Sensex, Nifty50 edge lower in morning trade as metal, IT and banking stocks decline

• India’s benchmark indices Sensex and Nifty50 edged lower in morning trade on Thursday amid negative cues in global markets.
  
• Metal, IT and banking stocks declined in the first half of trade during the day.
  
• Both the benchmark indices were down 0.3%, with Sensex hovering at 61,571 points and Nifty50 at 18,219 points.

India’s benchmark indices Sensex and Nifty50 edged lower in morning trade on Thursday amid negative cues in global markets. Metal, IT and banking stocks declined in the first half of trade during the day.

Both the benchmark indices were down 0.3%, with Sensex hovering at 61,571 points and Nifty50 at 18,219 points.

Top gainers and losers on Nifty50


Source: NSE, as on May 25, 2023
Earlier on Wednesday, markets closed in the red tracking weak global trends.

Gold prices edged lower to ₹59,800 per 10 grams while silver was hovering at ₹71,000 per kilogram. Crude oil prices edged up, with Brent crude hovering at $78 per barrel.

US debt ceiling deadlock drives markets down

Global markets edged lower amidst a deadlock in the US debt ceiling talks. While Dow Jones fell 0.77%, S&P 500 closed 0.73% lower on Wednesday. The tech-heavy Nasdaq lost 0.61%.

Sentiments in Asian markets were largely negative, too, with Hang Seng falling 1.96%, followed by Shanghai Composite which was down 0.58% and KOSPI which was 0.36% in the red. Taiwan Weighted was up 0.64%, while Nikkei 225 gained 0.54%.

Stocks to watch

Life Insurance Corporation of India: The state-run insurance giant reported a six-fold rise in standalone net profit YoY to ₹13,428 crore in Q4. The company has recommended a final dividend of ₹3 per share.

Nykaa: FSN E-Commerce, the Nykaa operator, reported a 34% YoY increase in revenue to ₹1,302 crore, while net profit fell 72% to ₹2.4 crore.

Infosys: The leading IT services firm has announced a collaboration with Adobe to create over 10,000 new Adobe-certified experts by 2025.

Adani Ports & SEZ: The company said it will make a long-term investment of $10 billion in Vietnam, including $3 billion in ports, wind and solar power projects.

Earnings today: Zee Entertainment, Bharat Dynamics, Emami, General Insurance Corporation of India, Indian Railway Finance Corporation, Vodafone Idea, Steel Authority of India and Page Industries, among others.

SEE ALSO:

Big boys drive Nifty50’s revenue and profit growth in FY23

GQG Partners’ Rajiv Jain doubles down on his Adani bet

First amongst equals: This Adani group stock completely recovers from the Hindenburg effect