Sensex tanks over 450 pts in early trade; Nifty slips below 14,800


PTI, May 11, 2021, 9:54 AM IST

Mumbai: Equity benchmark Sensex tumbled over 450 points in early trade on Tuesday, tracking losses in index-heavyweights HDFC twins, ICICI Bank and Kotak Bank amid negative cues from global markets.

The 30-share BSE index was trading 470.10 points or 0.95 per cent lower at 49,032.31 in initial deals.

Similarly, the broader NSE Nifty slumped 145.80 points or 0.98 per cent to 14,796.55.

Kotak Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by HDFC, TCS, ICICI Bank, Bajaj Auto, Tech Mahindra, M&M and Maruti.

On the other hand, Sun Pharma, NTPC, ONGC, ITC, Reliance Industries and UltraTech Cement were among the gainers.

In the previous session, Sensex ended 295.94 points or 0.60 per cent higher at 49,502.41, and Nifty jumped 119.20 points or 0.80 per cent to 14,942.35.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 583.69 crore on Monday, according to provisional exchange data.

According to Binod Modi, Head Strategy at Reliance Securities, domestic equities do not look to be positive as of now on weak global cues.

“US indices, especially S&P 500 and Nasdaq, fell sharply mainly on account of heavy selling pressure in high profile technology and growth stocks. While US equities have been gaining momentum consistently well supported by robust March quarter corporate earnings and loose monetary policy stance of the Federal Reserve, the bond market has been broadly muted in the last one month.

This started weighing on investors’ sentiments as any surge in bond yield will make valuations of technology or growth stocks quite expensive, he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.73 per cent lower at USD 67.82 per barrel.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Sachin Pilot arrives in Delhi amid high political drama in Rajasthan Cong

After minister raises concern over ‘Love Jihad’, MP govt asks Garba organisers to check ID cards at pandals

JeM ultra killed in encounter in J&K’s Kulgam: Police

Two women try to cause damage at places of worship in Hyderabad

Rishi Sunak supporters speak out as UK economy spirals under Liz Truss

President Murmu lays foundation of NIV south zone campus in Bengaluru

WATCH: DRDO conducts successful test flight of VSHORADS missile


Related Articles More

Adani to invest USD 100 bn across new energy, data centres

Rupee falls 43 paise to all-time low of 81.52 against US dollar

Apple now manufacturing iPhone 14 in India

Merger of entities with Tata Steel will simplify management, help focus on business: CFO

Zomato to inspect cloud kitchens hosting more than 10 brands to curb malpractices

MUST WATCH

Sunil Kumar Statement about PFI

Dasara Celebration at Uchila Mahalakshmi Temple

Kollur Mookambika

President Draupadi murmu inaugurates Mysore Dasara-2022

Creative PU College Moodabidri


Latest Additions

Sachin Pilot arrives in Delhi amid high political drama in Rajasthan Cong

After minister raises concern over ‘Love Jihad’, MP govt asks Garba organisers to check ID cards at pandals

Bike racer, father to shell out Rs 41 lakh as compensation to kin of accident victim

JeM ultra killed in encounter in J&K’s Kulgam: Police

Two women try to cause damage at places of worship in Hyderabad

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.