Share Market Opening Bell! Sensex down over 500 pts, Nifty slips 1% at open today, banking and financial stocks drag
The Indian markets on Monday started in the red due to a weakness in banks after lower-than-expected first-quarter results by HDFC Bank. Both benchmark indices are down over 1 per cent at open on Monday.
The Indian markets on Monday started in the red due to a weakness in banks after lower-than-expected first-quarter results by HDFC Bank. Both benchmark indices are down over 1 per cent at open on Monday.
The BSE Sensex slumped over 533 points or 1 per cent to 52607, while Nifty tumbled by around 170 points or 1 per cent to 15754.5 levels at open on Monday. The decline in the Nifty Index is led by banking stocks as the Nifty Bank slipped by almost 700 points 2 per cent to 35070.5 levels today at open.
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In the broader markets, the mid-cap index also followed the benchmark suite to decline by near 150 points or 0.5 per cent to 27703.9 at open on Monday.
Of 50 scrips on Nifty50, 14 advanced, and 36 declined minutes after the market open today. The private banks' stocks dragged the market most, with Axis Bank down almost 2.5 per cent, HDFC Bank and ICICI Bank each down over 2 per cent, and IndusInd Bank and HDFC down by almost 2 per cent in the early morning trade at market open on Monday.
Meanwhile, NTPC became the only stock to surge over 1 per cent in the early morning trade today, followed by Adani Ports, Tata Consumer, Bharti Airtel and BPCL Each gaining around 0.5 per cent at the market open on Monday.
Except for the Nifty IT and Pharma, all other sectoral indices are in the red during the early morning trade on Monday. Both the sectoral indices gained 0.15 per cent, whereas banking and financial Indices tumbled almost 1.5 per cent minutes after the market open today.
On the global front, US markets on Friday closed with losses as Dow Jones loses 300, while Nasdaq closed lower by 1 per cent. While Asian markets on Monday opened in the red led by the Japanese 'Nikkei which saw weakness for the third day in a row.
Another important trigger was FIIs sold shares worth Rs466.3cr (cash), bought Rs666.07cr in index futures.
The Nifty on Friday had a flat but negative close after hitting fresh new all-time highs at 15,962. Profit booking by foreign investors and weak global cues saw all gains get wiped out mid-session.
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