Opening bell: Benchmark indices witness a moderate decline in early trade

Opening bell: Benchmark indices witness a moderate decline in early trade

by 5paisa Research Team Last Updated: 2022-05-11T10:54:05+05:30

Nifty is trading just above the 16,100 level, while oil and gas, metals, and energy stocks gain.

After opening positively on Wednesday, benchmark indices fell due to drag in the pharma, IT, and FMCG sectors. Concerns about inflation, increasing interest rates, and the potential of a global recession remain in the spotlight, as corporate profits also influence investor sentiment. The S&P 500 and Nasdaq both finished higher on Tuesday in the United States, with major growth stocks recovering after the previous day's selloff as Treasury yields fell.

At 9:55 AM, the BSE Sensex slipped by 211 points and is trading at 54,153.24 levels. The BSE MidCap also moved higher on the other hand by 23 points and is trading at 22,266.36 levels. The BSE SmallCap has declined by 159 points and is trading at 25,875.73 levels. The stocks trading in green on the BSE Sensex are Bharti Airtel, Power Grid Corporation of India, Mahindra & Mahindra, ICICI Bank, and Kotak Bank.

The Nifty 50 index opened in red today falling by 65 points and is now trading at 16,174.45 levels. Bank Nifty similarly is dropped, up by only 24 points and is trading at 34,457.75 levels. The gainers on Nifty 50 are HDFC Life Insurance, UPL, Bharti Airtel, ONGC, and Power Grid Corporation of India.

The market outlook is positive as out of 2,920 stocks traded, the numbers of stocks advanced are 963 and 1,858 stocks that have declined in the morning session, while 102 stocks are locked up in the upper circuit and 158 stocks are locked in the lower circuit. Today 30 stocks are trading at a 52-week high and 114 stocks are trading at a 52-week low.

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