Opening bell: Indices open in red; metal gains along with bank, auto, and finance
In early trade, the major equity indices were negative amid volatility.
Metals, banks, and auto companies managed to trade in the green while FMCG, pharma, and IT equities dropped. Investors assessed a possible thawing of US-China trade relations after US President Joe Biden floated the notion of tariff cuts on Chinese goods, sending Asian stocks lower on Tuesday.
At 9:30 AM, the Sensex has declined by 19 points and is trading at 54,268.73 levels. The BSE MidCap has also fallen by 35 points and is trading at 22,413.40 levels. The BSE SmallCap has on the flip side increased by 25 points and is trading at 26,207.67 levels. The stocks trading in green on the BSE Sensex are Mahindra & Mahindra, Induslnd Bank, Axis Bank, Power Grid Corporation of India, and Tata Steel.
The Nifty 50 index opened in red today losing by merely 57 points and is now trading at 16,157.70 levels. The Bank Nifty on the contrary has gained 73 points and is trading at 34,321.45 levels. The gainers on Nifty 50 are Mahindra & Mahindra, Coal India, Tata Steel, Bajaj Auto, and Induslnd Bank.
On the Nifty 50 index outlook is neutral as the numbers of stocks advanced are 890 and 883 stocks that have declined in the morning session. On the Sensex, there are 115 stocks locked up in the upper circuit and 91 stocks are locked in the lower circuit today. Today, 49 stocks are trading at a 52-week high and 30 stocks are trading at a 52-week low.
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