Key benchmark indecies snapped their 3-day winning streak ahead of the Q4 (March quarter) GDP data, and amid tepid global mood on Tuesday. The S&P BSE Sensex ended at 55,566, down 359 points or 0.64 per cent. On the NSE, the Nifty50 traded between 16,522 and 16,691 during the day, before ending at 16,584.5, down 77 points or 0.46 per cent. The broader BSE MidCap and SmallCap indices, on the contrary, rose 0.5 per cent and 0.7 per cent, respectively.
ONGC, M&M, NTPC, Coal India, PowerGrid, SBI Life, Apollo Hospitals, JSW Steel, and Britannia Industries were the top gainers on the Nifty50 index, rising 2 per cent to 5 per cent. On the downside, Sun Pharma, Kotak Bank, HDFC, SBI, Reliance Industries, Shree Cement, and HDFC Life fell up to 3.5 per cent.
Sectorally, indices ended mixed with the Nifty Realty index climbing 2.2 per cent, and the Nifty PSU Bank index falling 1.1 per cent.
Among stocks, LIC fell over 2 per cent. The insurance giant reported a net profit of Rs 2,371.55 for March quarter, down 18 per cent compared to the net profit of Rs 2,893 crore in the corresponding period of the previous fiscal.
Naveen Kulkarni, chief investment officer, Axis Securities, said: “After a benign Core inflation print on Friday in the US, which indicated that US inflation might have peaked, we saw a risk-on rally across the globe today following US cues. We expect Indian markets to remain volatile and continue to trade and a broad range of 1000 -1200 points in Nifty in the near term. We believe this volatility should be utilized to increase their equity allocation for potential wealth creation. We believe Auto, Private Sector Banks, and Agri inputs should do better than the market in the current environment.”
Global Cues
The stock market in the US was closed on Monday on account of Memorial Day. Likewise, there was be no trading in Treasuries as well as the US bond market. However, the stock futures traded, albeit only till 1:00 pm ET.
Tokyo stocks opened lower on Tuesday after strong rallies in the previous session and with investors eyeing Chinese economic indicators due later in the day. The benchmark Nikkei 225 index was down 0.25 per cent, or 69.75 points, at 27,299.68 in early trade, while the broader Topix index slipped 0.31 per cent, or 5.93 points, to 1,916.51.
Hong Kong stocks opened slightly lower Tuesday morning as traders took a breather after two days of heavy buying that lifted the market around five percent. The Hang Seng Index dipped 0.08 per cent, or 17.52 points, to 21,106.41. The Shanghai Composite Index was barely moved, adding 0.88 points to 3,149.94, while the Shenzhen Composite Index on China’s second exchange was also flat, inching up 0.81 points to 1,976.70.
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