Stock Market LIVE: Sensex Slips Below 63,100, Banking and IT Stocks Under Pressure
The Indian stock market opened on a weak note on Thursday, with the major indices trading in the red zone. The benchmark BSE Sensex slipped below the crucial 63,100-mark, while the Nifty traded below 18,700. The banking and IT sectors faced selling pressure, further dampening market sentiments. Here are the latest updates:
– At 10:00 am IST, the BSE Sensex was down 0.27% at 62,994.15, while the Nifty 50 was trading 0.28% lower at 18,655.10.
– The banking sector index, Nifty Bank, was the biggest loser, down 0.81%, followed by the IT sector index, Nifty IT, which was down 0.75%.
– The top gainers on the Sensex were Hindustan Unilever, Kotak Mahindra Bank, and Nestle India, up 0.8%, 0.78%, and 0.6% respectively.
– The top losers on the Sensex were Axis Bank, HDFC Bank, and Reliance Industries, down 1.3%, 1.2%, and 1% respectively.
– The Indian rupee opened weaker at 74.26 against the US dollar, compared to the previous close of 74.14.
The weak global cues and concerns over the economic recovery have weighed down on the Indian stock market. The market is also awaiting the Reserve Bank of India’s monetary policy decision, which is due on Friday. Experts predict that the central bank may maintain the status quo on interest rates, given the uncertainty caused by the pandemic.
In other news, the government has approved a Rs 6,322 crore production linked incentive (PLI) scheme for specialty steel. The scheme aims to boost domestic production and reduce imports of specialty steel, which is used in critical applications such as defence, space, and power.
Overall, the Indian stock market is expected to remain volatile in the near term, with investors keeping a close eye on the global cues and the domestic economic indicators.
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