Sensex, Nifty Open Lower; Metal, I.T. Stocks Decline
India’s stock benchmarks opened lower, dragged by metals, consumer durables and metal stocks, amid weak global cues.
The S&P BSE Sensex fell 0.15% to 58,940.11. The NSE Nifty 50 also declined by similar magnitude to 17,591.55.
The broader indices underperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap falling over 0.6%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology, Consumer Durables, Metal falling over 1%.
The market breadth was skewed in the favour of bears. About 1,261 stocks advanced, 1,553 declined and 109 remained unchanged.
“Markets are under pressure due to sharp drop in values of crypto currencies and also the Nasdaq listed new-age stocks”, Deven R Choksey, MD, KRChoksey Holdings Pvt. Ltd. wrote in a note and added “though India’s economy and growth are full of promise and potential, traders may face the brunt of sell offs, largely due to the collateral damage of erosion in values of crypto and new-age stocks”.
