Share Market Today: Sensex Opens 138 Points Lower, Nifty Falls Below 25,000 Mark

Share Market News Today: The Sensex and the Nifty opened flat with a negative bias on May 27. The 30-share Sensex opened at 82038.2 level down by 138.25 points or  0.16 per cent and the Nifty 50 opened at 24,956.65 level down by 0.17 per cent.  Soon after the market opened the headline indices witnessed a steep decline with the Sensex declining over 1 per cent or 900 points to 81,261.96 and the Nifty 50 tumbling over 1 per cent or 263.45 to 24,737.7 levels.

In the previous session the headline indices extended gains with the Nifty 50 reclaiming the 25,000 mark and the Sensex closing above the 82,000 level.

Nifty Losers In Early Trade

Among the Nifty 50 pack NTPC, Bajaj Finserv and Mahindra & Mahindra lead the losers soon after the market opened. NTPC share price fell by 1.43 per cent to Rs 338.6 apiece soon after trading started. Shares of Bharat Electronics Ltd, Dr Reddy Laboratories and IndusInd Bank bucked the trend to emerge as top-gainers in early trade as they gained up to 0.94 per cent. Bharat Electronics share price climbed 0.94 per cent to Rs  388.15 apeice. NTPC and 43 other Nifty constituents declined in early trade while six stocks advanced.

Broader Market Indices Open Higher

Key broader market indices like the Nifty SmallCap 100 and the Nifty MidCap 100 opened slightly higher on May 27. At the time of writing the Nifty  MidCap 100 declined to 56,944.10 levels down by 0.4 per cent and the Nifty SmallCap 100 traded at 17,696.65 levels up by 0.1 per cent. While all sectoral indices declined soon after the market opened, Nifty Realty index bucked the trend to trade higher by 0.03 per cent soon after the opening bell. Notably the India VIX index also opened higher indicating increased volatility in upcoming sessions.

US Markets Closed, Asian Indices Trade Mixed

Trading activity on Wall Street was halted on May 26 on account of Memorial Day. Asian indices traded mixed in the early hours of May 27. Japan’s Nikkei 225, Hong-Kong based Hang Seng and China’s Shanghai Composite index traded flat with a negative bias in early trade down by as much as 0.24 per cent at the time of writing. On the other hand indices like Singapore’s Strait Times index traded higher by 0.07 per cent.

Commodity Prices

On May 27 the US Dollar Index (DXY) was down 0.27 per cent at 98.84  at the time of writing. Other key commodities such as crude oil prices eased with Brent Crude decreasing by 12 cents, or 0.19 per cent to $64.62 a barrel and U.S. West Texas Intermediate crude decreasing 15 cents, or 0.24 per cent, at $61.38 a barrel. Gold prices declined with spot gold closing at $3,332.04, while U.S. Gold futures decline to $3,331.9. As per the goodreturns website gold prices for 24 carat Gold per grams were around Rs 97,780, the price for 10 grams of 22 carat gold was around Rs 89,640 and the price of 18 carat gold was around Rs 73,340 for 10 grams. Notably gold prices dropped as the demand for a safe haven asset eased following US President Donald Trump’s announcement to postpone tariffs on the European Union.