Stock market live updates: After ending the last two trading sessions in the red, the Indian equity benchmark index eroded all its gains and settled down nearly 0.5% on Tuesday (May 7). The stock market repeated the same pattern as Monday and last Friday, failing to maintain its early gains.
The Sensex closed at 73,511.85, down 383.60 points or 0.52%, while the Nifty closed at 22,302.50, down 140.20 points or 0.62%. During the session, Nifty fell below its 50-day moving average.
Early today, frontline indexes opened higher on strong global cues, mainly supported by US indexes. BSE Sensex rose 77,76 points (0.11%) to 73,973.30 and NSE Nifty50 rose 47.10 points (0.21%) to 22,489.80.
Among the sectoral indices, Nifty’s sectoral indices were in the green for only three – FMCG, IT and consumption, with IT inching over 1,200 points to settle at 33,473.00. FMCG giant Marico’s shares rose nearly 10% after the company announced a 4.9% increase in consolidated net profit for the fourth quarter. Pharmaceuticals, metals, energy, and automobile indexes continued to be among the top laggards. Automobiles, PSU banks, metals, energy and real estate lagged behind the top positions today.
In the foreign exchange market, the rupee remains flat at 83.52 rupees against the US dollar. The Indian currency rose 4 paise to 83.48 paise against the US dollar in early trade.
Participating in the global bull market are Asian stock indexes that have risen on the back of optimism about US interest rate cuts. Japan’s Nikkei Stock Average rose 599.03 points (1.57%) to trade at 38,835.10, while South Korea’s Kospi rose 57.73 points (2.16%) to settle at 2,734.36.
After trading in the green for the first few hours on Monday, both Frontline indexes eroded their gains and ended almost flatline. The Sensex rose 17.39 points (0.02%) to settle at 73,895.54. Meanwhile, Nifty declined 33.15 points or 0.15% to 22,442.70.
