New Delhi | Jagran Business Desk: The domestic benchmark indicies opened on a negative note again on Monday amid weak global cues. The 30-share BSE Sensex opened at 56,557.08, down by 503.79 points or 0.88 per cent, while the 50 NSE Nifty plunged by 149.20 points or 0.87 per cent to start the session at 16,953.35.
Maruti Suzuki India was the top loser in the Sensex pack, plunging by 2.08 per cent. Besides, Bajaj Finance, Asian Paints, Infosys, Bajaj Finsv, Tech Mahindra, Tata Steel, Sun Pharma, Titan, Kotak Mahindra Bank, HDFC, and HDFC Bank were other top losers.
Only three stocks - IndusInd Bank, National Thermal Power Corporation (NTPC), and Axis Bank - were trading in green.
On the National Stock Exchange (NSE), YES Bank, TV18 Broadcast, IDFC First Bank, and Tata Motors were the top gainers. Likewise, L&T Finance Holdings, Steel Authority of India (SAIL), Wipro, Adani Power, and Future Consumer were the top losers.
Experts believe that the volatility in the stock market will continue for some time. Dr VK Vijayakumar Chief Investment Strategist at Geojit Financial Services, however, said domestic cues are getting stronger which is a "positive sign".
"...GST collections in April at 1.68 lakh crores, rising auto sales, improving business sentiments and good corporate results reflect an economy bouncing back smartly. This indicates that the economy facing stocks will do well in FY 23," he was quoted as saying by The Economics Times.
"DIIs and retail investors will be encouraged by the economic data while the FIIs are likely to press sales further since rates are likely to rise sharply in US and the dollar index is rising," he said.
International oil benchmark Brent crude dipped 0.87 per cent to USD 106.21 per barrel. Foreign institutional investors again offloaded shares worth Rs 3,648.30 crore on Friday after they turned net buyers on Thursday, according to stock exchange data.
Posted By: Aalok Sensharma