In early trade, Sensex slips by 33 points, Nifty down by 23 points - Hindustan Times

In early trade, Sensex slips by 33 points, Nifty down by 23 points

Mumbai | ByPress Trust of India
May 28, 2019 12:38 PM IST

The rupee opened on a weak note and declined by 22 paise to 69 in early trade.

Indian shares were largely unchanged on Tuesday in thin trade, as investors waited on the sidelines for cues before making fresh bets.

The rupee had settled at 69.51 against the US dollar Monday.(PTI Photo)
The rupee had settled at 69.51 against the US dollar Monday.(PTI Photo)

Broader Asian markets saw limited gains as uncertainties over trade and economic growth dampened sentiment.

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“There are going to be days when markets consolidate. It is unlikely that there is going to be a selloff,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management.

“People are willing to take a longer-term perspective on (Prime Minister Narendra) Modi. The last five years got them 100% returns despite the government having to deal with a lot more problems. This time around it is a far more manageable environment and that is what the market is pricing for.”

Indian shares rallied over the last few sessions over Modi’s return for a second term after a landslide victory in the general elections.

The broader Nifty was down 0.14% at 11,910.75 as of 0410 GMT, while the benchmark Sensex was 0.08% lower at 39,653.38.

On the Nifty, over 126,000 shares changed hands in early trade, compared with the 30-day average of 369.3 mln shares.

Index heavyweights traded lower. Larsen & Toubro Ltd fell 1.6% and was headed for its first session of decline in five, while Housing Development Finance Corp was down 2.3%.

Consumer stocks were among the top losers with Hero MotoCorp shedding 1.2%.

Material stocks Vedanta Ltd, Coal India Ltd and JSW Steel Ltd were among the gainers, each rising over 2%.

InterGlobe Aviation Ltd, which owns India’s largest carrier, IndiGo, gained as much as 2.57%, a day after it posted a fivefold jump in quarterly profit.

Industry rival SpiceJet Ltd rose nearly 2% ahead of its quarterly results due later in the day.

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