Mumbai, May 15 – Indian benchmark indices Sensex and Nifty opened lower on Thursday, weighed down by declines in blue-chip banking stocks and negative trends across Asian markets.
The 30-share BSE Sensex dropped 106.78 points to 81,223.78 in early trade, while the broader NSE Nifty slipped 38.45 points to 24,628.45. As the session progressed, losses deepened, with the Sensex trading 247.22 points lower at 81,082.80 and Nifty down 67.15 points at 24,599.75.
Banking Stocks Drag Markets
Major laggards among Sensex constituents included Power Grid, IndusInd Bank, Axis Bank, Sun Pharma, Infosys, Mahindra & Mahindra, Kotak Mahindra Bank, and HDFC Bank. The banking sector bore the brunt of early selling pressure.In contrast, Tata Motors, Adani Ports, Tata Steel, Tech Mahindra, and UltraTech Cement emerged as the top gainers, lending some support to the indices.
Weak Asian Market Sentiment
Asian markets mirrored a weak tone, with South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng all trading in the red. Meanwhile, US markets ended mixed on Wednesday, offering little direction for regional peers.FII Buying May Slow Amid Global Shifts
"The market appears to be heading for a near-term consolidation phase with mid and small caps outperforming. The sustained robust FII buying, which lifted largecaps, is likely to weaken in the new context of a trade deal emerging between the US and China," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.Oil and FII Activity
Global crude prices declined, with Brent crude falling 2.10% to USD 64.70 per barrel. Despite the weak sentiment, foreign institutional investors (FIIs) remained net buyers, purchasing equities worth Rs 931.80 crore on Wednesday, according to exchange data.On the previous trading day, the BSE Sensex had risen by 182.34 points (0.22%) to 81,330.56, while the NSE Nifty gained 88.55 points (0.36%) to settle at 24,666.90.
