Sensex opens over 300 points lower, Nifty below 24,800; Kotak Bank down 4%
"While trade deals with Japan and EU, thought to be difficult initially, have happened, the much expected India-US trade deal is even now hanging fire. This has impacted market sentiments," he added.Among the top gainers on the BSE Sensex were Bajaj Finserv, which rose 1.47%, followed by Tata Motors up 1.45%, Maruti Suzuki up 0.72%, Power Grid up 0.65%, and ICICI Bank which gained 0.57%.However, the market also witnessed sharp losses. Kotak Mahindra Bank was the biggest loser, tumbling 6.40%, followed by Tata Consultancy Services which fell 1.44%, Bharti Airtel down 0.91%, Infosys down 0.90%, and Titan Company which dropped 0.86%.The Nifty Midcap100 gained 0.57% while Nifty Smallcap100 rose 0.29%, and India VIX jumped 3.81%.Among the sectoral indices, several showed positive momentum with Nifty Oil & Gas leading at 0.61%, followed by Nifty Pharma at 0.58%, Nifty Metal at 0.59%, Nifty Auto at 0.52%, Nifty FMCG at 0.51%, Nifty Healthcare at 0.45%, Nifty PSU Bank at 0.32%, Nifty Consumer Durables at 0.25%, and Nifty Financial Services at 0.12%.Nifty Realty faced the biggest decline at 2.14%, followed by Nifty Private Bank which dropped 1.07%. Other losers included Nifty IT at 0.34% and Nifty Media at 0.33%."The sharp cut in the IT index has been dragging the market down, and there is no respite in this in view of the 2% cut in its global workforce announced by TCS. However, midcap IT names hold promise in view of their strong growth prospects. FII selling of Rs 13552 crores in the cash market last week has added to the weakness in the market," said Vijayakumar."Yet another concern is the Q1 results, which are not yet indicating any major positive surprises. Investors have to be cautious and stock-specific in this weak phase of the market. There is safety in largecaps banks like ICICI Bank and HDFC Bank which have come out with the best results in the segment with prospects of improvement going forward," he added. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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