FIRST TRADE: Sensex, Nifty trade lower amid weak global cues; NBCC up nearly 5% after Q4 results

Stock market today: The Indian share market on Wednesday (May 29) opened lower amid weak global cues. Last seen, Sensex slipped 265.39 points or 0.35 per cent at 74,904.96 and Nifty was down 88.3 points or 0.39 per cent at 22,799.85. 

"The nervousness in the market continues with uncertainty regarding the election results. An important sustaining trend during this uncertain phase is the continuous buying by DIIs which has reached around Rs 45000 crores so far this month. This can be interpreted as a reflection of the expectation of political stability after the election results. However, it appears that retail and HNIs are in a wait-and-watch mode. FII selling intensity has slowed down considerably recently," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. Vijayakumar added from the global perspective, there are positives as well as negatives. The positive is the Nasdaq setting a new record high imparting resilience to the mother market. The negative is renewed tensions in the Middle East pushing up Brent crude to $ 84.5. The US 10-year bond yield rising to 4.54 per cent is indication that the “higher for longer” rate regime in the US might continue. This will weigh on FII inflows once the election-related uncertainty is over.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded over 0.70 lower. High-beta Nifty Bank was down nearly half per cent at 48,903.05.

BUZZING STOCKS

NBCC shares were up nearly 5 per cent after the company posted good Q4 results.

Hindalco Industries shares were up over 1 per cent after the company launched a roadshow for Novelis IPO.

Balmer Lawrie Investments shares were up over 3 per cent after the company refused to propose buyback of shares. 

Conversely, Indian Railway Catering and Tourism Corporation (IRCTC) shares were down over 4 per cent after the company reported its Q4 results. 

GNFC shares were down over 2 per cent after the company posted weak Q4 numbers. 

Amara Raja Energy & Mobility shares were down over 1 per cent after the company posted mixed Q4 results. 

MTAR Technologies shares were down nearly 10 per cent after the company posted weak Q4 results. 

Engineers India shares were down over 2 per cent after the company posted weak Q4 results. 

PNB Housing shares were down over 7 per cent amid reports about the block deal.

Catch all the updates of the May 29 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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