The S&P BSE Sensex and the NSE NIFTY 50 fell on May 7, which extended the performance on May 6. The SENSEX fell by 323 points or 0.84% to 38,277, while the NIFTY fell 0.87% below the support level of 11,500 to 11,497.
The banking, financial services, chemicals, industrials, and automotive sectors dragged both the indices down, while consumer durables and non-durables posted gains.
Even the mid-cap and small-cap stocks posted losses.
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With Indian markets continuing to stay in the red, India-focused ETFs will likely remain under pressure.
The iShares India 50 ETF (INDY) tracks the NIFTY. INDY lost 1.2% on May 6 compared to NIFTY’s 0.97%. With the banking sector still under pressure, the banking-heavy ETF might see red again. The WisdomTree India Earnings Fund (EPI) and the iShares MSCI India ETF (INDA) will likely remain under pressure.
Other Asia-focused ETFs
News from Europe
At 7:00 AM EST, the British FTSE 100 fell by one percent. The German DAX has fallen 0.5%, while the French CAC has fallen by 57 basis points.