Sensex declines 219 points in early trade
Benchmark stock indices Sensex and Nifty declined in early trade on Friday (May 30, 2025), dragged by IT shares and sluggish trends in Asian markets.
The 30-share BSE Sensex declined by 219 points to 81,414.02 in early trade. The NSE Nifty dipped 53.6 points to 24,780.
Investors turned cautious ahead of the release of domestic GDP data, analysts said.
From the Sensex firms, Infosys, Tech Mahindra, HCL Tech, IndusInd Bank, Mahindra & Mahindra and Tata Consultancy Services were among the laggards.
Larsen & Toubro, Adani Ports, Eternal, Nestle, Sun Pharma and Maruti were among the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading in the negative territory.
The U.S. markets ended higher on Thursday (May 29).
Foreign Institutional Investors (FIIs) bought equities worth ₹884.03 crore on Thursday, while Domestic Institutional Investors (DIIs) bought equities worth ₹4,286.50 crore, according to exchange data.
"Stable institutional flows- both FII and DII - are keeping the market steady even in the absence of positive triggers. The ongoing consolidation phase is likely to continue in the near-term. Investors should understand two distinct big trends that will weigh on markets: One, India's macros are strong and improving. Two, this positive trend in macros is not getting reflected in corporate earnings. This is the fundamental reason for the range bound movement of the market," V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Global oil benchmark Brent crude declined 0.48 per cent to USD 63.84 a barrel.
The BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02 on Thursday. The 50-share Nifty went up by 81.15 points or 0.33 per cent to 24,833.60.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
20 minutes ago
- Hans India
Markets bounce back after early slump, end slightly lower
Mumbai: Indian stock markets showed resilience on Monday, recovering strongly from early losses to end just mildly lower by the closing bell. The Sensex ended the day at 81,374, down by 77 points or 0.09 per cent. However, this marked a sharp rebound of 719 points from the day's low of 80,654. Similarly, the Nifty closed at 24,717, slipping 34 points or 0.14 per cent, after recovering from its intra-day low of 24,526. Investor sentiment was weak in the morning after US President Donald Trump announced higher tariffs on steel imports. The proposed hike, from 25 per cent to 50 per cent, is expected to take effect from June 4. On top of this, rising tensions between Russia and Ukraine, volatile foreign investment flows, and caution ahead of the Reserve Bank of India's (RBI) policy decision all weighed on the market mood. Despite the shaky start, buying interest in select heavyweight stocks helped limit the damage. Shares of Adani Ports, Mahindra and Mahindra, Zomato (traded as Eternal), PowerGrid, Hindustan Unilever, Bajaj Finserv, ITC, ICICI Bank, Asian Paints, and Nestle India saw gains ranging between 0.4 per cent and 2 per cent. In the broader market, the Nifty MidCap and Nifty SmallCap indices outperformed, ending with gains of 0.62 per cent and 1.1 per cent, respectively. Among sectors, the Nifty IT and Nifty Metal indices were the worst hit, both falling 0.7 per cent due to concerns over the US tariffs. On the other hand, the Nifty Realty and Nifty PSU Bank indices emerged as the top performers, each rising over 2 per cent. "The domestic market continued its consolidation phase for the third consecutive week, influenced by renewed concerns over a potential tariff war and escalating geopolitical tensions between Russia and Ukraine,' Vinod Nair of Geojit Investments Limited said. 'While global uncertainties have led investors to adopt a risk-averse approach, the Indian market has demonstrated resilience, underpinned by robust institutional inflows and selective sectoral strength like FMCG, real estate, and financial stocks,' Nair stated. He said that under the current market landscape, investors are adopting a cautious short-term strategy, with a focus on domestically-oriented and interest-sensitive sectors.
Time of India
24 minutes ago
- Time of India
Trump's 50% steel, aluminium tariffs seen as ‘minor impact' for India: Steel minister HD Kumaraswamy
Representative image India foresees a "minor impact" from the United States President Donald Trump's proposed elevation of tariffs on steel and aluminium products, according to the federal steel minister's statement on Monday, citing limited export volumes to Washington. Following Trump's announcement last week regarding his intention to raise tariffs on imported steel and aluminium from 25% to 50%, stock markets witnessed declining values for steelmakers in South Korea and Vietnam, both significant Asian exporters to the United States. The United States imports approximately one-fourth of its steel requirements, primarily from neighbouring Mexico and Canada, along with strategic allies in Asia and Europe, including Japan, South Korea and Germany, whilst India maintains a relatively lower position in this hierarchy. "Minor impact will be there... We are not exporting (to the US) in a big way," said steel minister HD Kumaraswamy during a press briefing in New Delhi. Nevertheless, Fitch ratings agency indicated in March that Indian steel producers and prices could face challenges if nations with higher US export exposure redirect their shipments to India, seeking more accommodating markets for the metal. Additionally, industry experts have hinted at significant impact on Indian exports. Engineering exports are expected to encounter major hurdles after Trump announced a 50 per cent duty on imported steel and aluminium from overseas, according to the Engineering Export Promotion Council of India (EEPC). The US market for Indian engineering exports comprises 25 per cent of steel and aluminium products. The EEPC said, "The annual export of steel, aluminium and their derivatives to the US currently stands at around USD 5 billion." The organisation highlighted that Indian exporters had already experienced substantial difficulties due to the previously imposed 25 per cent tariff on steel imports. The Aluminium Association of India (AAI) also expressed apprehension regarding the US' decision, cautioning that a twofold increase in aluminium import duties would adversely affect Indian producers who are currently facing challenges from inexpensive imports. Read more: Trump's 50 per cent tariff on steel and aluminium imports threatens India's $5 billion export sector, says experts Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
26 minutes ago
- Business Standard
Nifty below 24,700 level; PSU bank shares in demand
The frontline indices traded with moderate losses in early afternoon trade, pressured by weak global cues. The Nifty traded below the 24,700 level. PSU bank shares extended gains for the second consecutive session. At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 268.87 points or 0.33% to 81,182.14. The Nifty 50 index fell 65.70 points or 0.27% to 24,683.40. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.44%. The market breadth was positive. On the BSE, 2,027 shares rose and 1,928 shares fell. A total of 191 shares were unchanged. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post-market hours Friday. The GDP growth, higher than the previous quarter's 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. Further, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) declined to 57.6 in May 2025, down from 58.2 in April 2025, highlighting the weakest improvement in operating conditions since February. The headline figure was nevertheless well above both the neutral mark of 50.0 and its long-run average of 54.1. Panelists suggested that demand strength continued to support sales and production, though competition, inflation, and the India-Pakistan conflict had reportedly weighed on growth. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.28% to 17.09. The Nifty 26 Jun 2025 futures were trading at 24,775.50, at a premium of 92.1 points as compared with the spot at 24,683.40. The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 49.8 lakh contracts at the 26,000 strike price. A maximum put OI of 50.8 lakh contracts was seen at a 24,000 strike price. Buzzing Index: The Nifty PSU Bank index rose 2.08% to 7,121.30. The index rallied 5.02% in the past two trading sessions. PSU Bank index, Bank of Maharashtra (up 6.28%), Indian Overseas Bank (up 5.47%), Union Bank of India (up 3.99%), Punjab & Sind Bank (up 3.72%), Central Bank of India (up 3.7%), Indian Bank (up 3.7%), UCO Bank (up 3.42%), Punjab National Bank (up 2.5%), Bank of India (up 2.44%) and Bank of Baroda (up 2.11%) advanced. Stocks in Spotlight: Apollo Hospitals Enterprise added 1.65% after the company reported a 53.5% jump in consolidated net profit to Rs 389.60 crore on a 13.1% increase in revenue from operations to Rs 5,592.20 crore in Q4 FY25 over Q4 FY24. Piramal Pharma shed 0.10%. The company announced that the United States Food and Drug Administration (USFDA) has completed a general good manufacturing practices (GMP) inspection at its manufacturing facility in Aurora, Canada.
