Mumbai: Indian equity indices opened in the red on Monday following negative cues from global equity markets.
At 9:40 a.m., Sensex was down 551 points or 0.64 per cent at 85,019, and Nifty was down 163 points or 0.63 per cent at 26,015.
On the BSE benchmark, Tata Steel, JSW Steel, Titan, Asian Paints, HUL, HCL Tech, and Bajaj Finance were top gainers. Tech Mahindra, ICICI Bank, Axis Bank, Tata Motors, Reliance, M&M, Power Grid, IndusInd Bank, SBI, Bharti Airtel, UltraTech Cement, and HDFC Bank were top losers.
Selling was also seen in midcap and smallcap stocks. The Nifty midcap 100 index was down 482 points, or 0.80 percent, at 59,898, and the Nifty smallcap 100 index was down 137 points, or 0.71 percent, at 19,104.
Among the Sectoral indices, Auto, IT, PSU Bank, fanservice, pharma, energy, and realty were major losers, while FMCG and metal were major gainers.
All Asian markets except Hong Kong and Shanghai are in decline. Tokyo, Seoul, and Jakarta are major losers. The US markets closed mixed in Friday’s trading session.
Market experts say, “The Market is likely to move into a consolidation phase in the near term. One significant factor that is influencing foreign portfolios is the outperformance of Chinese stocks, which is reflected in the massive surge in the Hang Seng index by around 18 percent in September.”
“FIIs may continue to sell in India and move some more money to better-performing markets. FII selling is unlikely to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Investors can use dips to buy quality large-caps, which are fairly valued,” they added.
Foreign institutional investors (FIIs) turned net sellers on September 27, selling equities worth Rs 1,209 crore, while domestic institutional investors extended their buying, buying equities worth Rs 6,886 crore on the same day.
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–IANS
