HDFC Bank, HDFC and Reliance Industries were the biggest drags on the Sensex
Domestic stock markets started Tuesday’s session on a negative note amid weakness in Asian peers. The S&P BSE Sensex index fell as much as 114.93 points to hit 41,443.07 in early trade and the broader NSE Nifty benchmark declined to as low as 12,222.60, down 33.25 points from the previous close. Weakness in banking, IT and auto shares dragged the markets lower however strength in pharma and consumer goods stocks provided some support. As of Monday’s close, the 30-scrip index has so far this year gained more than 15 per cent.
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At 9:20 am, the Sensex traded 75.26 points – or 0.18 per cent – lower at 41,482.74 while the Nifty was down 28.85 points – or 0.24 per cent – at 12,227.00.
Top percentage laggards on the Nifty index at the time were Tech Mahindra, HDFC, IndusInd Bank, Eicher Motors and Coal India, trading between 0.53 per cent and 1.42 per cent lower.
On the other hand, Bharti Infratel, NTPC, Yes Bank, Dr Reddy’s and Cipla – up between 0.49 per cent and 1.12 per cent – were the top gainers.
HDFC Bank, HDFC and Reliance Industries were the biggest drags on the Sensex, together accounting for a loss of 65 points on the index.
Equities in other Asian markets slipped, echoing falls on Wall Street, as investors locked in gains made since the US and China reached a preliminary trade deal earlier this month.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.39 per cent in early deals – its weakest performance since December 4. Markets in Japan and South Korea were closed for a holiday.
The White House’s trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US Trade Representative.
For the month, MSCI’s broadest of Asia-Pacific shares barring Japan was still up 5.7 per cent. The index has gained 16 per cent this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI’s global share index.
On Monday, the domestic stock markets had ended on a mixed note. The S&P BSE Sensex ended 17.14 points – or 0.04 per cent – lower at 41,558.00 and the broader NSE Nifty benchmark settled at 12,255.85, up 10.05 points – or 0.08 per cent – from the previous close.
On the same day, foreign institutional investors (FIIs) pulled out a net Rs 130.52 crore from the Indian capital markets, however domestic institutional investors (DIIs) were net purchasers to the tune of Rs 201.32 crore, according to NSE data.
Source: NDTV Profit
