Sensex, Nifty Fall Over 1%; Financial Stocks Lead Losses

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Sensex, Nifty Fall Over 1%; Financial Stocks Lead Losses

Banking and financial services stocks led the markets lower


Domestic stock markets fell more than 1 per cent in early trade on Tuesday tracking weakness in global markets, as the country remained in the third phase of an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. The S&P BSE Sensex index dropped as much as 1.47 per cent – or 463.72 points – to hit 31,097.50 in the first few minutes of trade, after starting the session down 218.29 points at 31,342.93. The broader NSE Nifty 50 benchmark fell to as low as 9,116.95, having started the day at 9,168.85 as against its previous close of 9,239.20. Banking and financial services stocks led the markets lower, however gains in pharmaceutical shares arrested the fall.

Here are 10 things to know about the markets today (Sensex, Nifty LIVE Updates):

  1. At 9:21 am, the Sensex traded 453.82 points – or 1.44 per cent – lower at 31,107.40, while the Nifty was down 102.05 points – or 1.10 per cent – at 9,137.15.

  2. Thirty three stocks in the Nifty basket of 50 components moved lower at the time. Top percentage losers were HDFC Bank, Asian Paints, Maruti Suzuki, Zee Entertainment, JSW Steel and HDFC, trading between 2.07 per cent and 3.04 per cent.

  3. On the other hand, Vedanta, Indian Oil, Cipla, NTPC and Sun Pharma – up between 0.91 per cent and 3.52 per cent each – were the top Nifty gainers.

  4. HDFC Bank (down 2.67 per cent), HDFC (2.05 per cent) and Reliance Industries (0.71 per cent) accounted for a loss of more than 180 points in the Sensex in early trade.

  5. Analysts awaited the release of consumer inflation data due later in the day for more clarity on monetary policy going forward.

  6. Retail inflation – or the rate of increase in consumer prices – eased to a five-month low of 5.68 per cent in April, from 5.91 per cent in the previous month, according to a poll by news agency Reuters.

  7. Equities elsewhere in Asia moved lower, with MSCI’s broadest index of Asia Pacific shares outside Japan last seen trading 0.85 per cent lower. Japan’s Nikkei 225 and China’s Shanghai Composite benchmark indices were down 0.13 per cent and 0.07 per cent respectively at the time, while Hong Kong’s Hang Seng index was down a sharper 1.45 per cent.

  8. Overnight in the US, the benchmark indices finished a volatile session on a mixed note. The S&P 500 and Nasdaq Composite indices ended 0.02 per cent and 0.78 per cent higher respectively, whereas the Dow Jones Industrial Average closed 0.45 per cent lower.

  9. The S&P 500 E-Mini futures were down 0.81 per cent in early Asian trade on Tuesday, indicating a negative start for the US markets later in the day.

  10. On Monday, the S&P BSE Sensex index had ended 81.48 points – or 0.26 per cent – lower at 31,561.22 and the broader NSE Nifty 50 benchmark settled at 9,239.20, down 12.30 points – or 0.13 per cent – from its previous close. 

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