FIRST TRADE: Indices open lower; Cipla up over 4%, Tata Motors down over 5%
Stock market today: Last seen, BSE Sensex slipped 132.14 points or 0.19 per cent at 72,532.33 and NSE Nifty was down 29 points or 0.16 per cent at 22,018.9
![FIRST TRADE: Indices open lower; Cipla up over 4%, Tata Motors down over 5%](https://cdn.zeebiz.com/sites/default/files/2024/05/13/293200-5gqlzlk3rrisvhkvkutx5g5dba.jpg?im=FitAndFill=(1200,900))
Stock market today: The Indian share market on Monday (May 13) opened lower after posting their worst week since mid-March in the previous session due to election jitters and foreign selling pressure, while investors await domestic inflation data due later in the day.
Last seen, BSE Sensex slipped 132.14 points or 0.19 per cent at 72,532.33 and NSE Nifty was down 29 points or 0.16 per cent at 22,018.9.
"There is confusion regarding the reasons for the aggressive FPI selling in May. There are media reports attributing the FPI selling to possible setbacks to the NDA/BJP in the elections. It is important to understand that the FPI selling is due to a change in FPI stance from ‘sell China, buy India’ earlier to ‘sell India, buy China’ now. This change in stance has been caused by the recent outperformance of China (Shanghai Composite up by 3.96 per cent and Hang Seng up by 10.93 per cent last month) and the underperformance of India ( Nifty down by 2.06 per cent last month)," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Dr. V K Vijayakumar believes this is likely to be a near-term trend triggered by the cheap valuations of Chinese stocks and the relatively high valuations of India. It is important to understand that India’s long-term prospects are much better than China’s. The results of the autos sector are good. The sector is in a cyclical uptrend.
Meanwhile, in the broader market, Nifty Midcap 100 and Smallcap 100 traded over half a per cent lower. High-beta Nifty Bank was down 0.30 per cent at 47,280.85
BUZZING STOCKS
Cipla shares were up over 4 per cent after the company released its Q4 numbers.
ABB India shares were up over 8 per cent after the company reported its Q4 results.
JK Cement shares were up over 1 per cent after the company reported in line with estimated Q4 results.
BEML shares were up over 1 per cent after the company posted its Q4 results.
Conversely, Tata Motors shares were down over 5 per cent after the company posted Q4 results.
Kalyan Jewellers India shares were down over 3 per cent after the company reported Q4 results.
CDSL shares were down over 2 per cent after the company reduced transaction charges.
GLOBAL MARKETS
Asian share markets made a cautious start on Monday in a week where inflation figures could make or break hopes for earlier US rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy.
(With inputs from agencies.)
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