On Wednesday, the Indian benchmark indices, Sensex and Nifty, opened on a positive note but later gave up all early gains due to the weak trend in global markets. The 30-share BSE Sensex rose by 204.23 points to reach 61,965.56 in early trade, while the NSE Nifty gained 57.2 points to reach 18,323.15. However, both indices lost their gains as the BSE benchmark traded 71.95 points lower at 61,689.38, and the Nifty dropped 22.85 points to 18,243.10.
IndusInd Bank, Power Grid, Tata Motors, Reliance Industries, UltraTech Cement, Nestle, and ITC were the major gainers among the Sensex firms, while State Bank of India, Tata Steel, Axis Bank, and HDFC were the major laggards. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. The US markets had ended negatively on Tuesday.
According to Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, the US inflation data for April would be closely watched as it would provide an indication of the Fed’s next course of action on the rate front. The global oil benchmark, Brent crude, declined 0.70% to USD 76.90 per barrel.
Foreign Institutional Investors (FIIs) were net buyers on Tuesday, purchasing equities worth Rs 1,942.19 crore, as per exchange data. The BSE benchmark had slipped 2.92 points to settle at 61,761.33 on Tuesday, while the Nifty had ended slightly up by 1.55 points or 0.01% at 18,265.95.
