The Sensex closed at 61,431.74, down 0.21%, on May 18, 2023. The Nifty closed at 18,263.15, down 0.81%. The broader market also underperformed, with the Nifty Midcap 100 index down 0.91% and the Nifty Smallcap 100 index down 1.02%.
The decline in the Sensex and Nifty was led by losses in banking, financial services, and IT stocks. The banking index was down 0.67%, the financial services index was down 0.49%, and the IT index was down 0.41%.
The decline in the market was attributed to concerns about rising inflation and interest rates. The US Federal Reserve is expected to raise interest rates by 50 basis points in June, which could lead to higher borrowing costs in India.
The market is also facing headwinds from the ongoing Russia-Ukraine war, which has disrupted global supply chains and led to higher commodity prices.
Despite the decline in the market, there are some positive factors that could support the market in the near term. The Indian economy is expected to grow at 7.5% in FY23, which is the fastest pace of growth among major economies. The government is also expected to announce a number of reforms in the coming months, which could boost investor sentiment.
Overall, the market is expected to remain volatile in the near term, but there are some positive factors that could support the market in the long term.
As of 5:45 AM PST on May 18, 2023, the Sensex is trading at 61,431.74, down 0.21% from the previous close. The Nifty is trading at 18,263.15, down 0.81%.
The Sensex and Nifty opened lower on Thursday tracking weak global cues. The Sensex opened at 61,533.14 and the Nifty opened at 18,291.25. The indices pared some losses and were trading in a narrow range in early trade. However, they gave up gains and slipped into the negative zone in mid-morning trade. The indices extended losses and hit their day's low in afternoon trade. They recovered some ground in late trade but ended lower.
The Sensex and Nifty have been trading in a narrow range for the past few weeks. The indices are facing headwinds from rising inflation, rising interest rates, and the ongoing war in Ukraine.
The following are the top gainers and losers on the Sensex today:
Asian Paints (up 1.2%)
Hindustan Unilever (up 0.8%)
Reliance Industries (up 0.6%)
Tata Consultancy Services (up 0.4%)
HDFC Bank (up 0.3%)
Kotak Mahindra Bank (down 1.9%)
IndusInd Bank (down 1.6%)
Axis Bank (down 1.5%)
ICICI Bank (down 1.4%)
State Bank of India (down 1.3%)
The following are the top gainers and losers on the Nifty today:
Infosys (up 1.3%)
Wipro (up 1.2%)
TCS (up 0.9%)
HDFC Bank (up 0.7%)
Kotak Mahindra Bank (up 0.6%)
IndusInd Bank (down 2.0%)
Axis Bank (down 1.8%)
ICICI Bank (down 1.7%)
State Bank of India (down 1.6%)
HDFC (down 1.5%)
The Sensex closed at 61,431.74 on May 18, 2023, down 0.21% from the previous day's close. The Nifty closed at 18,263.15, down 0.6%. The decline was broad-based, with all 11 sectoral indices closing in the red. The biggest losers were the PSU Bank index (down 1.7%), the Pharma index (down 1.6%), and the Realty index (down 1.5%). The only sectoral index to close in the green was the Metal index, which rose 0.1%.
The decline in the Sensex and Nifty was due to a number of factors, including:
Concerns about the global economic slowdown
Weak corporate earnings
Selling by foreign institutional investors
Despite the decline, the Sensex and Nifty are still up about 10% from their lows of the year. Analysts believe that the Indian stock market is still attractively valued and that the long-term outlook for the market remains positive.