Stock Market turns frogs on boiling oil amid poll outcome dread

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Sensex plunges in deep red amid poll uncertainty on street

By S Jha

New Delhi, May 9: Sensex dived on Thursday amid heightened volatility. Sensex was trading over 500 points lower in the early sessions of the market.

Nifty also plunged by over 150 points to extend losses. Bank Nifty stayed on losing speer to breach the 48000 levels in the early sessions on Thursday.

Energy and Consumer Goods led the fall in the markets on Thursday. Also, Nifty weekly option expiry is playing out with traders adjusting their positions.

Nifty has also broken the levels of 22200 in the early sessions of the day. Nifty had last launched on gains after taking support from the level of around 21950.

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Bank Nifty is fast losing grounds. The index was strong in the first half an hour. But Bank Nifty erased all gains to dive by more than 180 points afterwards.

The ongoing week is turning out to be losing streaks for the indices. The Indian equity markets are tanking even while the global markets are on the upswing.

The US equity markets continue to extend gains. China’s Hang Sang was higher by more than one per cent on Thursday. The Chinese market is also gaining on the positive cues emerging out of China’s President Xi Jinping’s visit to Europe.

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Ducking the overall bearish trends, auto sector was rallying. Hero Moto Corps, tracking the quarterly results, was higher by more than six per cent.

Two-wheeler stocks such as Bajaj Auto and Eicher Motors also were firm in the early sessions of the day. The four-wheeler giants such as Mahindra and Mahindra, Tata Motors, and Maruti were also ducking the bearish trends.

Select railway stocks were also defying the bearish trends in the market. Following brokerages’ upgrades, Titagarh Wagons extended gains on the street. The Kolkata-headquartered rail firm is gaining further grounds on basis of positive brokerage commentary.

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Jupitor Wagons also extended gains after the announcement of the quarterly results. The management of the Kolkata-headquartered firm has sounded bullish on the prospects of the company for the next fiscal in television interviews.

Disclaimer: This article makes no recommendation for buy or sell of shares of any company.

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