Headline indices started flat and immediately slipped into the negative territory, weighed down majorly by bank stocks
Headline indices opened with marginal gains on May 15. However, they immediately slipped into the red, mostly weighed down by banks. The Sensex started 23.87 points or 0.03 per cent higher at 81,354.43. As of 9:20 AM, it traded some 200 odd points lower. Likewise, the Nifty 50 opened with slight gains of 27.55 points or 0.11 per cent at 24,694.45, and slumped to trade some 50 odd points lower.
The broader market indices, on the other hand continued their upward momentum, extending their outperformance for the fourth straight day. Around the same time, the Nifty Midcap 100 traded higher by 0.24 per cent and the Nifty Smallcap 100 traded with gains of around 0.5 per cent.
Today’s session is also important as it marks the weekly expiry of the Nifty 50 derivatives contracts, which could add to the intraday volatility.
Earlier on May 14, the headline indices had closed in the green. The Sensex had closed 182.34 points, or 0.22 per cent higher at 81,330.56, and the Nifty 50 also gained 88.55 points or 0.36 per cent to end at 24,666.90. The broader market, on the other hand, saw the most action on the D-street in the previous session. The Midcap 100 logged gains of 1.11 per cent, and the Nifty Smallcap 100 climbed 1.44 per cent, significantly outperforming the benchmark indices.
Overnight, major US stock market indices closed on a mixed note amid a de-escalation in trade tensions between the world’s two largest economies. The Nasdaq Composite gained 0.7 per cent and the S&P 500 edged up 0.1 per cent after trading rangebound for much of the day. The Dow Jones Industrial Average, however, slipped 0.2 per cent.
Asian stocks traded lower in early session today. Japan’s Nikkei 225 traded lower by 1.11 per cent, South Korea’s KOSPI quoted in red, losing 0.2 per cent, Hong Kong-based Hang Seng too traded in the negative territory, with 0.15 per cent loss. China’s SSE Composite and SZSE Component also tumbled between 0.5 per cent and 1 per cent.
Among the Sensex stocks, Tata Motors, Adani Ports, Tech Mahindra, Bharti Airtel and HCL Technologies led the gainers in early trade, while Power Grid, Kotak Mahindra Bank, Sun Pharma, Infosys and Axis Bank were the top losers.
From the Nifty 50 pack, JSW Steel, Hero MotoCorp, Eicher Motors, Tata Motors, Tech Mahindra and Bajaj Auto were the top gainers, while Power Grid, Dr Reddy's, Sun Pharma, ONGC and Kotak Mahindra Bank led the losses.
On the sectoral front, Metal, Auto and Oil & Gas indices gained the most, in the range 0.2 per cent and 0.5 per cent. Realty, FMCG, IT, Private Bank, PSU Bank and Pharma traded lower in the red.
The Nifty Bank, which tracks top 12 private and public bank stocks, too traded under pressure, extending losses for the third consecutive day. It traded around 0.5 per cent lower below the 54,600 level in early trade.
At least 128 companies are set to announce their fourth quarterly results for the fiscal year ended March 31, 2025 (Q4 FY25) today. Among the key names to watch are ITC Hotels, Cochin Shipyard, JSW Energy, PB Fintech, LIC Housing Finance, Crompton Greaves, Bikaji Foods, and SKF India.
The market is also reacting to the Q4 earnings releases by Eicher Motors, Lupin, Apollo Tyres, Muthoot Finance, Tata Power, and Piramal Pharma.