BSE Sensex and Nifty 50 trade dropped by around one per cent Tuesday. The stock market indices were just above the mark of their bare minimum which doubted it’s negative opening.
As per the President at PMS, Hem Securities, Mohit Nigam, “Benchmark Indices are expected to open on a negative note as trends on SGX Nifty indicate a gap down opening. Asian markets are trading lower following a sell-off in tech stocks that weighted down major US Indexes overnight.”
He further added,” CRISIL said that 2nd wave of covid could bring down India GDP growth to 8.2% if cases peak by June end. Key companies announcing their quarterly results today include Granules India Ltd, Godrej Consumer Products, Siemens Ltd, Linde India Ltd, Aarti Industries Ltd, etc. 14500 acts as important support. We suggest buy on dips.”
Nifty 50 indice sits in red today
At the Singaporean exchange today, Nifty 50futures were trading 210 points or 1.40 per cent down at 14,782.20. Stocks in focus were for PNB, Godrej Consumer, Siemens, Kesoram Industries, Solara Active Pharma companies.
In the pre-opening session today, Nifty 50 was trading around 14,850 on Tuesday. Sensex hovered 464 points or 0.94 per cent to 49,060. Whereas, Nifty 50 followed the negative global cues as it gave up on 14, 800.
Meanwhile Sun Pharma, Nestle India, Dr. Reddy’s Laboratories sit in green today and traded 1.15 per cent higher. The top laggards for today are, IndusInd Bank, ONGC, Housing Development Finance Corporation (HDFC). The list is further followed by, Kotak Mahindra Bank, M&M, ICICI Bank, Maruti Suzuki.
Moreover, today Nifty 50 index traded mostly in red. Nifty Metal index fell down by 2 per cent followed by Nifty PSU Bank Index, as updated at 9:26 IST today.
On Monday, the rating agency stated that India’s GDP growth rate could fall to 8.2 per cent in the Financial year 2021-22. The estimation comes into consideration with the expectation of surge in COVID cases by June.
However, the report earlier stated that expected growth for FY 2021-22 is 11 per cent. In addition to this the report added, that the cases would hike by May and growth rate would fall by 9.8 per cent.