Opening bell: Indices trade lower, Nifty dips below 16,550

Opening Bell: Opening bell: Indices trade lower, Nifty dips below 16,550

by 5paisa Research Team Last Updated: 2022-05-31T10:13:57+05:30

In early trade on Tuesday, the major equity indices saw small losses.

Auto, real estate, and oil & gas stocks rose, while IT, financial services, and private banking stocks fell. Traders took profits as the stock market surged for three days in a row. In the last three days, the Nifty 50 index has risen 3.97%. On Tuesday, most Asian stock markets rose as investors reacted to official Chinese manufacturing activity statistics for May. Brent crude for July 2022 settlement was up USD 2.20, or 1.84% to USD 121.63 a barrel on the commodities market.

At 9:45 AM, the Sensex have slipped in red by 396 points and is trading at 55,529.15 levels. BSE MidCap on the other hand gained 26 points and is trading at 23,057.46 levels, BSE SmallCap has too increased by 125 points and is trading at 26,318.20 levels. The stocks trading in green on the BSE Sensex are Mahindra & Mahindra, Power Grid Corporation of India, Tata Steel, Dr Reddy Laboratories, and NTPC.

The Nifty 50 index similarly opened on a negative note losing 99 points and is now trading at 16,561.95 levels. Bank Nifty also fell by 157 points to trade at 35,669.85 levels. The gainers on Nifty 50 are Mahindra & Mahindra, ONGC, Coal India, Bajaj Auto, and Power Grid Corporation of India.

On the Sensex, the outlook is positive as out of 2,896 stocks, 1535 stocks advanced and only 1,246 stocks have declined in the morning session. Whereas, there are 161 stocks locked up in the upper circuit and 135 stocks are locked in the lower circuit today, also 41 stocks are trading at 52-week high and there are 26 stocks that are trading at a 52-week low.

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