Sensex, Nifty drop tracking unfavorable hints from Asian markets

Following unfavorable hints from Asian peers, Indian equity markets opened partially lower on Monday, dragged by index heavyweight Reliance Industries and FMCG stocks. The BSE Sensex was trading 124 points or 0.19% lower at 66,560. Nifty50 was trading at 19,710, down 34 points or 0.17% at around 9.19 am. From the Sensex pack, Kotak Mahindra Bank and JSW Steel were the leading losers, falling 1-2%. HUL, Titan, Tata Steel, Reliance Industries, Maruti and Tata Steel likewise opened in the red. Whereas, L&T, Infosys, ITC, IndusInd Bank, Wipro, SBI, and UltraTech Cement opened with gains. Amongst private stocks, SJVN rose over 10% after the company signed a handle REC worth 500 billion rupees for establishing brand-new power-generating stations. Shares of Paytm opened over 1% greater after the business published a 39% increase in quarterly earnings. On the sectoral front, Nifty PSU Bank rose 0.90%, and Nifty Realty increased 0.79%. Whereas, FMCG, metal, health care sectors, customer durables and oil & gas sectors opened with cuts. In the wider market, Nifty Midcap 100 dropped 0.09%, while Nifty Smallcap 100 acquired 0.41%. Professionals see “The near-term market pattern will be affected by a host of aspects like the current Q1 outcomes, some significant outcomes anticipated today and policy choices like the Fed conference result on Wednesday,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated. “The Fed is most likely to raise the rate by 25 bp on Wednesday, however the marketplace motion will be chosen by the commentary of the Fed chief concerning future inflation and rate patterns. Financiers might wait and view these occasions unfold,” Vijayakumar included. Deven Mehata, Equity Research Analyst at Ch
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