Sensex, Nifty end lower ahead of Q4 GDP numbers
Sensex and Nifty ahead of Q4 GDP numbers today: Indian stock markets opened lower on Tuesday after a sharp rally in the previous session amid negative cues from the Asian markets. The Nifty today opened at 16578.45 levels, down by 82.95 points while Sensex made a negative opening of 303.73 points at 55622.01 levels. Indian markets traded below their natural lines most of the day and closed nearly half a percent lower in the end.
News that influenced the markets
Indian equity market indexes traded lower on account of selling in the index majors like Sun Pharma, Titan, and HDFC. Traders preferred to remain on the sidelines ahead of the gross domestic products (GDP) numbers, expected later today. Some concerns also came in as domestic rating agency India Ratings said the GST has not helped states achieve the key objective of boosting their tax revenue. The rating agency said that data does not point to any benefits to the states in the last five years since the implementation of GST.
However, the downside was limited as some support came from Ajay Seth, secretary at the department of economic affairs, stating that India’s inflation should ease in the coming months following steps taken by the Union government and as global prices coming off in May will have a salutary impact.
On the global front, other Asian markets were closed mostly in the green as China eased covid-19 restrictions in Shanghai and Beijing. European markets are, mostly trading in the red as oil prices rose after EU leaders agreed to ban 90% of Russian oil by the end of the year.
Nifty and Sensex indexes at the close today
The Nifty index declined by 76.85 points or 0.46 percent and closed at 16584.55 levels while Sensex was down by 359.33 points or 0.64 percent and finished at 55566.41 levels. The Bank Nifty index ended lower today by 339.55 points or 0.95 percent on the spot level and ended at 35487.40
The broader markets closed mixed today. The Nifty midcap index declined by 38 points or 0.13 percent and closed at 28288.35 levels. The Nifty smallcap index closed higher by 112.55 points or 1.24 percent and finished at the 9208.50 level
Nifty top gainers and losers today
The top gainer in the Nifty 50 index was ONGC, M&M, NTPC, Coal India, and JSW Steel whereas the top losers were Sun Pharma, Kotak Bank, HDFC, Titan, and HDFC Life.
The top gainers in the Nifty midcap index were Oil India, Tata Elxsi, and Prestige Estate and the top losers were Adani Total Gas, Aarti Ind, and Dhani Services.
The smallcap top gainers were CDSL, CAMS, and Route and the top losers were IOL Chemicals, Lux Industries, and Future Retails
The most active stocks in the Nifty index in terms of value were Reliance, Bharti Airtel, and Kotak Bank. The most active stocks in terms of volume were NTPC, ONGC, and Bharti Airtel.
On a sectoral front, Realty, Media, Metals, Auto, and FMCG were closed in the green today. The sectors that dragged down the markets were Banking, Financial Services, Pharma, and Oil & Gas.
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Editorial desk
