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Sensex in negative zone; Metals, Realty stocks slip

Benchmark equity indices opened in the green on Monday led by M&M, Bharti Airtel and Sun Pharma. However, the gains were capped as IOC, BPCL and HPCL were among the losers.

Benchmark indices erased opening gains amid volatility and mixed Asian cues. Political uncertainty after TDP exit from NDA government last week seems to be digested by the market. Metal, media, IT and auto stocks were early losers today.

Asian share indices were lower in early trade because investor appetite for riskier assets was subdued ahead of the outcome of the US Federal Open Market Committee’s two-day monetary policy meeting, starting Tuesday. While the central bank is widely expected to raise interest rates, traders keenly await the US Fed’s policy guidance on the trajectory of inflation and hints on the pace of future monetary tightening.

At 10:35 AM, the BSE  Sensex was trading at 33,121, down 54 points, while the Nifty50 index was trading at 10,171, down 24 point.

The BSE Midcap and the BSE Smallcap indices down by 0.44% and 0.20%, respectively.

Ashoka Buildcon stock gained over 3% as NHAI declared the company as lowest bidder for project.

Volatility index India VIX was up 2.23% to 15.5600.

L&T (+1.3%), HUL (+1.2%), Maruti (+0.91%), HDFC (+0.59%) and Power Grid (+0.49%) were the top gainers on Nifty50.

BPCL (-3.6%), IOC (-3.4%), HPCL (-2.2%), Coal India (-2%), Bajaj Auto (-1.5%) were the top losers in today’s trade.

Out of 2,013 stocks traded on the NSE, 658 advanced, 899 declined and 456 remained unchanged today.

A total of eight stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE.

The Indian rupee opened lower at 65.03 per U.S. dollar against Friday’s close of 64.94.