The benchmark equity indices -- Sensex and Nifty -- on Monday ended the intraday trade lower, tracking losses in heavyweights HDFC Bank, RIL and TCS and also seeing worries around ongoing economic slowdown.
The benchmark equity indices — Sensex and Nifty — on Monday ended the intraday trade lower, tracking losses in heavyweights HDFC Bank, RIL and TCS and also seeing worries around ongoing economic slowdown. While BSE Sensex closed 72.50 points, or 0.18 per cent, down at 40,284.19, NSE Nifty slipped 10.95 points, or 0.09 per cent, to end at 11,884.50. Yes Bank fell by over 4 per cent, followed by Bajaj Auto, M&M, Hero MotoCorp, HDFC Bank, ONGC and TCS that plummeted over 2 per cent. Bharti Airtel, Tata Steel, Sun Pharma, PowerGrid, IndusInd Bank, Axis Bank, SBI, Vedanta and Tata Motors rose nearly 5 per cent. Bharti Airtel share price surged over 6 per cent on Monday after the telco withdrew its bid to purchase assets of Anil Ambani-led Reliance Communications.
“With lack of any major positive triggers both on domestic and global front, we continue to maintain a cautious stance on the Indian markets. In the near term, investors will keep an eye on the progress of trade talks between US-China, behaviour of crude oil prices and fluctuation in currency. We would advise investors to focus on fundamentally sound companies with strong financials and healthy prospects,” Ajit Mishra Vice President, Research, Religare Broking said.
News agency PTI quoted traders as saying that despite encouraging cues from global markets, sentiment in the domestic market was subdued on account of multiple reports suggesting that the pace of India’s economic growth may falter further. Meanwhile, the Indian rupee depreciated marginally to 71.79 against the US dollar intraday. The brent crude futures, the global oil benchmark, rose 0.09 per cent to $63.36 per barrel. European equities were trading on a mixed note in their respective early deals.