Sensex, Nifty open lower as IT, metal stocks drag market despite good GDP data
Benchmark stock market indices opened lower on Monday, dragged by a decline in Reliance Industries (RIL) stock, along with IT and metal sector shares.The S&P BSE Sensex declined 723 points to 80,728.03, while the NSE Nifty50 lost 191 points to 24,559.95 as of 9:25 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the market structure favours continuation of the ongoing consolidation phase.advertisement
"There are global headwinds like renewed tariff concerns that will restrain a breakout rally. At the same time there are domestic tailwinds that will support the market at lower levels. President Trump's 50% tariffs on steel and aluminium is a clear message that the tariff and trade scenario will continue to be uncertain and turbulent. This headwind will impact markets," he added.Hindustan Unilever emerged as the top performer in early trading, gaining 1.43%, followed by Adani Ports and Special Economic Zone which advanced by 0.84%. Mahindra & Mahindra showed resilience with a 0.56% uptick, while IndusInd Bank and Nestle India posted gains of 0.51% and 0.43% respectively.HDFC Bank faced the steepest decline, dropping 1.71% in opening trades. HCL Technologies was under significant pressure, falling 1.65%, while Infosys retreated by 1.45%. Reliance Industries slipped 1.43%, and Bajaj Finance rounded out the top five losers with a decline of 1.41%.advertisementNifty Midcap100 posted a marginal gain of 0.01% while Nifty Smallcap100 declined by 0.09%. The India VIX surged by 5.86%, indicating increased volatility in early trading.Sectoral indices displayed a mixed performance with both gains and losses across various segments. On the positive side, Nifty PSU Bank emerged as the top gainer with a rise of 1.45%, followed by Nifty FMCG advancing 0.50%, Nifty Realty climbing 0.25%, and Nifty Financial Services posting a modest gain of 0.83%.However, several sectors opened in negative territory with Nifty IT facing the steepest decline of 1.40%, followed by Nifty Metal dropping 1.21% and Nifty Private Bank falling 0.66%. Other notable losers included Nifty Consumer Durables down 0.83%, Nifty Pharma retreating 0.61%, Nifty Oil & Gas declining 0.61%, Nifty Media slipping 0.55%, Nifty Auto falling 0.46%, and Nifty Healthcare Index dropping marginally by 0.15%.(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
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