Sensex tanks over 300 points, Nifty down below 17,000 | Top stocks
India Today
Nifty 50 index was down 0.76 per cent at 16,972.40, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 0.68 per cent to 56,672.38.
The share market kicked off May on a weak note as both sensex and nifty opened in the red in early morning trade on Monday. The stock market was down after tracking weakness in Asian peers after a sell-off in US stocks on Friday, as investors await an expected rate hike by the Federal Reserve this week.
The NSE Nifty 50 index was down 0.76 per cent at 16,972.40, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 0.68 per cent to 56,672.38. The benchmark indexes on Friday had posted losses for a third straight week.
Nifty's IT index, auto index and metal index were the top segment losers on Monday, falling over 1 per cent each.
Investor focus will turn to the Federal Reserve, which is expected to raise rates by 50 basis points when the central bank's meeting concludes on Wednesday.
Market participants will also watch for signals about the future path for interest rates, the Fed's plans for reducing its balance sheet and its view on when inflation will recede.
In India, Nifty component HDFC Ltd, down 0.3 per cent, was set to report quarterly results later in the day.
Several Asian markets are closed on Monday for a public holiday.
