Domestic markets remain volatile, shed gains after early rise

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Domestic markets on Monday shed gains after a positive start, tracking developments in global markets.

While the resumption of limited economic activity in non-hotspot areas gave markets something to cheer about, there are a lot of economic activities that remain shut at least till May 3 due to the nationwide lockdown.

At 9:30 am, BSE Sensex was up 278.03 points or 0.88 per cent at 31,866.75, while NSE Nifty was up 66.70 points or 0.72 per cent at 9,333.45. However, both benchmarks gave up gains and were trading in red by 9:45 am.

On Nifty, HDFC Bank was among the top gainers along with Tata Motors, Infosys, Kotak Bank and Tech Mahindra.

Some of the top losers were Bharti Infratel, ONGC, Hindalco, GAIL, and Powergrid.

Despite the mild rise in morning trade, markets are expected to see cautious trade throughout the day as the fate of businesses remains uncertain.

Among other things, Fitch Solutions has cut India’s GDP forecast for 2020-21 to 1.8 per cent 4.8 per cent. Analysts expect business activity to slow down significantly around the world and in India.

This could further impact the stock markets and the latest round of company results are expected to offer some details into how much the lockdown has impacted the Indian economy.

Investors will be keenly tracking upcoming company results, which could dictate the flow of domestic stock markets in the near future.

Globally, the picture remains bleak as markets in Asia opened cautiously. Share markets in Asia are expecting a busy week due to upcoming corporate earnings reports and economic data, which will provide insights into the damage caused by the Covid-19 pandemic.

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About the author: Sohom Das
Founder of Tuccho.

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