Benchmark indices started trading on a negative note on Monday morning amid global cues. Both the headline indices fell up to 0.7 per cent in opening deals. After a negative start, the Sensex fell 409 points to 55,360.3 and the Nifty 50 fell 117.6 points to 16,466.8 from its previous close.
M&M, Axis Bank, IndusInd Bank, Reliance, NTPC and UltraTech Cement were the top gainers on the Sensex, while Wipro, HUL, Tech M, Infosys, TCS and Tata Steel were the top gainers.
On the other hand, IT stocks Sensex, Wipro, Tech M, Infosys, TCS and HCL Tech fell 1-2 per cent each. BPCL, Britannia, Coal India, Hindalco, Tata Steel, HUL and Asian Paints were the other laggards in the two benchmarks.
The broader markets also opened in the red. BSE Midcap and Smallcap indices were down up to 0.2 per cent.
region wise, nifty IT, Media, Metals, PSB and Realty indices were the biggest losers, falling over 1 per cent each. Other pockets were also in red.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Markets have turned a little cautious with better-than-expected US jobs data (3.90 lakh jobs) in May. This good economic news is negative from a market perspective because it means the Fed is likely to tighten aggressively regardless of a potential recession. For India High crude oil prices in May and a trade deficit of $23 billion are a matter of concern. Even though FPI sales have moderated in early June, they are likely to oversell at higher levels. Dollar index above 102 is negative for EM Equity. The positive side for India is that DIIs and retail investors continue to buy dips.
global signal
Three of Wall Street’s major stock indexes fell on Friday after a solid jobs report on hopes of the Federal Reserve’s aggressive policy-tightening that is needed to quell decades of high inflation. The Dow Jones Industrial Average fell 348.58 points, or 1.05 percent, to 32,899.7, the S&P 500 fell 68.28 points, or 1.63 percent, to 4,108.54, and the Nasdaq Composite fell 304.16 points, or 2.47 percent, to 12,012.73.
Asian stocks made a muted start on Monday as caution loomed ahead of a critical reading on US inflation, while the European Central Bank will take a major step toward tightening policy this week amid bets on the euro yen.
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