Equity benchmark indices Sensex and Nifty fell in early trade on May 11 amid weak trends in global markets and investors preferred to remain on edge ahead of the release of domestic inflation data.
Equity benchmark indices Sensex and Nifty fell in early trade on May 11 amid weak trends in global markets and investors preferred to remain on edge ahead of the release of domestic inflation data.
BSE’s 30-share Sensex closed at 61,660.51, down 244.01 points. The NSE Nifty closed 77.95 points down at 18,219.05.
Among Sensex firms, Larsen & Toubro, Tata Steel, Infosys, Asian Paints, Power Grid, Bajaj Finserv, IndusInd Bank and ITC were the major laggards.
Mahindra & Mahindra, Tata Motors, Axis Bank and Titan were among the gainers.
In Asia, bourses in Seoul, Shanghai and Hong Kong were trading with losses, while Tokyo was trading in the green.
On May 10, the US market closed mostly in negative territory.
“Markets may falter in early trade on weakness in other Asian indices following overnight fall in US bourses. Profit-booking is likely to be the preferred theme as soft US CPI and PPI seem to be eroding gains of optimism,” Mehta with Prashant Tapase, Senior VP (Research) at Equities Ltd said, Chinese development concerns are also weighing on the sentiment.
Domestic inflation data for the month of April and industrial production for March are due to be announced later in the day. Meanwhile, global oil benchmark Brent crude fell 0.45% to $74.59 per barrel.
According to exchange data, foreign institutional investors (FIIs) were net buyers on May 10 as they bought equities worth Rs 837.21 crore.
The BSE benchmark had closed 35.68 points or 0.06% down at 61,904.52 on May 10, with the Nifty down 18.10 points or 0.10% at 18,297.