Sensex Today: Equity Benchmark indices exhibited volatility in Monday’s intra-day deals, amid a sell-off in financial shares, mainly government-owned, after the Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under implementation.
The S&P BSE Sensex was up 50 points at 73,975 levels, while the Nifty 50 was seen swinging between the zones amid added weakness in Adani shares.
Among Sensex 30 shares, Kotak Mahindra Bank rallied 6 per cent post Q4 results. TCS, JSW Steel, Infosys, IndusInd Bank, Bharti Airtel, Mahindra and Mahindra and Sun Pharma were the other top gainers.
On the other hand, Titan plunged 6 per cent post Q4 earnings. SBI, NTPC, Power Grid, Larsen & Toubro and Reliance Industries were the other major losers.
In the broader market, the BSE MidCap and SmallCap indices were down nearly 1 per cent each.
Sectorally, Nifty PSU was the top loser, down 4 per cent. It was followed by Consumer Durables and Media, down 2 per cent each.
Expert Take: Dr. V K Vijayakumar, Geojit Financial
The US jobs data for April has come lower-than-expected indicating weakening labour market and slowing economy. US unemployment has risen to 3.9% in April. So the possibility of a rate cut by the Fed has again brightened. The decline in the dollar index to 105.8 and the cut in the 10-year US bond yield to 4.49% augur well for the market. Positive comment by Warren Buffett that India is an untapped market with great potential is hugely important. FIIs can take a cue from that rather than react every time to changes in US bond yields.
Global Cues
On Monday, Asian stocks saw an uptick as investors renewed their expectations that the Federal Reserve might implement rate cuts later this year. Meanwhile, the yen experienced a decline following a significant surge last week, which was attributed to suspected currency intervention by Tokyo.
Wall Street experienced a significant uptick, buoyed by a milder-than-anticipated employment report. This strengthened the argument for potential rate cuts from the Federal Reserve, while simultaneously showcasing the resilience of the US economy.
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