Indian shares opened lower on Monday, influenced by mixed global signals.
Sensex Today: Indian shares opened lower on Monday, influenced by mixed global signals.
BSE Sensex dropped 394 points or 0.51 per cent to 76,816.22 levels. NSE’s Nifty50, on the other hand, slipped 122 points or 0.52 per cent to 23,379.45 levels.
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Sun Pharma, ITC were the top gainers while IndusInd Bank, Tata Steel were the top laggards on BSE.
Similarly, on NSE, Sun Pharma, Wipro were the top gainers while IndusInd Bank, Cipla were the top laggards.
Broader markets also slipped in trade. Nifty SmallCap dropped 0.32 per cent while MidCap slipped 0.47 per cent.
Sectorally, PSU Bank fell the most, down 1.19 per cent, followed by Meta (down 1.04 per cent). FMCG was the only gainer, up 0.09 per cent.
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Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The consolidation phase in the market is likely to continue. The near-term strength in the market is likely to come from Bank Nifty assisted by institutional buying notably from FIIs who have turned buyers last week. However, SEBI investigation in the Quant Mutual Fund is a slight sentiment negative for the market.The sectoral churn happening in the market might accelerate since profit booking is happening in some overvalued sectors and money is flowing into fairly valued largecaps. There is a likelihood of the rupee turning stable with a positive upward bias in the near term on expectations of big debt inflows after the inclusion of India in the Global Bond EM Index later this month. This can act as a trigger for more FII inflows into equity, going forward.
Global Cues
Asian shares were quiet on Monday as investors awaited US price data, anticipating signs of easing inflation. Meanwhile, markets were attentive to potential Japanese intervention as the dollar approached the 160 yen threshold. Geopolitical tensions were also prominent, with the upcoming US presidential debate on Thursday and the first round of voting in the French election over the weekend.
