Stock Market Updates: Sensex flat, Nifty below 18,400; ONGC, Oil India Gain Up to 2%

Sensex Today: Benchmark indices Sensex and Nifty have a flat start on Tuesday morning amid improved global cues. The BSE Sensex opened 44 points lower at 62,300, and the NSE Nifty50 was largely unchanged at 18,394.

Tata Steel, Infosys, Wipro, Nestle led gains on the Sensex, while ONGC, Hindalco and Divi’s Lab rose 1 per cent each on the Nifty50.

On the flip side, HDFC twins led losses on the Sensex, dropping 1 per cent each. Tata Motors, Maruti, M&M were other frontline losers.

The broader markets outperformed benchmarks. The BSE MidCap and SmallCap indices rose up to 0.6 per cent versus nearly flat BSE Sensex.

Among stocks, ONGC, Oil India rose up to 2 per cent after the government cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per tonne. READ

PVR dropped over 2.5 per cent on reporting a consolidated net loss of Rs 333.35 crore for Q4FY23 against a net loss of Rs 105.49 crore a year ago.

Sectorally, Nifty Pharma, PSB and Realty indices rose the most, up 0.7-1 per cent, while the Financial pocket was weak.

Global cues

Asian markets were higher this morning with Nikkei, Hang Seng, Kospi rising up to 0.7 per cent higher. China Industrial production for April rose by 5.6 per cent YoY compared to estimates of 10.9 per cent growth, while its retail sales rose by 18.4 per cent, below forecasts of a 21 per cent rise.

Overnight in the US, the S&P 500 added 0.3 per cent, the Dow rose 0.14 per cent and the Nasdaq added 0.66 per cent as investors awaited the talks on debt ceiling negotiations in Washington to resume today.

Treasury Secretary Janet Yellen reaffirmed on Monday that the US could default on its debt as early as June 1.