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Benchmark stock market indices were trading marginally lower dragged by heavyweight financials. Market opened on a muted note amid weak global cues after Monday’s sharp rise.
Indices were trading lower during the afternoon, tracking losses in heavyweights such as HDFC twins and Reliance.
At 1:01 pm, the BSE Sensex was trading at 60,403.12, down 208.62 points or 0.34 per cent. It recorded an intraday high of 60,786.07 and a low of 60,227.36. The Nifty 50 was trading at 18,015.20, down 38.20 points or 0.21 per cent. It recorded an intraday high of 18,089.70 and a low of 17,961.10.
Rising crude prices and inflation concerns also impacted market sentiments.
Adani Ports, Eicher Motor, Tata Motors, ONGC and ITC were the top gainers on the Nifty50, while HDFC Bank, Bajaj Finserv, HDFC, Reliance and Bajaj Finance were the top laggards.
According to Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, elevated crude prices as well as inflation will put pressure on the central bank to raise rates and move away from accommodative to a neutral policy stance.
“The rate hike may not come in the April 8th policy announcement but in the June meet. The market will be looking forward to the RBI Governor’s comments on the evolving economic and inflation scenario,” Dr Vijayakumar said.
FMCG, consumer durables, auto in focus
On the sectoral front, a majority of indices were in the green. Financials, barring public sector banks, dragged, while auto, FMCG, consumer durables gained.
Nifty Financial Services was down over 1 per cent, while Nifty Bank and Nifty Private Bank were down nearly 1 per cent. Meanwhile, Nifty PSU Bank was up over 1 per cent.
Nifty Consumer Durables was trading nearly 2 per cent higher. Nifty Auto and Nifty FMCG were up nearly 1.5 per cent each.
Broader indices outperform
Broader indices were trading higher, outperforming the benchmarks.
Nifty Midcap 50 was up 0.86 per cent, while Nifty Smallcap 50 was up 1.24 per cent. The S&P BSE Midcap was up 1.14 per cent, while the S&P BSE Smallcap was up 1.48 per cent.
The volatility index rose 2 per cent to 18.27.
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