Equity indices trade in red; banks, IT stocks slip

Javier Howell
February 2, 2018

The 30-share BSE Sensex was 164 points down at 36,119 while the broader NSE Nifty was 64 points down at 11,066 in opening trade.

Mumbai: Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads.

The Nifty50 had fallen by 16.35 points or 0.15 per cent to close at 11,069.65 points, while the Sensex closed at 36,050.44 points - down 111.20 points or 0.31 per cent.

The Union Budget 2018 will be presented on February 1.

Investors were also cautious ahead of the kick start of US Fed two-day policy review later in the day. It smashed its previous intra-day record of 11,110.10 hit on 24 January. It had ended at a lifetime high of 11,130.40 yesterday.

Key Indian equity indices on Monday provisionally closed at fresh highs as healthy buying in auto, IT and consumer durables stocks, coupled with positive global cues, kept investors' sentiment upbeat.

The domestic market opened lower on Tuesday tracking negative trend seen in Asian markets, which retreated from record highs after a selloff in Apple shares knocked Wall Street lower. On the contrary, Aditya Birla Capital, DB Corp, Bank of Maharashtra and Multi Commodity Exchange of India figured among those 33 stocks that hit new 52-week lows on NSE on Tuesday.

In the Nifty50 index, top drags included Eicher Motors, Kotak Mahindra Bank and Bharti Infratel, which tanked up to 3 per cent.

Globally, Asian stocks finished mostly higher as oil resumed its ascent, Intel reported record quarterly revenue and the USA dollar steadied after recent weakness on concerns about trade spurred by President Trump's administration officials.

Other reports by Insurance News

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