Indian shares fell for a second straight session on Monday but ended off their day’s lows, tracking gains in U.S. stock futures and a retreat in oil prices.
U.S. stock futures pointed to a positive open on Wall Street later in the day after the Dow Jones Industrial Average and S&P 500 index saw their worst April performance since 1970.
Oil prices fell around 3 percent in European trade after China, the world’s top oil importer, released data showing that factory activity in the country contracted for a second month to its lowest since February 2020 because of Covid lockdown.
Separately, Caixin released its own manufacturing purchasing managers’ index, revealing a second straight month of deterioration.
The benchmark S&P BSE Sensex ended the session down 84.88 points, or 0.15 percent, at 56,975.99 after having hit as low as 56,412.62 earlier in the day.
Likewise, the broader NSE Nifty index hit an intraday low of 16,917.25 before recouping most of the losses to end down 33.45 points, or 0.20 percent, at 17,069.10.
Wipro, Bajaj Auto, Titan Company, Apollo Hospitals and Eicher Motors all fell around 3 percent, while IndusInd Bank surged 3.9 percent after posting strong earnings on lower provisioning.
ITC, Tata Steel, Power Grid Corp and Coal India rallied 2-3 percent.
Market Analysis
Sensex, Nifty End Off Day’s Lows
2022-05-02 10:53:18
