Sensex, Nifty decline 2% following negative global cues; what’s dragging D-Street today

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Published: May 14, 2020 11:24:29 AM

Nifty IT index was top sectoral loser. It was trading 2.77 per cent or 380 points down dragged by Infosys, Tech Mahindra and MindTree

Sensex, niftyThe BSE MidCap index gained 0.17 per cent while the SmallCap index was trading 0.24 per cent lower

In line with global markets’ performance, headline indices BSE Sensex and Nifty 50 were trading near 2 per cent down on Thursday. US Federal Reserve Chairman Jerome Powell warned a prolonged recession for the US economy on the back of novel coronavirus pandemic. BSE Sensex fell over 650 points to hit day’s lows of 31,344.50, while the broader Nifty 50 index slipped below 9,200-mark. The broader markets were performing better than frontline indices. The BSE MidCap index gained 0.17 per cent while the SmallCap index was trading 0.24 per cent lower.

NTPC down 5%: NTPC was the top Sensex laggard with a decline of 4.84 per cent, followed by Infosys, IndusInd Bank, Power Grid and Tech Mahindra. On the flip side, Bajaj Finance gained over 2 per cent. Nestle India, Sun Pharma, Hindustan Unilever and Kotak Mahindra Bank were among Sensex gainers,

Nifty IT down 2.5%: Nifty IT index was top sectoral loser. It was trading 2.77 per cent or 380 points down dragged by Infosys, Tech Mahindra and MindTree. While Nifty FMCG was trading higher led by gains in Godrej Consumer Properties, Dabur India and Marico.

FM presser today: Finance Minister Nirmala Sitharaman will address a press conference later in the day today. It is expected that FM Sitharaman will provide further finer details of the economic package of Rs 20 lakh crore announced by Prime Minister Narendra Modi in Tuesday’s evening.

Power stocks rally: A part of Rs 20 lakh crore Atma Nirbhar Bharat Abhiyan package will provide a fresh loan of Rs 90,000 crore through PFC-REC to state-run power distribution companies (discom) which will reduce receivables of electricity generation companies. Today power stocks rallied up to 13 per cent in an otherwise weak trade.

Global markets: Wall Street’s three major indexes closed lower for the second day in a row after Federal Reserve chief highlighted the risks that the US economy is facing after coronavirus-led shutdowns. The Dow Jones Industrial Average fell 2.17%, the S&P 500 lost 1.75%, and the Nasdaq Composite dropped 1.55%.

FII and DII: Foreign institutional investors (FIIs) sold shares worth Rs 283.43 crore, while domestic institutional investors (DIIs) bought shares worth Rs 232.65 crore on net basis on Wednesday, according to the provisional data available on the National Stock Exchange (NSE).

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