Sensex down 300 points, banking stocks fall
By IANS |
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Bombay Stock Exchange. (File Photo: IANS). Image Source: IANS News
Mumbai, June 2 : The key Indian equity indices declined on Wednesday morning with the BSE Sensex losing over 300 points.
Heavy selling pressure was witnessed in banking, finance and IT stocks.
Decline in the index heavyweights Infosys and HDFC also weighed on the Sensex.
Around 10.10 a.m., Sensex was trading at 51,601.51, lower by 333.37 points or 0.64 per cent from its previous close of 51,934.88.
It opened at 51,749.10 and has so far touched an intra-day high of 51,863.94 and a low of 51,590.25 points.
The Nifty50 on the National Stock Exchange (NSE) was trading at 15,498.65, lower by 76.20 points or 0.49 per cent from its previous close.
The National Statistical Office will release GDP growth estimates for March 2021 quarter as well as provisional annual estimates for 2020-21 on Monday. The Indian economy is estimated to show growth rather than contraction during January-March (Q4) of FY 2020-21, according to an ET poll.
Equity indices in green, metal stocks fall
On Wednesday, Indian equity indices were in the green, but a drop in metal stocks capped the gains. Titan Company and Sun Pharmaceutical Industries were the top gainers on the Sensex, while Power Grid, Tata Steel, and HDFC Bank were the top losers.
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The key Indian equity indices traded in the positive territory on Wednesday morning tracking a similar trend in the Asian markets.
However, a decline in metal stocks capped the gains.
Around 10.10 a.m., Sensex was trading at 50,777.79, higher by 140.26 points or 0.28 per cent from its previous close of 50,637.53.
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New Delhi: The domestic equity market failed to extend its two-day gains and consolidated in a narrow range on Tuesday. Market witnessed profit taking in the banking space, though FMCG, consumer durables and IT stocks capped the fall.
Nifty kept paring any gains made throughout the day, eventually forming a Bearish Belt Hold candle on the daily chart, reflecting selling pressure. Analysts said, only a breach above the 15,300 level can open doors for any further move. As we near the derivatives expiry for May, will the market move upward or consolidate in a narrow range?
Here s how analysts read the market pulse:-
Ahead of Market: 12 things that will decide stock action on Tuesday
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Last Updated: May 17, 2021, 10:06 PM IST
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Synopsis
Nifty formed a healthy bullish candle on the daily scale even as it negated the formation of lower highs and lows of the last three sessions.
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Manish Hathiramani, Proprietary Index Trader and Technical Analyst of Deen Dayal Investments, said the market may remain bullish as it has managed to zoom past the 14,850 level.
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NSE
By Sabari Saran
New Delhi: Dalal Street s fear gauge, India VIX, on Monday recorded the lowest close in 87 sessions since January 1, 2021, signalling a sharp drop in volatility. Meanwhile, Nifty formed a healthy bullish candle on the daily scale even as it negated the formation of lower highs and lows of the last three sessions.