Sensex, Nifty50 tumble in morning trade: HDFC twins, SBI, ONGC amongst top losers

• India’s benchmark indices Sensex and Nifty50 tumbled in morning trade on Wednesday amidst negative cues in global markets.
  
• Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC.
  
• While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points.

India’s benchmark indices Sensex and Nifty50 tumbled in morning trade on Wednesday amidst negative cues in global markets. Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC.

While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points.

Top gainers and losers on Nifty50

Source: NSE, as on May 31, 2023
Earlier on Tuesday, markets closed the day 0.2% in the green, led by gains in FMCG, media and financial services stocks.

Gold prices edged up to ₹60,000 per 10 grams while silver was hovering at ₹71,100 per kilogram. Crude oil prices cooled down, with Brent crude hovering at $73 per barrel.

Asian markets tumble amidst disappointing China data

Markets around the world, and particularly those in Asia tumbled on weak economic data from China. While Dow Jones closed 0.15% lower on Tuesday, S&P 500 closed flat. The tech-heavy Nasdaq gained 0.32%.

On the other hand, trends were decisively negative in Asia, with Hang Seng falling 2.19%, followed by Nikkei 225 which was down 1.14%. Shanghai Composite was down 0.56%, followed by Taiwan Weighted which fell 0.5%. KOSPI was down 0.13%.

Stocks to watch

Adani Ports & SEZ: The Adani group company reported a 5% YoY rise in net profit to ₹1,159 crore in Q4, missing analyst estimates. Its revenue rose 40% to ₹5,797 crore. The company reported an impairment of ₹1,273 crore on account of the sale of its Myanmar assets. It announced a dividend of ₹5 per share.

Coal India: It has announced an increase in prices of high-grade coal by 8%. The company said this will boost revenue by ₹2,703 crore during FY24.

Mazagon Dock: The state-owned ship maker reported a 105% YoY rise in net profit to ₹326 crore, while its revenue rose 49% to ₹2,079 crore. The company announced a dividend of ₹6.86 per share for FY23.

HDFC Life: Media reports suggest that Abrdn (Mauritius Holdings) 2006 is expected to sell its 1.66% stake in the company.

Axis Bank: The lender’s board has appointed former RBI deputy governor NS Vishwanathan as an additional director for a period of four years.

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