HDFC Bank, RIL drag Sensex 150 points lower; Nifty below 22,100
HDFC Bank and Reliance Industries, amid mixed cues from global peers.
The BSE Sensex was trading 185 points lower at 72,437. Nifty50 was trading at 21,995, down 60 points at around 9.23 am.
From the Sensex stocks, Asian Paints, Bharti Airtel, Power Grid, and Bajaj Finserv opened with cuts, while Axis Bank, HCL Tech, L&T, TCS, Wipro, and Maruti opened with gains.
Among individual stocks, Paytm fell 3.6% in early trade after 36.9 lakh shares changed hands via block deal.
Home First Finance shares rose 4% after insurance regulator Irdai granted a corp agent (composite) license for soliciting life, general and health insurance to the company.
Nifty IT surged 0.8% after the minutes of the Federal Reserve's latest policy meeting indicated most policymakers were concerned about the risk of cutting rates too soon.
The odds of a rate cut in June were little changed after the minutes. Indian IT firms earn a significant share of their revenue from the United States.
In the broader market, Nifty Midcap100 fell 0.7% and Nifty Smallcap100 declined 0.9%.
Experts View
«Nifty can find support at 22,000 followed by 21,950 and 21,900. On the higher side, 22,150 can be an immediate resistance, followed by 22,200 and 22,250,» said Deven Mehata, Research Analyst at Choice Broking.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, «An important trend now is the huge delivery based buying in the private banks, which are even now attractively valued in this market with elevated valuations. Switching
