Sensex off to a choppy start, Nifty tests 25,100; bank stocks under pressure
Tracking positive cues from the US and Asian markets, benchmark indices
Sensex
and Nifty opened higher for the fifth straight session on Tuesday, buoyed by optimism around US-China trade talks and supportive domestic policy signals. However, early gains were short-lived as the market quickly slipped into a volatile trading pattern.
At 9:32 am, the BSE Sensex was down 160 points, or 0.19%, at 82,284, while the Nifty50 dropped 5 points, or 0.02%, to 25,097.
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Among Sensex constituents, IndusInd Bank, Tech Mahindra, Tata Steel, UltraTech Cement, Infosys, and NTPC opened in the green, while Eicher Motors, Asian Paints, ICICI Bank, HUL, and Bajaj Finserv saw declines.
Elsewhere in Asia, markets opened higher, with the MSCI Asia ex-Japan index up 0.5%.
On Wall Street, US equities closed mostly higher overnight and the dollar eased as trade talks between the US and China kicked off in London, aiming to resolve a dispute that has weighed on global markets for much of the year. US President Donald Trump said he was receiving "good reports" on the progress of the negotiations.
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Among individual stocks, Jana Small Finance Bank surged over 6% after the lender announced it has submitted an application to the Reserve Bank of India (RBI) seeking a universal banking licence.
Premier Energies rose nearly 4% amid reports that South Asia Growth Fund II Holdings likely offloaded up to 2.5 crore shares, representing about 5.5% of the company's equity, via block deals.
On the sectoral front, Nifty Bank and Financial Services declined 0.3% and 0.5%, respectively, while Nifty Auto, IT, Media, Metal, and Oil & Gas gained up to 1.1%. In the broader market, the Nifty Midcap100 and Smallcap100 rose 0.2% and 0.3%, respectively.
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