First trade: Indian markets opened lower on Monday, following weak global cues, as both benchmark indices (BSE Sensex and Nifty50) fell over 0.5 per cent, dragged down by IT, metals and automobiles.
The BSE Sensex was down 432.44 points or 0.75 per cent at 57,557.46, while the Nifty50 was down 118.65 points or 0.69 per cent at 16,981.40 minutes after the Indian markets opened today. .
The 12-share banking index Nifty Bank fell nearly 1 per cent to 39,256.55 in the morning session on Monday. Even the broader markets (Nifty Mid and Smallcap) followed the set of benchmark indices to start today’s session in the red, down between 0.5 and 1 per cent.
Of the 50 stocks in the Nifty index, only five were in the green territory, while the remaining 45 were in the red in today’s morning session. Pharma stocks Dr Reddy’s, Divis Lab were among the biggest gainers along with BPCL, Titan and HUL, while Adani Ent, Apollo Hospital and JSW Steel were among the biggest laggards.
Sectorally, most of the indices were in the red. In this, Nifty Metal was the top gainer of over 1.5 per cent, followed by Nifty Auto and IT, each down over 1 per cent on Monday.
According to Choice Broking, research analyst, Deven Mehata, “Benchmark indices formed by the dragonfly Doji pattern indicate indecision among traders. The US Federal Reserve results due to be published later this week will be the center of all attention.”
Metal stocks could be in the spotlight after China’s central bank cut the CRR by 25 basis points to spur economic growth, said the research analyst at Choice Broking, a domestic brokerage firm.
Early last week, Indian markets rallied in the second half. Overall volumes from the previous week remained below average and volatility increased.
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