Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in US stocks on Friday. Domestic equities bounced back sharply off lows in the fag-end of the session and ended around flat line on Monday. The reversal came as US Futures indicated a positive start on Wall Street later today.
At close, the Sensex was down 84.88 points or 0.15 per cent at 56,975.99, and the Nifty was down 33.40 points or 0.20 per cent at 17,069.10. About 1201 shares have advanced, 2180 shares declined, and 175 shares are unchanged.
Apollo Hospitals, Eicher Motors, Titan Company, Bajaj Auto and Wipro were among the top Nifty losers, while gainers were IndusInd Bank, Coal India, Tata Steel, Power Grid Corporation and HDFC.
Among the sectors, capital goods, auto and IT indices fell a per cent each. However, some buying was seen in the FMCG, metal, power and realty names.
Vinod Nair, Head of Research at Geojit Financial Services, said: “The recent hawkish turn by Fed has made investors extra cautious ahead of the upcoming Fed meeting triggering high volatility in the market. The rising dollar index, FII selling spree and elevated commodity prices further hammered the risk sentiment. On the other hand, domestic numbers like GST collection, auto sales numbers and Manufacturing PMI for the month of April gave a sense of an improving economic outlook.”
Global Cues
The Dow Jones Industrial Average slumped more than 900 points Friday as another sharp sell-off led by technology stocks added to Wall Street’s losses in April, leaving the S&P 500 with its biggest monthly skid since the start of the pandemic. The S&P 500 fell 155.57 points to 4,131.93 Friday. The Dow dropped 939.18 points to 32,977.21. The Nasdaq slid 536.89 points to 12,334.64. The benchmark S&P 500 fell 3.6 per cent and finished April with an 8.8 per cent loss, its worst monthly slide since March 2020. The Dow slumped 2.8 per cent.
Financial markets in China, Hong Kong, Indonesia, Singapore, Taiwan and Thailand are closed on Monday for public holidays.
Tokyo shares drifted lower on Monday ahead of three consecutive public holidays, as investors focused on an upcoming US Federal Reserve monetary policy meeting. The Nikkei 225 index opened flat then slipped 0.52 per cent, or 139.55 points, to 26,708.35 in morning trade while the broader Topix index fell 0.23 per cent, or 4.33 points, to 1,894.73.
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