Indian equity indices, Sensex and Nifty, commenced Monday’s trading session on a downward trajectory amidst ongoing foreign fund outflows and subdued cues from US and Asian markets.
Sensex opened 0.27% lower at 72,476.00, down by 187.82 points, while Nifty edged down by 0.12% to 22,028.00, shedding 27.20 points. Despite positive global signals, GIFT Nifty traded at a discount of 180 points, down by 0.81% at 22,949.50.
Tata Motors, a key constituent of the Sensex, witnessed a significant decline, dragging the Nifty Auto index by over 2%. Despite reporting a remarkable surge in consolidated net profit, Tata Motors’ stock plummeted by over 9% to 954.40 per share at 10:30 am.
Other major laggards contributing to the market downturn included Mahindra & Mahindra, JSW Steel, Tata Steel, NTPC, and State Bank of India.
In Asian markets, Japan’s Nikkei and South Korea’s Kospi traded lower, while Hong Kong saw positive gains. Wall Street closed mostly higher, with the NASDAQ composite being the sole exception.
Foreign Institutional Investors (FIIs) continued to divest equities worth Rs 2,117.50 crore on Friday, reflecting ongoing bearish sentiments. Meanwhile, Brent crude, the global oil benchmark, dipped to $82.53 a barrel.
Despite a modest climb on Friday, with Sensex gaining 0.36% and Nifty rising by 0.44%, the indices started the new week on a cautious note, influenced by external and domestic factors alike.
Comments