Stocks lose momentum, Nifty drops approximately 300 points from intraday peak; Pharma and Power sectors experience significant declines
Sparsh Bansal Follow Us The Indian stock market is playing a friendly yet choppy game today. As of now, the Nifty has slipped approximately 270 points from its intra-day high, currently hovering around 24,275. The Sensex is trading above the 80,000 mark but significantly below the 80,700 it hit in the morning surge.
In the morning, the NSE Nifty opened with a 21-point or 0.09% drop at 24,294, but quickly rose and gained 111 points or 0.46%, before slipping back. The BSE Sensex opened with a 45-point or 0.06% increase at 80,272, only to surge over 750 points or 0.95%, before sliding down.
The Bank Nifty opened 470 points or 0.87% higher at 55,975. The Nifty Midcap 100 added 100 points, or 0.19%, to open at 54,339.25.
Key Losers on Nifty 50
JSW Steel has taken a hit, diving nearly 6% due to a Supreme Court ruling that rejected its resolution plan for Bhushan Power and Steel. Besides JSW, Bajaj Auto, Eicher Motor, Nestle India, Cipla, and NTPC are also facing losses of 2-3%.
Top Gainers on Nifty 50
In the early hours, Adani Ports, Maruti Suzuki, Axis Bank, Hindalco, and Trent led the gainers in the Nifty 50 index. However, market dynamics have since shifted.
Watchful on Indo-Pak Relations
The Indian stock market is keeping a close eye on the ongoing developments between India and Pakistan, following the Pahalgam terror attack. Prime Minister Modi called for multiple high-level cabinet meetings, giving the Indian Armed Forces the green light to counter any potential threats.
Asian Markets Open Mixed
Asian markets opened the day on a diverse note. The Japanese Nikkei 225 inched up nearly 1%, while the Topix traded in the green. At the same time, Australia's ASX 200 slipped slightly, and South Korea's Kospi dropped by 0.5%, with the smaller Kosdaq remaining steady.
Crude Oil Prices Soaring
Besides geopolitical tensions, crude oil prices have also been a factor affecting the markets. On Friday, crude oil prices rose, with both global benchmarks posting modest gains. The WTI crude oil climbed 0.54% to $59.58 per barrel, while Brent crude increased 0.55%, trading at $62.47.
The stock market is a rollercoaster, and investors need to be prepared for ups and downs. Stay updated with the latest market news on our website App for the most comprehensive business news.
- In the current stock market landscape, investors should approach their portfolios with a heightened sense of aggressiveness, considering the mixed signals exhibited by the markets amidst geopolitical tensions.
- The Indian stock market has displayed a friendly yet choppy performance today, with the Nifty and Sensex demonstrating such volatility.
- In the morning, the NSE Nifty opened with a drop, only to quickly recover and gain, before slipping back, while the BSE Sensex followed a similar pattern.
- The Bank Nifty and Nifty Midcap 100 also presented a mixed performance, with the former opening higher and the latter adding points.
- In the Nifty 50 index, Adani Ports, Maruti Suzuki, Axis Bank, Hindalco, and Trent led the gainers in the early hours, but market dynamics have since shifted.
- Companies like JSW Steel, Bajaj Auto, Eicher Motor, Nestle India, Cipla, and NTPC have faced losses, while the ongoing developments between India and Pakistan are being closely monitored. Additionally, the rising crude oil prices have also been a significant factor affecting the markets.
