May 19, 2024
New Delhi, India
Stock Market Today: Markets Flat Amid Mixed Global Sentiment
Indian stock markets opened on a flat note on Monday as investor sentiment remained cautious following Moody’s downgrade of the US government’s credit rating. The Sensex slipped by 42 points to 82,289, while the Nifty50 hovered near the psychological 25,000 mark, up just 6 points.
IT Stocks Under Pressure
Technology stocks were among the top laggards, with Infosys, TCS, HCL Technologies, and Tech Mahindra dragging the indices lower. The Nifty IT index dipped 0.6%, mirroring concerns over the US credit downgrade from AAA to AA1. Given the sector’s revenue dependence on the US, market participants feared a potential slowdown in client spending.
Top Losers and Gainers
On the Sensex, the major losers included Infosys, Eternal (Zomato), IndusInd Bank, HCL Tech, Reliance Industries, and Nestle India—each falling up to 1.1%. In contrast, NTPC, Tata Motors, Asian Paints, Bajaj Finance, Power Grid, and SBI led the gains, each rising up to 1%.
Broader Market Movement
The Nifty MidCap index advanced by 0.55%, and the SmallCap index added 0.97%, signaling buying interest in broader market stocks.
Sectoral Snapshot
While the IT index was the sole sectoral laggard, sectors such as Auto, Pharma, Realty, and Metal gained over 0.5% each. The Nifty Bank index edged up 0.23%.
Nykaa Sees High Volume Activity
Beauty and fashion retailer Nykaa witnessed high trading volume with another block of 2 million shares changing hands, following a 3.06 million block earlier.
Key Q4 Results Today
Several major companies are scheduled to release their Q4FY25 results today, including:
Power Grid Corporation, Bharat Electronics, DLF, PI Industries, Pfizer, Redington, Zydus Wellness, Karur Vysya Bank, Dodla Dairy, Sun Pharma Advanced Research, and more.
Global Market Overview
Asian markets were subdued amid lingering economic concerns in China and the US rating downgrade. US stock futures slipped, the dollar eased, and Treasury yields ticked up. Meanwhile, gold prices rose on safe-haven demand, while oil remained steady ahead of key US-Iran nuclear talks and fresh Chinese economic data.
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