Sensex Plunges Over 700 Points, Nifty Hovers At 15,000 On Weak Global Cues

Tata Steel, JSW Steel and Hindalco shedding 2.1 per cent to 2.9 per cent each in early trading

The domestic stock markets have opened in the red, snapping a three-day winning run, on the back of weak global cues. At 9:17 am, the BSE Sensex was at  50,757.75, lower by 701.92 points or 1.37 per cent and the NSE Nifty was at 15,047.50, down 191.30 points or 0.25 per cent.  All the sectoral indices are trading in the red, with metal stocks succumbing to maximum profit-booking in early trading.

The broader markets are, however, outperforming their largecap peers, with the BSE Midcap and BSE Smallcap indices shedding 0.7 per cent and 0.5 per cent respectively. 

The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.

The Dow Jones Industrial Average fell 0.39 per cent to end at 31,270.09 points, while the S&P 500 lost 1.31 per cent to 3,819.72 and Nasdaq Composite dropped 2.7 per cent to 12,997.75.

The Japanese yen hit a seven-month low on the dollar on Thursday as hopes that vaccine distribution and more government stimulus will drive the U.S. economy into a solid rebound lifted the greenback and benchmark Treasury yields.

Metal stocks have lost sheen this morning, with Tata Steel, JSW Steel and Hindalco shedding 2.1 per cent to 2.9 per cent each in early trading. HDFC twins, HDFC and HDFC Bank have also shed more than 2 per cent each. 

On the other hand, ONGC, Adani Ports, Infosys and Wipro have gained up to 2 per cent each on the BSE.

On Thursday, the S&P BSE Sensex closed above 51,000 mark, rising 1,147.76 points, or 2.28 per cent, to 51,444.65 and the Nifty rallied 326.50 points, or 2.19 per cent, to 15,245.60.

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