नवीनतम
Sensex, Nifty open lower amid weak earnings
MUMBAI [Maha Media]: Sensex, Nifty open lower amid weak earnings, US trade policy Jitters
Indian benchmark indices opened in the red on Monday as investor sentiment remained subdued following disappointing corporate earnings and renewed global uncertainty over US trade policy.
The Sensex declined 212 points, or 0.24 percent, to 82,301, while the Nifty dropped 49 points, or 0.20 percent, to 25,104 as of 9:19 am.
Some resilience was seen in the broader market, with the Nifty Midcap 100 rising 94 points, or 0.16 percent, to 58,736, and the Nifty Smallcap 100 advancing 25 points, or 0.14 percent, to 18,788.
Analysts attributed the Nifty’s weakness primarily to declines in IT stocks, which were weighed down by lackluster earnings.
“This weakness may persist, particularly since foreign institutional investors were heavy sellers in the cash market last Friday,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He added that the market has already priced in the expected net interest margin (NIM) compression for banking stocks in the upcoming Q1 earnings. “Therefore, any dip in banking stocks may present a buying opportunity,” he said.
Sectorally, auto, PSU banks, metals, real estate, and energy were trading in positive territory. In contrast, IT, financial services, pharmaceuticals, FMCG, media, and infrastructure sectors were under pressure.
Top gainers on the Sensex included Trent, Power Grid, Sun Pharma, Titan, NTPC, Maruti Suzuki, Axis Bank, M&M, SBI, and Tata Steel.
On the flip side, Bajaj Finance, Infosys, Bajaj Finserv, Tech Mahindra, Bharti Airtel, L&T, HCL Tech, Tata Motors, Kotak Mahindra Bank, and HUL were among the biggest losers.
Most Asia-Pacific markets traded mixed as investors digested renewed trade tensions between the US and its trading partners.
US President Donald Trump’s announcement of a 30 percent tariff on imports from the European Union and Mexico, effective August 1, rattled global markets. In response, the EU deferred its planned 30 percent retaliatory tariffs to allow room for further negotiations.
