Sensex Sinks Over 500 Points, Nifty Open Below 17,000

The Sensex fell over 500 points to 56, 528, and the Nifty 50 index fell 131 points to 16,970 point.

Updated on: 2 May 2022 9:55 am

The Benchmark indices BSE Sensex and NSE Nifty edged lower on Monday as indicated by trends on the SGX Nifty.

The Sensex fell as much as 500 points to 56, 528, and the Nifty 50 index fell 131 points to 16,970 point.

Barring IndusInd Bank, NTPC, and Axis Bank, all constituents of the 30-stock gauge opened in the red. Infosys, Tech M, Bajaj Twins, Maruti, Asian Paints, Sun Pharma, Titan, L&T and HDFC twins were the top laggards.

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In the broader markets, the BSE MidCap and SmallCap indices were also in the negative territory, down up to 0.6 per cent.

About 786 shares have advanced, 1425 shares declined, and 118 shares are unchanged.

The gainers on the Nifty were IndusInd Bank, Axis Bank, Tata Motors and Power Grid Corp. Hero MotoCorp, Infosys, Tech Mahindra, ONGC and Bajaj Finance were among major losers on the Nifty.

Sectorally, Nifty Bank, Nifty Auto, IT, financial services, FMCG, metals and consumer durables were the top losers, down up to 1.2 per cent.

Meanwhile, global cues were weak Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.

The Nasdaq posted its worst month since 2008, closing 4.2 per cent lower on Amazon’s weak earnings. The S&P 500 fell 3.6 per cent and the Dow shed 2.8 per cent.

The US Fed is set to meet on Tuesday-Wednesday to announce a widely expected rate hike. Having priced in a possible 50-bps hike, investors will closely watch out for Fed’s comments on interest rate trajectory, and cues on inflation ahead.

Asian shares drifted lower on Monday as investors focused on an upcoming US Federal Reserve monetary policy meeting. MSCI's index of Asia-Pacific shares outside Japan was down by 0.69 per cent.

In Asia, Japan’s Nikkei and Topix indices fell up to 0.5 per cent. South Korea’s Kospi and the S&P/ASX 200 fell 0.6 and 1.4 per cent, respectively.

Oil prices were largely unchanged in early trades, after rising slightly over the weekend. Brent crude was 0.7 per cent down to $106.4 a barrel, while WTI was at $104 per barrel.