First Trade: BSE Sensex down over 400 points; Nifty trades below 16950 – Metal stocks crack most

First Trade: The Indian markets on Monday opened lower, tracking weak global cues as both the benchmark indices – BSE Sensex and Nifty50 – slipped more than 0.5 per cent, dragged by IT, Metal, and Auto.

The BSE Sensex was down 432.44 points or 0.75 per cent to 57,557.46, while the Nifty50 declined by 118.65 points or 0.69 per cent at 16,981.40 minutes after the Indian markets opened today.

The 12-share banking index – Nifty Bank slipped nearly 1 per cent to 39,256.55 in the early morning session on Monday. Even the broader markets – Nifty Mid and Smallcap – followed the benchmarks suite to start today’s session in the red, down between 0.5-1 per cent.

Of 50 stocks on the Nifty index, mere five were in the green territory, while the remaining 45 were in the red in the early morning session today. Pharma stocks Dr Reddy’s, Divis Lab were among the top gainers along with BPCL, Titan, and HUL, while Adani Ent, Apollo Hospital, and JSW Steel were among the top laggards.

Sectorally, the majority of the indices were in the red. In this, Nifty Metal cracked most by over 1.5 per cent, followed by Nifty Auto and IT each down over 1 per cent on Monday.

According to Choice Broking, Research Analyst, Deven Mehata, “Benchmark Indices formed by the dragonfly Doji pattern indicates indecisiveness among traders. The US Fed results due later this week will be the focus of all attention.”

Metal stocks could be in focus after China’s central bank cut the CRR by 25 basis points to spur economic growth, the research analyst at Choice Broking, a domestic brokerage firm, said.

Earlier last week, the Indian markets made a comeback in the second half. The overall volumes in the previous week remained below average and volatility spiked higher. 

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