Sensex, Nifty fall sharply as markets break winning streak on profit booking
Benchmark stock market indices opened lower to fell sharply on Tuesday, pausing their winning run as investors seemed to book profit. IT, auto, FMCG, and heavyweight financials declined in early trade.The S&P BSE Sensex was down by 707.85 points to 81,468.60, while the NSE Nifty50 lost 225.40 points to 24,775.75 as of 9:30 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that in the near-term the market is likely to consolidate around the current levels.advertisement
"Since mutual funds are sitting on sizeable cash any dip will be bought into and high valuations will trigger selling on rallies. A sustained rally will happen only when leading indicators suggest revival in earnings growth. That is some time away," he added.Market opened on a predominantly weak note today, with only one stock managing to stay in positive territory amid broad-based selling pressure.IndusInd Bank emerged as the sole gainer in early trading, advancing by 0.04%, while the rest of the major indices faced declines of varying degrees.UltraTech Cement faced the steepest decline, plummeting by 1.38% in opening trades. Axis Bank was under significant pressure, falling 1.34%, while NTPC dropped by 1.32%. Mahindra & Mahindra slipped 1.14%, and Eternal Company rounded out the top five losers with a decline of 1.06%.advertisementNifty Midcap100 declined marginally by 0.08% while Nifty Smallcap100 managed a modest gain of 0.13%. The India VIX surged by 4.57%, indicating heightened market volatility in early trading.Most sectoral indices opened in negative territory, with Nifty Oil & Gas facing the steepest decline of 0.79%, followed by Nifty Private Bank which dropped 0.74% and Nifty IT falling 0.73%.Other notable losers included Nifty FMCG down 0.68%, Nifty Auto declining 0.65%, Nifty Financial Services slipping 0.60%, Nifty PSU Bank retreating 0.57%, Nifty Metal dropping 0.26%, Nifty Consumer Durables falling 0.23%, and Nifty Media declining 0.16%.However, some sectors managed to buck the negative trend with Nifty Realty posting the strongest gain of 0.33%, while Nifty Healthcare Index advanced 0.15% and Nifty Pharma gained 0.08%.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
TSX adds to weekly gain as tech and energy shares climb
TSX ends up 0.3% at 26,429.13 For the week, the index gains nearly 1% Energy adds 1.4% as oil settles 1.9% higher June 6 - Canada's main stock index rose on Friday to a new record high, led by gains for energy and technology shares, as oil prices advanced and U.S. and Canadian jobs data eased investor concerns about a possible recession. The Toronto Stock Exchange's S&P/TSX composite index ended up 86.84 points, or 0.3%, at 26,429.13, inching past its record closing high on Tuesday. For the week, the index was up nearly 1%. Canada's economy added 8,800 jobs last month, compared to an expected decline of 12,500, while U.S. job growth also beat expectations. "Jobs are slowing down but still not falling off a cliff and I don't think a recession is imminent as many people are fearing," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. U.S. crude oil futures settled 1.9% higher at $64.58 a barrel, helped by the U.S. jobs data but also optimism about trade talks between the U.S. and China. U.S. President Trump said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal. "The pressure is on the U.S. to make some of these deals," Small said, adding that tariffs are unlikely to return to previous sky-high levels proposed by U.S. President Donald Trump. The energy sector rose 1.4% and technology ended 1.9% higher. Heavily weighted financials also posted gains, rising 0.6%. Consumer staples were a drag, falling 0.9%, and the materials group, which includes metal mining shares, ended 1.7% lower as gold and copper prices fell. This article was generated from an automated news agency feed without modifications to text.
India.com
2 hours ago
- India.com
Rs 21700 crore weapon: India to get much stronger as this project..., bad news for Pakistan, China due to...
Rs 21700 crore weapon: India to get much stronger as this project..., bad news for Pakistan, China due to... A leading Indian defence company — Bharat Electronics Limited (BEL), known for making Akashteer — is once again making headlines by playing a crucial role in Project Kusha – an initiative to develop a powerful air defence system like the Russian-made S-400. The ambitious project aims to neutralise aerial threats like missiles, suicide drones, and aircraft attacks. Notably, Project Kusha is led by the Defence Research and Development Organisation (DRDO). As a development partner, BEL is working closely with the DRDO and sharing its insights to the design and production of crucial subsystems like – radars and control systems. BEL Chairman and Managing Director Manoj Jain, during the company's March quarter earnings call, confirmed that BEL is jointly developing several components of Project Kusha. 'We are jointly developing many components of Project Kusha,' he said. Project Kusha: Prototype Phase To Begin Soon As per reports, the prototype phase of Project Kusha is likely to begin in the coming months with BEL is working to build the first working model within 12-18 months. Once developed, the system will undergo severe trials and testing which will take 1-3 years. A decision on the system integrator(s) is yet to be made. BEL expressed confidence in their selection, should the authorities opt for two integrators. Project Kusha is designed to fill the gap between India's MR-SAM (Medium-Range Surface-to-Air Missile), and Russian-made S-400. MR-SAM has a range of 80 km, whereas S-400 covers up to 400 km. Project Kusha: Three Types Of Interceptor Missiles India plans to deploy a three-tiered missile defence system by 2028-2029. This system will comprise interceptor missiles with ranges of 150km, 250km, and 350km, intended for use by both the Indian Air Force and Navy. Project Kusha: Standout Feature Kusha's major feature includes its ability to intercept high-speed anti-ship ballistic missiles (ASBMs) which can travel at speeds of Mach 7, as per a report by Project Kusha: High-Speed Naval Defence Project Kusha's key feature is a naval adaptation of the M2 missile, capable of intercepting anti-ship ballistic missiles (ASBMs) travelling at speeds up to Mach 7 (approximately 8,645 km/h). This capability provides crucial protection for naval vessels against high-speed, sea-based missile attacks. Project Kusha: Strengthening India's Air Defence Another key feature of the project includes its ability to work smoothly with existing systems such as IAF's Integrated Air Command and Control System (IACCS) and Russian made S-400 missile system. Project Kusha can achieve an 80 percent single-missile kill rate. It can exceed 90 percent when using multiple missiles simultaneously. Once inducted, the system will enhance India's layered air defences against any aerial threat. Project Kusha: Budget-Backed and Battle-Ready It is worth mentioning that the project was approved by the Cabinet Committee on Security in 2022. The budget of the project was Rs 21,700 crore. The budget was sanctioned to build five squadrons for the IAF. Another major feature of the project is its naval version, which is capable of destroying anti-ship ballistic missiles (ASBMs). With this the Indian Navy will have a powerful tool to protect its frontline warships. This new system will enhance the navy's defences by complementing existing systems like Barak-8 and the Naval Ballistic Missile Defence System, creating a more robust overall defence.
India Gazette
5 hours ago
- India Gazette
RBI policy brings cheer for Indian stocks: Nifty Bank soars over 800 points, realty skyrockets
New Delhi [India], June 6 (ANI): The Indian stock indices ended on a strong note and surged after the larger-than-expected policy rate cut, reflecting elevated optimism among the market participants on the last trading day of the week. At the end of the trading on Friday, the BSE Sensex was at 82,188.99, up 746.95 points or 0.92 per cent, and the Nifty 50 was up 252.15 points or 1.02 per cent. The market analysts say that the RBI's decision to cut the repo rate exceeds expectations and gives a strong message to the markets that the apex bank is willing to move aggressively when macroeconomic conditions allow. Following the MPC outcome announcements, Nifty Bank hit a new high, and the Central Bank was surprised with a larger-than-expected policy rate cut of 50 basis points, taking the repo rate to 5.5 per cent. The Nifty Bank ended at 56,578.40, climbing over 817 points. 'This big rate cut will impact the margins of the banks and, therefore, bank stocks will be under pressure in the near term. However, the credit growth that this rate cut will hopefully stimulate will compensate for the dip in margins,' said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.'The Indian stock market responded optimistically to RBI's surprise and aggressive growth push policy,' Vijayakumar further added. CS Setty, Chairman at State Bank of India & Chairman at IBA said, 'RBI today's monetary policy communication was action-packed - innovative, out of the box and an unanticipated surprise.' 'The policy is definitely positive for all sectors of the economy, particularly for banking and finance. In particular, lower cost of borrowing will act as a counterbalance to any uncertainty,' he added. The investors also reacted strongly to the Realty, which rose over 4 per cent. Reacting to the rate cut announcement, Mayank Jain, CEO, KREEVA, a real estate developer, said, 'The reduced borrowing cost will not only strengthen homebuyers' sentiments but also help in easing the liquidity flow in the market. 'In light of significant market volatility and real estate witnessing a surge in the investment flow, this proactive approach signals the central bank's strong commitment to thrust economic momentum and boost investor confidence,' Jain added. Except for Media, which was one per cent down on Friday, all other sectoral indices ended higher with metal, auto, and consumer durables jumping over one per cent each. (ANI)
