Stock Market: Sensex And Nifty End Flat Tracking Volatility. L&T Drags 5 Per Cent
The BSE Sensex and NSE Nifty closed marginally lower after a volatile day of trading on May 11th, 2023. The cautious trading was due to Larsen & Toubro’s (L&T) announcement that its non-executive chairman would be stepping down, which led to the company’s stock falling more than 5%. Other laggards on the 30-share Sensex platform included ITC, Bharti Airtel, Reliance Industries, Infosys, Tata Steel, TechM, and TCS. Meanwhile, Asian Paints posted a 43.97% growth in consolidated net profit for the fourth quarter, leading to a rise in its stock price by 3.22%. Nifty Bank was up 0.4%, while the Nifty Pharma index dragged down 1.3%.
Broader Markets
The BSE SmallCap index outperformed the frontline indices with a 0.68% rise, while the BSE MidCap index added 0.35%.
Sectoral Impact
The Nifty Pharma index was the biggest dragger, down 1.3%. The Nifty Bank index, on the other hand, was up 0.4%.
Global Markets
Seoul, Shanghai, and Hong Kong markets ended lower, while Tokyo settled in the green. In Europe, markets were trading in the green. The US market ended mostly in negative territory on May 10th.
Expert Opinion
Vinod Nair, head of research at Geojit Financial Services, stated that “The gains in the domestic market were tempered by weak earnings reported by a few heavyweight companies. On the global front, markets remained positive as US inflation eased below 5%, providing reassurance to investors that the Fed’s rate hike measures have been effective in managing inflation levels.”
Foreign Institutional Investors
Foreign Institutional Investors (FIIs) were net buyers on May 10th, as they bought equities worth Rs. 1,833.13 crore, according to exchange data.
Oil Prices
Global oil benchmark Brent crude rose 0.93% to $77.12 per barrel.
The BSE Sensex and NSE Nifty ended flat amidst volatility and cautious trading due to losses in Larsen & Toubro and weak earnings reported by some heavyweight companies.
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