Mumbai, March 28, 2023, Sensex and Nifty Update : The Indian stock market started the week on a cautious note as the BSE Sensex and the Nifty 50 erased all their gains in the morning session and slipped into negative territory. As of 11:00 am, the Sensex was trading 99.57 points or 0.16% lower at 60,428.40, while the Nifty 50 was down by 19.95 points or 0.11% at 17,837.70.
The market sentiment was weighed down by concerns over rising inflation, rising bond yields, and the ongoing tensions in the Middle East. Investors are also cautious ahead of the US Federal Reserve’s policy meeting later this week, which is expected to provide clues on the future course of monetary policy.
Sectorally, financials were the only gainers at the BSE and Nifty, while most other sectors were trading in the red. The Nifty Financial Services index was up by 0.6%, led by gains in ICICI Bank, HDFC Bank, and State Bank of India.
Sensex and Nifty highlights today
On the other hand, the Nifty Metal index was the biggest loser, down by over 2%, followed by the Nifty IT and Nifty Pharma indices, which were down by 0.7% and 0.4%, respectively.
Market analysts said that the caution is likely to continue in the near term, with investors closely watching the global economic and geopolitical developments. They also added that the upcoming earnings season is expected to provide more clarity on the corporate earnings front.
Despite the cautious start, market experts remain optimistic about the long-term prospects of the Indian stock market, given the country’s strong economic fundamentals and the government’s focus on reforms and growth.