Bloody Tuesday! Markets open gloomy; Nifty below 16,600 points

31 May 2022 , 09:35 AM

Indian markets kickstart the day on a dim note despite positive global cues. Sectoral indices Nifty IT, Pharma, Bank, and Financial Services opened nearly 1% lower. Nifty Auto, and Oil & Gas started the day with marginal gains. All other indices remained under pressure.

At around 9.42 AM, BSE Sensex was trading 0.81% lower at 55,473.79 points. NSE Nifty lost 119.10 points or 0.71% points so far at 16,542.30 points.

During opening bells, Sensex was trading at 55,593.02 points shedding 332.72 points or 0.59% against the previous close. Nifty ushers in at 16,578.45 points, down by 82.40 points or 0.49% against the previous day’s closing.

ONGC (+2.81%), emerged as the best performer with nearly 3% gain, followed by Mahindra & Mahindra (+2.46%). Powergrid (+1.80%), Bajaj Auto (+1.12%), and Eicher Motors (+1.07%) joined the rally with above 1% gains.

Sun Pharma emerged as the top laggard (-2.51%) with a downfall of about 2.5%, followed by Titan (-2.00%). TCS (-1.05%), Kotak Bank (-1.03%), and HCL Technologies (-1.02%) pushed down the chart further.

From Sectoral perspective, Nifty Oil & Gas (+0.48%), and Auto (+0.26%) opened with marginal gains. Nifty IT (-1.12%), Pharma (-0.85%), Media (-0.52%), Bank (-0.54%) and Financial Services (-0.75%) were the top underperforming indices. All other indices remained under the previous levels.

Globally, US Markets remained cheery driven by positive cues from the global investors. Dow Jones ended 1.76% or 575.77 points higher at 33,212.96 points.

Asian Markets reflected on held up investor sentiments as Shanghai SE (+0.75%), and Hang Seng (+0.43%) traded in green territory. Nikkei (+0.01%) and Taiwan TSEC (+0.10%) further held up the chart with nominal gains.