At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 387.81 points or 0.53% to 72,276.66. The Nifty 50 index slipped 105.85 points or 0.48% to 21,949.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.65% and the S&P BSE Small-Cap index added 0.62%.
The market breadth was negative. On the BSE, 1,239 shares rose and 1,797 shares fell. A total of 165 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,117.50 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,709.81 crore in the Indian equity market on 10 May 2024, provisional data showed.
Stocks in Spotlight:
Zydus Lifesciences rose 0.10% after the pharma company secured final approval from the US Food and Drug Administration (USFDA) to market Dexamethasone tablets in the US. This medication treats various conditions including arthritis, allergies, and immune system disorders.
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Wipro declined 0.22%. The technology services company, Wipro, has appointed Vinay Firake as the Chief Executive Officer for the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective May 11th. He will report to Srini Pallia and join the Wipro executive board. Anis Chenchah, the previous APMEA President, has resigned.
Housing and Urban Development Corporation (HUDCO) rose 0.30%. HUDCO signed a memorandum of understanding (MoU) with Surat Integrated Transportation Development Corporation (SITCO) for constructing and developing the Surat Multi Modal Transportation Hub (SMMTH). SITCO is a joint venture between the Ministry of Railways, the Government of Gujarat, and the Surat Municipal Corporation.
Numbers to Track:
The yield on India's 10-year benchmark federal rose 0.04% to 7.130 as compared with previous close 7.127.
In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5150, compared with its close of 83.5100 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement declined 0.45% to Rs 72,398.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 105.31.
The United States 10-year bond yield slipped 0.20% to 4.494.
In the commodities market, Brent crude for July 2024 settlement lost 25 cents or 0.30% to $82.54 a barrel.
Global Markets:
Most Asian equity markets declined on Monday, with Chinese stocks leading the downward trend. The release of China's April inflation data, which fell within a moderate range, coincided with a shift towards investor caution ahead of key U.S. inflation data scheduled for release this week.
Chinese stocks faced additional downward pressure due to potential new U.S. trade tariffs. Several media outlets reported last week that the Biden administration is considering imposing import tariffs on specific sectors within China, including electric vehicles and solar energy technology.
Regional markets largely followed the muted performance of Wall Street on Friday, with investor focus shifting towards the upcoming U.S. inflation data which could impact future interest rate decisions.
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