Sensex falls 250 points, Nifty holds below 22K; small & midcaps under pressure
profit booking in the previous session, Indian equity indices opened in the red for the second straight session on Thursday. Selling pressure was seen across all sectors.
The BSE Sensex was trading 252 points or 0.35% lower at 72,509. Nifty50 was trading at 21,930, down 68 points or 0.31% at around 9.20 am.
The broader, more domestically-focussed small- and mid-caps fell 0.1% and 0.2% respectively. They are down 14.5% and 7.8%, respectively, from the record high levels hit on February 8.
The fall came following concerns raised by India's markets regulator about significant inflows into small- and mid-cap funds.
Among Sensex stocks, Bajaj Finance, TCS, Tech Mahindra, and Bajaj Finserv opened with cuts, while NTPC, Power Grid, M&M, and Tata Motors opened with gains.
Hindustan Aeronautics shares rose 3% after the Defence Ministry signed contracts worth Rs 8,073 crore with the company for the acquisition of 34 advanced light helicopters and associated equipment for the Indian Army.
KEC International also traded 3% higher after the company secured orders worth Rs 2,257 crore across various business verticals.
On the sectoral front, Nifty Realty fell 1%, dragged by Prestige Estates Projects and Phoenix Mills. Nifty Bank, Financials, IT and FMCG also opened lower.
Experts View
«There is room for the broader market to correct more since the valuations continue to be elevated. Investors should now focus on largecaps and quality midcaps. The turbulence in the market will give cherry picking opportunities,» said V K
Agency probes Philadelphia fatal crash involving Ford that may have been running on automated system
