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Sensex Slips on Banking, IT Selling: Weak Global Cues

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By Rediff Money Desk, Mumbai   May 08, 2024 17:21

Indian stock markets edged down on Wednesday, driven by selling in banking and IT shares amid weak global cues and continuous foreign fund outflows. Sensex closed at 73,466.39, while Nifty remained unchanged.
Sensex Slips on Banking, IT Selling: Weak Global Cues
Mumbai, May 8 (PTI) Benchmark Sensex slipped by 45 points in highly volatile trade on Wednesday due to selling in private bank and IT shares amid weak Asian markets and continuous foreign fund outflows.

Declining for the second straight session, the 30-share BSE Sensex fell 45.46 points or 0.06 per cent to settle at 73,466.39. During the day, it declined by 437.93 points or 0.59 per cent to 73,073.92.

The NSE Nifty remained unchanged at 22,302.50.

From the Sensex basket, Asian Paints, UltraTech Cement, Hindustan Unilever, HDFC Bank, HCL Technologies, Bajaj Finance, Bajaj Finserv and ICICI Bank were the major laggards.

On the other hand, Tata Motors, Power Grid, NTPC, Larsen & Toubro and Maruti were among the gainers.

"The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating," Vinod Nair, Head of Research, Geojit Financial Services said.

A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25, Nair added.

In the broader market, the BSE midcap gauge climbed 0.78 per cent and smallcap index advanced 0.50 per cent.

Among the indices, IT declined by 0.57 per cent, bankex by 0.38 per cent and teck by 0.29 per cent.

Energy, industrials, utilities, auto, metal, power and services were among the gainers.

"Investors traded with caution due to lack of fresh positive triggers and ended on a flat note with a slightly negative bias amid selective profit-taking in banking and IT stocks. Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

With support hovering around the 22,150 mark in the Nifty and global markets maintaining stability, there's a possibility of some consolidation, Ajit Mishra – SVP, Research, Religare Broking Ltd said.

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower, while Seoul ended with gains.

European markets were trading with gains. Wall Street ended on a mixed note on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,668.84 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude declined 1.65 per cent to USD 81.79 a barrel.

The BSE benchmark went lower by 383.69 points or 0.52 per cent to settle at 73,511.85 on Tuesday. The NSE Nifty declined 140.20 points or 0.62 per cent to 22,302.50.
Source: PTI
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