The 30-share BSE Sensex fell 100.87 points to 61,831.60 after a flat open. The NSE Nifty fell 29.1 points to 18,257.40.
Post Date – 11:30 AM, Wednesday – 5/17/23
Mumbai: Market benchmarks fell in early trade on Wednesday, extending losses from the previous day, dragged down by a weaker trend in IT stocks and U.S. stocks.
The 30-share BSE Sensex fell 100.87 points to 61,831.60 after a flat open. The NSE Nifty fell 29.1 points to 18,257.40.
Among the Sensex companies, Wipro, Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra, Hindustan Unilever, Bajaj Finserv and Bajaj Finance were the major laggards.
Bharti Airtel, IndusInd Bank, Larsen & Toubro, ITC, UltraTech Cement and State Bank of India were among the winners.
In Asia, markets in Seoul and Tokyo traded in the green, while Shanghai and Hong Kong traded lower.
U.S. stocks closed lower on Tuesday.
Foreign institutional investors (FIIs) emerged as buyers on Tuesday, buying shares worth Rs 1,406.86 crore, according to exchange data.
“As the batsman approaches a century, he may be in the ‘tight nineties’ for a while. The market appears to be in a similar state while approaching record highs.
“While conditions are favorable for a new record, short-term issues such as the U.S. debt ceiling impasse may affect global markets in the short term,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Meanwhile, Brent crude, the global oil benchmark, rose 0.16% to $75.03 a barrel.
On Tuesday, the 30-share BSE benchmark index fell 413.24 points or 0.66 percent to close at 61,932.47 points. The Nifty shed 112.35 points or 0.61 percent to end at 18,286.50.
“Caution is likely to prevail further as investors will focus on global sentiment, with profit-taking likely to be seen in the coming sessions,” said Prashanth Tapse, senior vice-president (research) at Mehta Equities Ltd.
