SENSEX and NIFTY continue to slide
The S&P BSE SENSEX fell 0.61% to 37,558.91 while the NSE NIFTY 50 fell 0.51% on May 9. The oil and gas sector was the biggest loser as Reliance Industries Limited, an oil and gas major and the largest component of both indexes, was downgraded by Morgan Stanley to an “equal-weight” rating on account of the expectation of slower growth.
The IT sector gained as the shares of major software companies, including TCS and Infosys, rose.
Ready to put your morning scrolling to use? Sign up for Bagels & Stox, our witty take on the top market and investment news straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
Other Asian markets and ETFs
In news from other Asian markets, the Philippines saw its GDP growth fall to 5.6% in the first quarter from 6.3% in the previous quarter. This growth was lower than the expected 6.1%.
Indonesia’s Jakarta Composite Index fell 1.14% to 6,198.80 on May 9. The Indonesia-focused iShares MSCI Indonesia ETF (EIDO) dropped 0.41% on May 8, which was in line with the fall in the Jakarta Composite. The ETF will remain under pressure today.
The Asia-focused iShares Asia 50 ETF (AIA) remained steady yesterday. AIA invests in equities from various Asia-Pacific markets.
Another Asia-focused ETF with large Japanese exposure, the Vanguard FTSE Pacific Index ETF (VPL), fell 47 basis points on May 8.