The S&P BSE Sensex fell 139.57 points to 57,785.71 at around 9:33 am, while the NSE Nifty 50 was down nearly 50 points at 17,026.95. All broader market indices were also marginally trading in the red.
By Koustav Das: Benchmark stock market indices opened on a weak note as investor sentiment remains weak amid the possibility of a deepening global banking turmoil. A broad-based drop in shares of financial companies seems to be pulling down markets despite positive global cues.
The S&P BSE Sensex fell 139.57 points to 57,785.71 at around 9:33 am, while the NSE Nifty 50 was down nearly 50 points at 17,026.95. All broader market indices were also marginally trading in the red.
Nifty Metal and Nifty Financial Services were among the sectoral indices that were struggling the most, while most others were in negative territory. Only Nifty IT gained over 1 per cent.
The top five gainers on the Nifty50 index were Infosys, TCS, Adani Enterprises, Dr Reddy and Wipro. On the other hand, the top losers were HDFC Life, Bajaj Finserv, Bajaj Finance, Hindalco and SBI Life.
Domestic markets failed to reflect the positive sentiments on Wall Street and other Asian markets. Analysts believe that fears of a possible global banking crisis will keep investors on the edge in the near term.
Meanwhile, market participants are also worried about the future of IT companies, which could be hit hard if the banking crisis aggravates.
Investors seem to be worried after Accenture downgraded its annual revenue and profit forecast, and also decided to cut 19,000 jobs or 2.5 per cent of its workforce. The development could be an initial sign of how IT companies are coming under pressure due to the weak global economic outlook.
