Sensex tanks 700 points, Nifty below 22,500: Why stock market took a U-turn today

Stock market today: Indian equity indices opened higher today (May 3) while Nifty scaled a new record. But the indices declined later dragged down by Reliance Industries, HDFC Bank and IT stocks. 

Stock market today: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

Sensex, Nifty today

Sensex lost 700 points to trade below the 74,000 level while NSE's Nifty50 slipped below 22,500 as it lost over 150 points.

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How are all sectors performing today?

Nifty Financial Services rose over 1% higher, Nifty Bank was up 0.5% while Nifty Auto, Media, Metal, Pharma, and Realty opened with gains.

Bajaj Finance soars

Shares of Bajaj Finance rose over 6% after the Reserve Bank of India lifted restrictions on its lending products allowing it to "resume sanction and disbursal of loans" in the banned segments. It was the top gainer on the Sensex.

Read more: Bajaj Finance share price soars 7% following RBI ban reversal: Should you buy?

What about global markets

While US jobs data is due, Asian markets opened higher, with the MSCI Asia ex-Japan index up 1.1%. Hong Kong's Hang Seng Index was 2% higher and Wall Street equities rose overnight after US Federal Reserve Chair Jerome Powell said that further interest rate increases remained unlikely.

Read more: Ajanta Pharma share price soars over 13.5% to new all-time high

Oil prices today

Oil prices were higher in early trade on Friday but the crude benchmarks were headed for weekly losses owing to US economic uncertainty and crude supply disruptions caused by the Israel-Hamas war.

Read more: BHEL share price today jumps nearly 9% to hit a 52-week high. Here's why

Brent crude futures for July rose 18 cents to $83.86 a barrel while US West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.

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