Indian stock markets opened on a negative note on Monday, with major indices experiencing a dip as key players like Reliance Industries (RIL) and ICICI Bank reported significant losses in early trading.
By 9:48 AM, the Sensex had fallen by 325 points, or 0.41%, settling at 79,353. The Nifty was down 115 points, or 0.47%, at 24,253.
This downward trend reflects a broader negative sentiment across the market.
On the Bombay Stock Exchange (BSE), market breadth was decidedly bearish, with 1,892 stocks declining compared to 1,078 advancing.
Midcap and smallcap stocks are also under pressure, with the Nifty Midcap 100 index down 159 points (0.28%) at 57,105 and the Nifty Smallcap index slipping by 16 points to 18,394.
Investors are awaiting key economic indicators scheduled for release later today.
The Centre is likely to announce July’s retail inflation figures and June’s industrial production data, which may influence market sentiment.
Sector-wise, all indices except for realty are experiencing losses.
Notable laggards include sectors such as auto, IT, PSU banks, metals, media, and energy.
In the Sensex pack, gains were led by Asian Paints, JSW Steel, Tata Motors, Tech Mahindra, HDFC Bank, Sun Pharma, Maruti Suzuki, and Infosys. Conversely, NTPC, Power Grid, SBI, ICICI Bank, RIL, Nestle, HCL Tech, and TCS emerged as major losers.
Foreign Institutional Investors (FIIs) were net buyers on 9 August, acquiring equities worth Rs 406 crore, while Domestic Institutional Investors (DIIs) purchased equities valued at Rs 3,979 crore on the same day.
Asian Markets Mixed; US Positive; Crude Oil Stable
Asian markets showed mixed performance with Tokyo, Bangkok, Seoul, and Hong Kong in positive territory, whereas Shanghai and Jakarta experienced declines.
US markets had a positive close on Friday. Crude oil prices are relatively stable, with Brent crude at $79.79 per barrel and WTI crude at $77.09 per barrel.
Market experts suggest that both global and domestic factors will play a crucial role in influencing market trends this week.
Key global data, including US consumer data and core CPI numbers, are anticipated to provide insights into the health of the US economy.
Despite current market challenges, experts believe that the buy-on-dips strategy could continue to be effective in the ongoing bull run.
Also Read: Finance Minister Urges Banks To Boost Deposits & Lending For Government Schemes
To read more such news, download Bharat Express news apps
