Two domestic market benchmarks Sensex and Nifty extended their losses for the second straight session on May 17 amid weak global cues as lack of progress on the US debt ceiling kept investors cautious.
While the long-term outlook for the domestic market is still positive, the US debt ceiling situation has acted as a short-term headwind for the market, preventing it from hitting all-time highs.
The Sensex ended 372 points or 0.60 per cent lower at 61,560.64, while the Nifty closed 105 points or 0.57 per cent lower at 18,181.75.
The Sensex is just 3 per cent away from its all-time high of 63583.07, which was hit on December 1, 2022.
A look at the top gainers and losers of the day
nifty 50
As many as 35 stocks ended in the red as against 15 gains in the Nifty index.
nifty gainer
Hero MotoCorp Ltd. (up 1.34%), ITC Ltd. (up 0.97%), IndusInd Bank Ltd. (up 0.96%), UPL Ltd. (up 0.91%), and Bharti Airtel Ltd. (up 0.75%).
nifty losers
Kotak Mahindra Bank Ltd. (down 1.95%), Apollo Hospitals Enterprises Ltd (down 1.74%), SBI Life Insurance Company Ltd (down 1.65%), Tata Consultancy Services Ltd (down 1.51%), and HCL Technologies Ltd (down 1.35%).
S&P BSE Sensex
As many as 23 stocks ended in the red as against 7 gains in the Nifty index.
gainer of sensex
IndusInd Bank Ltd. (up 1.27%), ITC Ltd. (up 0.87%), Bharti Airtel Ltd. (up 0.68%), Maruti Suzuki Ltd. (up 0.56%), and UltraTech Cement Ltd. (up 0.29%).
sensex loser
Kotak Mahindra Bank Ltd. (down 1.80%), HCL Technologies Ltd. (down 1.50%), Tata Consultancy Services Ltd. (down 1.47%), Asian Paints Ltd. (down 1.44%), and Infosys Ltd. (down 1.32%).
BSE
Top gainers: Amber Enterprises India Limited (15.81%), Tanla Platforms Limited (12.55%), Globus Spirits Limited (10.26%), Gujarat Mineral Development Corporation Limited (8.69%), and CreditAccess Gramin Limited (7.49%).
Top Losers: LIC Housing Finance Ltd. (down 6.26%), Thirumalai Chemicals Ltd. (down 5.63%), Jindal Steel & Power Ltd. (down 5%), PVR Inox Ltd. (down 4.72%), and KEC International Ltd. (down 5.01%).
“Global panic shook domestic indices. Nifty opened positively but soon closed at 18182 level with a loss of 105 points (-0.6%) for the second consecutive day. Barring FMCG and Auto, all sectors in red ended. Nifty SmallCap 100 outperformed and closed with a gain of +0.6%. Selling is seen in global markets as debt ceiling talks continue.
Investors remain cautious due to the possibility of a US default in early June. On the domestic front, Nifty after moving up in last few days is now facing resistance at ~18300. Siddharth Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd said, “We expect some consolidation in the next few days before the new phase of rally starts.
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