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Nifty sees correction post Modi’s swearing in. Energy stocks move down

mmarkets correct

Markets have witnessed a correction following the swearing-in ceremony of India’s 15th prime minister Narendra Modi and his cabinet colleagues.

 

Nifty and Sensex correct from yesterday’s highs

The BSE Sensex has moved down by 144 points at 24554, while the NSE Nifty has corrected by 48 points at 7310.

Yesterday, during the trade, the Nifty had seen a high point taking the index 125 points up. Stocks had however seen the rally fizzle out during the later half of the session and the Nifty eventually ended in the red during the close.

Energy stocks are in deep red today. The CNX Energy index is down by 224 points.

GAIL is among the top losers on the Nifty index. The stock is down by 5.4% at 387. BPCL and ONGC have seen 2.5% cuts. Reliance Industries is down by 1.8% at 1080.

Some of the stocks which witnessed a superb rally yesterday, are seeing some amount of correction. BHEL and M&M have both seen nearly 3% cuts.

SSLT, from the metals and ore space, is down by 4%. IDFC has also seen a cut of over 2.2%.

On the winning side, however we have the IT counters. HCL Tech, which has seen selling in recent days, has bounced back today with 2.4% gains. Wipro has moved up by 2%, while the TCS has seen a surge of 1.3%. Infy is also up by 1.6% at 3143.


 

 

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