Mumbai (Maharashtra) [India], July 8 (ANI): Indian stock markets commenced the fresh week on a negative note on Monday, with both major indices declining during the opening trade.
The NSE Nifty 50 index fell by 30 points, to 24,300, while the BSE Sensex dropped 150 points to 79,841. In the broad market indices on the national stock exchange, except Nifty 50 all other indices start trading with gain.
According to the market experts in the coming week markets will be driven by the earning season and markets are digesting the rally of the last week.
“Earnings season will determine the market direction for the next few weeks. Union Budget is expected to be rolled out on July 23rd. Globally, with a soft US labour market and rising unemployment, the probability of a Fed rate cut in September has gone up to 78 per cent. US corporate earnings will be key drivers of global markets this week, with good earnings growth factored in” said Ajay Bagga, Banking and Market Expert.
He further added “Any negative surprise on earnings in India or the US will lead to a heavy sell-off in those counters, as we have seen with muted operational results in some index heavyweights leading to sharp falls in those stocks. Overall markets may be in a wait-and-watch mode and try to digest the sharp rise of the last few weeks”.
Among the sectoral indices, several faced selling pressure at the time of reporting, including Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty Consumer Durables. In contrast, other indices managed to open positively.
In the the Nifty 50 list, the top gainers of the day were Tata Motors, Cipla, Apollo Hospitals, Dr. Reddy’s Laboratories, and Mahindra & Mahindra. On the flip side, the top losers included Titan Company, Shriram Finance, Asian Paints, Bajaj Auto, and Divi’s Laboratories.
The Asian markets also mirrored this negative trend, with the Asia Dow declining by 0.38 per cent, the Nikkei 225 slipping by 0.09 per cent, the Hang Seng dropping significantly by 2.06 per cent, and the Shanghai Composite losing 0.26 per cent on Monday morning.
During the last week, on Friday, Foreign Institutional Investors (FIIs) were net buyers, purchasing shares worth Rs 1,241.33 crore. Conversely, Domestic Institutional Investors (DIIs) were net sellers, offloading shares valued at Rs 1,651.36 crore. (ANI)
