Sensex trades below 61,000-mark, Nifty slips 54 points; metal drags
Major sectoral indices on the NSE were trading in the red with the Nifty Metal index tanking 1.84%.
Domestic benchmark equity indices opened lower tracking Asian peers that fell on Thursday amid concerns that the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy. Trading for the day would remain volatile as traders shift contracts from the current month expiry to the near month contract of November. In opening trades Sensex lost 181 points or 0.30% to 60,961 while the Nifty 50 was quoting at 18,156 lower by 54 points or 0.30%.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Major sectoral indices on the NSE were trading in the red. Nifty Metal index tanked the most with losses of 1.84% followed by Nifty PSU Bank lost 0.91%. While Nifty FMCG, Nifty Bank, Nifty Auto, Nifty Realty and Nifty IT indices were down in the range of 0.06-0.35%.
The volatility gauge India VIX spiked by 1.05% to 17 levels.
Broader markets
Broader markets were better off when compared to benchmark indices. The BSE MidCap index lost 32 points or 0.13% to 25,558. The BSE SmallCap index was trading 28,458 declining 76 points or 0.27%.
The market breadth was neutral with 1,192 shares advanced while 1,087 declined and 90 remain unchanged.
Global markets
Overseas, Asian stocks are trading mixed on Thursday as investors await the Bank of Japan’s latest monetary policy announcement. The Bank of Japan is set to announce its latest monetary policy decision on Thursday. The central bank is expected to hold steady on policy, as per reports.
Japan’s retail sales fell for a second month in September as consumers limited spending amid concerns over the coronavirus pandemic. Retail sales in September slipped 0.6% from the same month a year earlier, government data showed on Thursday. It followed a 3.2% dip in August that marked the first year-on-year decline in six months.
The Nasdaq ended little changed on Wednesday, boosted by gains in Microsoft and Google parent Alphabet on the heels of their quarterly results, but a drop in oil prices and a pullback in Treasury yields weighed on cyclical sectors and pulled the S&P 500 lower.
The Dow Jones Industrial Average dipped 266.19 points to 35,490.69, falling for the first time in four days, dragged down by Visa. The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three. The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares.