Mumbai, May 18: The Indian stock market opened lower on Monday due to weak global signals. At 9:18 AM, the Sensex fell by 851 points, or 1.08%, to 74,422, while the Nifty dropped by 246 points, or 1.04%, to 23,392.
Widespread selling was observed in the market. The Nifty Consumer Durables and Nifty Realty sectors were among the biggest losers. Almost all indices, including Nifty Media, Nifty Auto, Nifty Financial Services, Nifty PSU Bank, Nifty Consumption, and Nifty Energy, were in the red.
Both midcap and small-cap stocks also saw declines alongside large-cap shares. The Nifty Smallcap 100 Index fell by 246 points, or 1.38%, to 17,635, while the Nifty Midcap 100 Index dropped by 690 points, or 1.14%, to 59,876.
In the Sensex pack, Infosys, Tech Mahindra, TCS, and Bharti Airtel were gainers. However, Power Grid, Tata Steel, Maruti Suzuki, HDFC Bank, Titan, M&M, HUL, Bajaj Finance, Indigo, SBI, Bajaj Finserv, Trent, UltraTech Cement, Eternal, Asian Paints, L&T, Kotak Mahindra Bank, BEL, NTPC, and ITC were among the losers.
Most Asian markets were trading in the red. Tokyo, Shanghai, Bangkok, Hong Kong, and Jakarta were down, while Seoul was in positive territory. The US stock market closed lower on Friday, with the Dow Jones falling by 1.07% and the Nasdaq technology index dropping by 1.54%.
Experts attribute the decline in global markets, including India, to rising crude oil prices due to tensions between Iran and the US. As of the time of writing, Brent crude was up by 1.79% at $111 per barrel, while WTI crude rose by 2.17% to $103 per barrel.
Additionally, the interest rate on the US 10-year bond reaching 4.63% has also contributed to the selling pressure in global markets.
Foreign institutional investors (FIIs) were net sellers during Friday’s session, with net sales amounting to ₹1,329.17 crore. In contrast, domestic institutional investors (DIIs) sold equities worth ₹1,958.82 crore during the same period.
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My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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