oil prices drifted lower as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption.
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