May 7 (Punjab Khabarnama) : Stock market today: Sensex and Nifty 50 extended losses today (May 7) amid selling pressure across sectoral indices as well as in the broader market. Except Nifty FMCG, all major sectoral indices were in the red. Nifty Metal index fell 2.7 percent as it was dragged down by Tata Steel and Hindalco. Sensex fell more than 500 points at 73,367.39 and Nifty 50 was down 178 points at 22,264.50. About 821 shares advanced, 2,333 shares declined, and 88 shares remained unchanged today.
The shares gave up early gains as a rise in consumer companies was offset by a fall in financials and auto stocks. The stock market volatility rose to its highest in fifteen months as markets surrendered early gains for a second straight day despite rally in global markets. The Nifty Volatility Index rose to 17.29, the highest since January 30, 2023.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said as per news agency Reuters, “The more significant factor might be the apprehensions emanating from the unexpectedly low turnout in the elections so far.
Voter turnout of 66.14% and 66.71% respectively in the first two phases has been lower than corresponding phases five years back.
Meanwhile, Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors said that hopes around improvement in rural demand and expectations of a good monsoon are driving consumer stocks.
