Sensex drops to over 350 points; Nifty Trades Below 17,450; Hero MotoCorp, Bajaj Finance Top Drags
New Delhi: India’s equity benchmarks extended a drop in early trades on Monday, due to weakness in auto and financial stocks. As of 10:08 a.m., the benchmark BSE Sensex fell 364 points or 0.62% to 58,280, while the broader NSE Nifty was down 98 points or 0.56% to 17,418.
Asian markets mostly eased on Monday after incredibly strong U.S. jobs data eased concerns about the global economy, but also added risk of aggressive tightening from of the Federal Reserve.
S&P 500 and Nasdaq futures both fell slightly, after last week’s market turmoil saw Amazon.com Inc gain nearly $200 billion while Facebook owner Meta Platforms Inc , lost as much.
At home, mid and small cap stocks were in the negative zone, with the Nifty Midcap 100 Index down 0.76% and small cap stocks trading down 0.92%.
On the stock-specific front, Hero MotoCorp was the biggest Nifty laggard as the stock slumped by 2.41% to Rs 2,656.20. Divi’s Lab, Tata Consumer Products, Bajaj Finance and Bajaj Auto were also among the latecomers.
On the other hand, Tata Steel, SBI, PowerGrid, NTPC and Coal India were among the winners.
Regarding BSE, the overall market breadth was positive as 1,261 stocks were up while 561 were down.
On the 30-share BSE platform, Bajaj Finance, L&T, M&M, Asian Paints, Dr Reddy’s, Bharti Airtel and HDFC Bank suffered the most losses, with their shares dropping as much as 1.72%.
Sensex had slipped 207 points or 0.35% to close at 58,581 on Friday, while Nifty was down 68 points or 0.39% at 17,492.