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Stock Market Update: Sensex Drops 200 pts At Open, Nifty Tests 18,600; Key Points

Sensex Today: The Sensex and Nifty benchmark indices opened lower on Tuesday as global stocks decline on fears of continued rate hikes by the US Fed. The BSE Sensex fell 300 points to 62,542, and the NSE Nifty50 slipped 80 points to 18,619.

Tata Steel, HCL Tech, Infosys, Power Grid, TCS, Nestle led losses on the Sensex, down up to 1.8 per cent, while Hindalco was the top Nifty loser.

On the flip side, IndusInd Bank, Axis Bank, Ultratech Cement, SBI Life, HDFC Life, and Coal India were the top outperformers across the two indices.

The broader markets too opened weak. The BSE MidCap was down 0.16 per cent, and the SmallCap index was flat.

Rupee Opens:

Indian rupee opened 12 paise lower at 81.91 per dollar on against previous close of 81.79.

Mohit Nigam, Fund Manager & Head – PMS, Hem Securities, said: “Investors are waiting for the conclusion of the RBI Monetary Policy Committee meeting before making any significant movements. The conclusion of the conference will be made public on December 7. It is predicted that the Reserve Bank of India MPC would announce a rate rise of 35 basis points (bps). India’s foreign exchange reserves climbed for the third week in a row in the week ended November 25, hitting $550.14 billion. The country’s reserves were $547.25 billion during the week ending November 18. However, Indian equities managed to stage a comeback in yesterday’s session, helped along by a strong estimate on services activity.”

Global Cues

US stocks slumped overnight as a strong ISM services activity reading for November, at 56.5 per cent vs an estimate of 53.7 per cent, fueled fears that the US Fed may continue monetary tightening even amid risks of a large economic cost.

The Dow slipped 1.4 per cent, the S&P 500 1.79 per cent and the Nasdaq 1.93 per cent.

In Asia too, the Hang Seng index fell 0.48 per cent in early trade this morning. The Shanghai Composite in mainland China, and Strait times slipped up to 0.4 per cent. Nikkei held marginal gains.

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