Stock Market Alert: Nifty, Sensex Open On A Turbulent Note; ONGC, NTPC Green Energy, Nalco Rally Post Q4

Stock Market Opening: Nifty and Sensex today opened on a turbulent note as a part of a part of a larger wave which hurted the global stock markets. Nifty crashed nearly 200 points during the opening trade session on Thursday, May 22. Meanwhile, BSE Sensex was down more than 6500 points to 80995 points.

The jittery start of the Indian stock market today has come hours after Gift Nifty has indicated a negative start of the benchmark indices. IndusInd Bank, Infosys, Tech Mahindra, Hindalco, Nalco, ONGC, emerged as the top movers of today's session.

Bank Nifty was also down by more than 0.5%. ITC stock remained weak ahead of its Q4 result today.

Top Losers

TCS, Infosys, Shriram Finance, Power Grid, Nestle, Trents were among the top losers on Nifty 50. However, Adani Ports, Adani Enterprises, Tata Steel emerged as the exception on the benchmark index today.

Top Gainers

NTPC Green Energy stock was up nearly 10% on Thursday after the company reported strong Q4 result. Additionally, notable PSU stocks like ONGC, IRFC, etc were trading in green after announcing their March quarter results on Wednesday.

Stock Market Recap

Stock market ended with gains on Wednesday after showcasing resilience during the volatile trading sessions. Nifty50 ended with gains of 130 points (+0.5%) at 24,813, recovering from a sharp 261 point (-1.1%) fall on Tuesday. Global markets declined overnight on escalating Israel-Iran tensions, US growth concerns, and reduced hopes for a Fed rate cut.

Shedding light on the stock market performance on Wednesday, Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd. noted, " Broader markets also participated in the recovery, with Midcap100 and Smallcap100 indices gaining 0.8% and 0.4% respectively. Nifty Realty (+1.7%) and Pharma (+1.3%) led sectoral gains. Globally, Brent crude jumped 2% to over $66/bbl amid reports of a potential Israeli strike on Iranian nuclear facilities, adding to geopolitical concerns. Fed officials maintained a hawkish stance, dampening near-term rate cut hopes and warning of a sustained tariff-driven inflation. "

He also underlined the key Q4 results set to be in focus today including that of ITC, Sun Pharma, Grasim, CONCOR, and GMR Airports.

Global Stock Market Today

Global stock market remained under pressure on Wednesday night and on Thurdsay. United States stock market ended last trading session in red amid concern about slow economic growth and policy uncertainty.

S&P 500 closed -95.85 points. Whereas, Dow Jones Industrial Average lost 816 points during Wednesday's trading session following the surge in bond yields. New York Composite Index plunged 334.40 points.

Asian Stock Market Today

In Asia, the Hang Seng Index in Hong Kong declined by 124.33 points, a fall of 0.52%, to close at 23,703.45. The STI Index in Singapore also saw a decrease, shedding 12.16 points, a 0.31% decline, to end at 3,870.39. These movements underscore the global nature of the current financial unease, affecting markets across continents.

Despite these widespread declines, not all indices faced downward pressure. The Cboe UK 100 managed a slight increase, up by 0.39 points, which translates to a 0.04% gain, closing at 876.70. This minor uptick amidst a sea of red across global markets suggests pockets of resilience or possibly differing impacts of local and global factors on market performance.

Q4 Results Today

ITC, Dwarikesh Sugar Industries, Gujarat Industries Power Limited, Hindustan Motors, Honasa Consumers, Sun Pharmaceuticals Company, etc, are among the notable companies to announce their Q4 results on Thursday.