This Article is From Jun 07, 2022

Sensex Falls Over 500 Points, Nifty Trades Below 16,450; IT, Consumer Durables Stocks Drag

Indian equity benchmarks on Tuesday traded lower in opening deals, dragged by information technology and consumer durables stocks.

Sensex Falls Over 500 Points, Nifty Trades Below 16,450; IT, Consumer Durables Stocks Drag

Sensex and Nifty started on a lower note today.

New Delhi:

Indian equity benchmarks on Tuesday traded lower in opening deals, dragged by information technology and consumer durables stocks.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-down start for the domestic indices.

The 30-share BSE Sensex slipped 521 points or 0.94 per cent to 55,154, while the broader NSE Nifty moved 127 points or 0.77 per cent down to trade at 16,442.

Mid- and small-cap shares were negative as Nifty Midcap 100 fell 0.63 per cent and small-cap shed 0.62 per cent.

Market participants await the outcome of the Reserve Bank of India's (RBI's) Monetary Policy Committee meeting, due on June 8.

All of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT and Nifty Consumer Durables were underperforming the NSE platform by falling as much as 1.09 per cent and 1.12 per cent.

On the stock-specific front, Titan was the top Nifty loser as the stock cracked 4.21 per cent to Rs 2,106.05. Asian Paints, Hindustan Unilever, Dr Reddy's and SBI Life were also among the laggards.

The overall market breadth was slightly weak as 1,192 shares were advancing while 1,254 were declining on BSE.

On the 30-share BSE index, Titan, HUL, Asian Paints, Dr Reddy's, Sun Pharma, Maruti, Nestle India, Kotak Mahindra Bank, Bajaj Finserv, M&M, Bajaj Finance and TCS were among the top losers.

Also, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, plunged 2.43 per cent to hit an all-time intraday low of Rs 758.50.

In contrast, NTPC, PowerGrid and Reliance Industries were trading in the green.

Sensex had dropped 94 points or 0.17 per cent to close at 55,675 on Monday, while Nifty had moved 15 points or 0.09 per cent down to settle at 16,570.

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