Stock Market Updates: Sensex Drops 50 pts; Nifty Below 18,300; Voda Idea Falls 3%

Sensex Today: Indian indices opened on a flat note on May 17 amid mixed global cues. The Sensex was down 93.70 points or 0.15% at 61,838.77, and the Nifty was down 21.00 points or 0.11% at 18,265.50. About 1176 shares advanced, 700 shares declined, and 117 shares unchanged.

BPCL, Apollo Hospitals, Bajaj Auto, Bharti Airtel and M&M were among major gainers on the Nifty, while losers were Infosys, JSW Steel, Tech Mahindra, HCL Technologies and Hindalco Industries.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “As a batsman approaches a century, he might get stuck for a while in the ‘nervous nineties’. It appears that the market is in a similar state while approaching a new all-time high. Even though the conditions are favourable for a new record there are near-term issues like the US debt ceiling impasse which can weigh over global markets in the near-term. Relentless FPI buying, declining inflation, the market momentum and good results from the rally-leader financials can sustain this rally even with occasional corrections. The near-term uncertainty makes the market direction a bit confusing but for long-term investors this is a good ‘buy on dips’ market.”

Global Cues

Tokyo shares opened higher Wednesday despite falls on Wall Street, where a downcast earnings report from Home Depot spooked investors.The Nikkei index rose 0.41 percent, or 123.44 points, to 29,966.43 in early trade, while the broader Topix index added 0.11 percent, or 2.32 points, to 2,129.50.

US stock indexes closed lower on Tuesday after a disappointing forecast from Home Depot and U.S. retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment.