After two days of steady gains, the Indian stock market saw a sharp reversal today, May 27. Both the Sensex and Nifty 50 opened slightly lower and quickly tumbled in morning trade. The Sensex slipped by over 900 points, while the Nifty also fell more than 1% during intraday trading. However, both the key indices are off the intra-day lows.

Bank Nifty opened 88 points or 0.16% lower at 55,484. However, the midcap stocks outperformed relatively in the opening trade. The Nifty Midcap 100 advanced 60 points, or 0.11%, to open at 57,127.60. 

“The Nifty managed to close above the psychological 25,000 level yesterday, but as long as the previous high of 25,116 is holding, there is a small chance of a dip that holds 24,462. This level is a make-or-break for bulls and bears alike, and the preferred view is that as long as it is intact, we will target the 25,400 – 25,600 area. This dip doesn’t have to come, however, in which case the 25,500 area becomes the immediate play,” said Akshay Chinchalkar, Head of Research at Axis Securities.

Here are key highlights from the early session-

Top performers leading the charge

Among the top gainers on the Nifty 50 were Bharat Electronics, IndusInd Bank, Dr Reddy’s Laboratories, Hindalco, and Shriram Finance. 

Stocks in the red

The stocks that remained under pressure included NTPC, Bajaj Finserv, Mahindra & Mahindra, Grasim Industries, and Tata Motors were the only laggards in the morning trade. The top movers in the Nifty 50 were HDFC Bank, ICICI Bank, Reliance Industries, Infosys, and Axis Bank as soon as markets opened.

All eyes on Q4 earnings

Investors are closely tracking a string of quarterly results scheduled for today. Major names like Life Insurance Corporation of India, Bharat Dynamics, Bosch, Carraro India, DCX Systems, EPACK Durable, NMDC, Gujarat Fluorochemicals, Hindustan Copper, Gateway Distriparks, JK Lakshmi Cement, Minda Corporation, Medplus Health Services, Info Edge (India), Zinka Logistics Solutions, and Triveni Engineering & Industries will announce their quarterly earnings scorecard on May 23.