Opening Bell: Benchmark indices trade flat; BSE Metal Index loses over 8%
5paisa Research Team
Last Updated: 23rd May 2022 - 10:32 am
After recovering strongly on Friday, on Monday, benchmark indices signaled a higher opening as indicated by trends on SGX Nifty. Nifty futures on the Singapore Exchange traded 22 points, or 0.14%, higher at 16,276.50.
Asian stocks traded lower due to cautiousness over inflation and interest rates running upwards determined by the global economic outlook and bearishness in technology stocks weighed on Chinese markets. On Friday, the S&P 500 settled 0.57 points up at 3,901.36 whereas the Dow Jones Industrial Average recovered from an early loss to close less than 0.1% higher. The Nasdaq composite cut a big loss and ended 33.88 points or 0.3% lower.
At the open, Sensex was up 288.99 points or 0.53% at 54615.38, and the Nifty was up 77.80 points or 0.48% at 16344. About 1563 shares have advanced, 531 shares declined, and 98 shares are unchanged. India VIX traded 2.81% higher at 23.75 level in the initial hour of the trading session. On Sensex, the top gainers were Maruti Suzuki, NTPC, M&M, Titan and Nestle India whereas the top losers were Tata Steel, ITC, HCL Technologies and Tech Mahindra.
Among the stocks that are expected to declare their quarterly results today are Zomato, SAIL, Bharat Electronics, Divi's Laboratories, The Ramco Cements, Birlasoft, The New India Assurance Company, Graphite India, Rupa & Co, Shilpa Medicare, HG Infra Engineering, Data Patterns (India), Dollar Industries and Kaveri Seed Company.
In the broader markets, at 9.45 am BSE Mid Cap and Small Cap indices traded 0.16% up and 0.01% lower, respectively. On the sectoral front, indices traded with mixed cues with the BSE Metal Index falling the most, by 8%, in the first hour of the trading session. The top stocks dragging the metal index were Jindal Steel, Tata Steel, JSW Steel, SAIL and NMDC declining between the range of 9% to 13%. On the other hand, auto, consumer durables and realty indices gained more than 1%.
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