Sensex Crashes 700 Points, Nifty Slips 200 Points Amid Weak Asian Cues
The BSE Sensex plunged over 700 points, slipping below the 81,500 mark, while the Nifty 50 index dropped over 200 points in early trade.
The markets opened lower, following a weak trend in Asian markets and broad-based selling in IT, auto, financial services, and pharma sectors. The Sensex opened 460 points lower, while the Nifty 50 was down by 162 points at the opening bell. Losses deepened as the session progressed.
Among the Sensex constituents, IndusInd Bank emerged as the sole gainer. Meanwhile, NTPC, Mahindra & Mahindra, TCS, Infosys, UltraTech Cement, and Tata Motors were among the major laggards.
Key Macroeconomic Data in Focus
Market experts noted that the caution reflects investors’ anticipation of upcoming macroeconomic data releases. The industrial and manufacturing production figures for April are expected tomorrow, with the first quarter GDP numbers likely to be announced a day later.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the markets are likely to consolidate around the current levels in the short term. Devarsh Vakil of HDFC Securities suggested that 24,800 could serve as immediate support for the Nifty, with resistance seen at 25,205.
Global Market Trends
Asian markets were largely in the red, with Japan, China, South Korea, and Hong Kong all trading lower. US markets were closed on Monday for the Memorial Day holiday.
Also Read: India Overtakes Japan to Become World’s Fourth Largest Economy: NITI Aayog
Investors are now closely watching for fresh triggers from the upcoming economic data and global market cues to determine the future direction of the Indian stock market.
Sensex, Nifty, stock market, Indian equities, Asian markets, macroeconomic data, IT stocks, auto sector, financial services, manufacturing data, GDP data
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