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HomeNEWSPUNJABSensex Ends 372 pts Lower, Nifty Below 18,200; LIC Housing falls 6%;...

Sensex Ends 372 pts Lower, Nifty Below 18,200; LIC Housing falls 6%; Smallcaps Outperform

Last Updated: May 17, 2023, 15:50 IST

Sensex Today: The S&P BSE Sensex tumbled to a low of 61,340 dragged by banks and metal shares. The BSE benchmark, however, trimmed losses in late deals and eventually ended 372 points lower at 61,561. The NSE Nifty 50 hit a low of 18,115, and finally settled at 18,182 – down 105 points.

The key benchmark indices extended losses for the second straight day on Wednesday as sentiment turned cautious ahead of the looming US debt default on June 1, as the standoff on raising the borrowing limit continues.

Kotak Mahindra Bank, Apollo Hospitals, SBI Life Insurance, TCS and HCL Technologies were among the biggest losers on the Nifty. Gainers were Hero MotoCorp, IndusInd Bank, ITC, UPL and BPCL.

On the sectoral front, realty, metal and information technology indices shed 1 percent each, while bank, oil & gas and power indices fell 0.5 percent each.

BSE midcap index ended marginally lower and smallcap index ended higher.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “As a batsman approaches a century, he might get stuck for a while in the ‘nervous nineties’. It appears that the market is in a similar state while approaching a new all-time high. Even though the conditions are favourable for a new record there are near-term issues like the US debt ceiling impasse which can weigh over global markets in the near-term. Relentless FPI buying, declining inflation, the market momentum and good results from the rally-leader financials can sustain this rally even with occasional corrections. The near-term uncertainty makes the market direction a bit confusing but for long-term investors this is a good ‘buy on dips’ market.”

Global Cues

Tokyo shares opened higher Wednesday despite falls on Wall Street, where a downcast earnings report from Home Depot spooked investors.The Nikkei index rose 0.41 percent, or 123.44 points, to 29,966.43 in early trade, while the broader Topix index added 0.11 percent, or 2.32 points, to 2,129.50.

US stock indexes closed lower on Tuesday after a disappointing forecast from Home Depot and U.S. retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment.

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