Sensex, Nifty drop tracking negative cues from Asian markets
Reliance Industries and FMCG stocks. The BSE Sensex was trading 124 points or 0.19% lower at 66,560. Nifty50 was trading at 19,710, down 34 points or 0.17% at around 9.19 am.
From the Sensex pack, Kotak Mahindra Bank and JSW Steel were the top losers, falling 1-2%. HUL, Titan, Tata Steel, Reliance Industries, Maruti and Tata Steel also opened in the red. Whereas, L&T, Infosys, ITC, IndusInd Bank, Wipro, SBI, and UltraTech Cement opened with gains.
Among individual stocks, SJVN surged over 10% after the firm signed a deal with REC worth 500 billion rupees for setting up new power-generating stations. Shares of Paytm opened over 1% higher after the company posted a 39% rise in quarterly revenue. On the sectoral front, Nifty PSU Bank surged 0.90%, and Nifty Realty rose 0.79%.
Whereas, FMCG, metal, healthcare sectors, consumer durables and oil & gas sectors opened with cuts. In the broader market, Nifty Midcap 100 dropped 0.09%, while Nifty Smallcap 100 gained 0.41%.Experts view«The near-term market trend will be influenced by a host of factors like the recent Q1 results, some major results expected this week and policy decisions like the Fed meeting outcome on Wednesday,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. «The Fed is likely to raise the rate by 25 bp on Wednesday, but the market movement will be decided by the commentary of the Fed chief regarding future inflation and rate trends.
Investors may wait and watch these events unfold,» Vijayakumar added. Deven Mehata, Equity Research Analyst at Choice Broking, said, «The charts indicate that the Nifty may get support at 19,675, followed by 19,650 and 19,600. If the index advances, 19,800 would be the initial key resistance level to
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