Stock Market Updates: Sensex Dips Over 150 pts, Nifty Tests 18,250; Adani Transmission Down 5%

Last Updated: May 12, 2023, 09:26 IST

FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

Sensex and Nifty started on a tepid note on Friday ahead of the April consumer inflation and March IIP data, slated to be released today.

Sensex Today: Benchmark indices Sensex and Nifty on a tepid note on Friday ahead of the April consumer inflation and March IIP data, slated to be released after market hours. The BSE Sensex fell 190 points to 61,717, and the NSE Nifty50 slipped 55 points to 18,242.

Asian Paints, Tata Steel, L&T, HCL Tech, Sun Pharma, HDFC led losses on the Sensex, while Divi’s Lab, Hindalco and JSW Steel were the top Nifty losers.

On the flip side, Tata Motors, Titan, M&M, Maruti, Eicher Motors, Hero Moto were the among the few frontline gainers.

The broader markets were mixed. The BSE MidCap index was flat but the SmallCap pocket outperformed the benchmarks and rose 0.25 per cent

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Even though the momentum is with the bulls the market is likely to remain subdued till there is clarity on two important issues. The US debt ceiling impasse is a short-term threat to the market even though the market believes that the issue will be sorted out just before the deadline. The Karnataka poll outcome can impact the market if the results surprise with either a big win for the Congress or the BJP contrary to the broad exit poll results. A decisive trend in the market will emerge only after clarity on these two issues.”

“The outperformance of the broader market is significant and this is supported by good Q4 results. Latest mutual fund data shows that an increasing amount of mutual fund inflows is moving towards small caps. This can support the rally in the broader market,” he added.

Global cues

Asian markets were mixed this morning with Nikkei, Hang Seng rising 0.8 and 0.14 per cent, respectively. Strait times and Kospi fell up to 0.8 per cent.

Overnight in the US, the S&P 500 fell 0.17 per cent, the Dow shed 0.66 per cent dragged by Disney shares and the Nasdaq added 0.18 per cent.

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