Sensex, Nifty Dip Slightly as Markets Open Flat Amid Mixed Global Cues
The Indian stock market opened on a subdued note on Tuesday, with both the Sensex and Nifty trading marginally lower amid mixed global cues and early selling pressure in auto, PSU bank, and financial service stocks.
Mumbai: The Indian stock market opened on a subdued note on Tuesday, with both the Sensex and Nifty trading marginally lower amid mixed global cues and early selling pressure in auto, PSU bank, and financial service stocks.
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At 9:31 am, the BSE Sensex was down by 40.79 points (0.05%) at 82,018.63, while the NSE Nifty 50 dropped 22.10 points (0.09%) to trade at 24,923.35, remaining below the key psychological level of 25,000.
Broader Market Sees Decline; Midcap and Smallcap Indices Also in Red
- Nifty Bank fell 51.40 points (0.09%) to 55,369.30.
- Nifty Midcap 100 declined by 162.45 points (0.28%) to 56,943.00.
- Nifty Smallcap 100 was down 42.75 points (0.24%), trading at 17,606.90.
Analysts point to market indecisiveness, noting that the Nifty is currently trading in a tight range of 24,900–25,100. The formation of a bearish candle within an inside bar pattern suggests hesitation among traders.
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“A breakout above 25,235 could trigger upside momentum toward 25,500–25,743,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.
Indian Rupee Gains; Crude and USD Softening Offer Support
The Indian Rupee appreciated by 10 paise, closing at ₹85.40 against the US dollar, driven by easing crude oil prices and a softening greenback.
“The strengthening of the rupee is largely due to improved sentiment on the back of lower global oil prices and a weaker dollar,” noted Devarsh Vakil, Head of Prime Research at HDFC Securities.
Top Gainers and Losers in Early Trade
Top Gainers (Sensex Pack):
- Tata Steel
- Sun Pharma
- Infosys
- Tech Mahindra
- ITC
- Adani Ports
- L&T
- HCL Tech
Top Losers:
- Power Grid
- Nestle India
- Titan
- Kotak Mahindra Bank
- M&M
- HDFC Bank
Global Market Trends: Asia Trades Higher
Despite domestic hesitation, Asian markets such as China, Hong Kong, Japan, Bangkok, Seoul, and Jakarta opened in the green, signaling regional investor optimism.
Meanwhile, Wall Street saw a positive close in the previous session:
- Dow Jones: +137.33 pts (0.32%)
- S&P 500: +5.22 pts (0.09%)
- Nasdaq: +4.36 pts (0.02%)
Institutional Selling Signals Market Caution
On the institutional front, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net sellers on May 19, marking the first simultaneous sell-off in over a month.
- FIIs net sold ₹525.95 crore
- DIIs net sold ₹237.93 crore
