The trend among sectoral indices was mixed. Nifty Bank index was down half a per cent dragged by IDFC First Bank, Axis Bank, SBI and Bandhan Bank
Domestic equity market benchmarks BSE Sensex and Nifty 50 slipped into the red, paring all the opening gains, on Monday, mirroring mixed Asian markets. The 30-share Sensex was down 53 points or 0.14 per cent to trade at 37,824, while the Nifty 50 index breached 11,200 level on the downside and was trading at 11,158. Sensex reclaimed 38,000-mark on opening but soon slipped below its crucial level. Index heavyweights such as Reliance Industries, ICICI Bank, Bharti Airtel, Axis Bank and SBI contributed the most to the indices’ loss. “The markets continued their weakness upon opening this morning. 11050 would be the level to watch out for this week. If we can break that, shorts could be attempted for a target of 10800-10900. On the upside, 11350 is the resistance and any up move would require us to go past that. Until then markets would remain rangebound,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Sectoral indices trade mixed: The trend among sectoral indices was mixed. Nifty Bank index was down half a per cent dragged by IDFC First Bank, Axis Bank, SBI and Bandhan Bank. Similarly, Nifty Pharma was down 0.27 per cent. On the contrary, Nifty Metal index was up over 1.5 per cent led by gains in APL Apollo Tubes, Jindal Steel and Power Ltd and Hindalco Industries.
Glenmark Pharma jumps 7%: Glenmark Pharma share price jumps 7 per cent to Rs 508.5 apiece on BSE, as the company posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.
Broader market: Broader market outperformed equity benchmarks. S&P BSE MidCap was up 53.25 points or 0.37 per cent to trade at 14,486, while S&P BSE SmallCap was ruling at 13,919, up 65 points or 0.47 per cent.
Corporate earnings: Can Fin Homes, Petronet LNG, Lux Industries, HFCL, Scooters India, Suven Pharma, Sical Logistics and Orient Paper are among 37 companies that are scheduled to announce their quarterly earnings today.
FII and DII data: On Friday, foreign institutional investors (FIIs) bought shares worth Rs 46.39 crore while domestic institutional investors (DIIs) sold shares worth Rs 797.08 crore on a net basis, according to the provisional data available on the NSE.
Global markets: Asian stock markets were trading mixed in early trade on Monday as US-China trade tensions continue to weigh on investor sentiment. In overnight trade on Friday, the S&P 500 ended nearly flat. The Dow Jones Industrial Average rose 0.12%, the S&P 500 lost 0.02% and the Nasdaq Composite dropped 0.21%.