Sensex And Nifty Slip At The Opening Bell, Global Headwinds Keep Investors On Edge
· Free Press Journal
Mumbai: Indian stock markets began Monday on a weak note as global pressures dampened investor sentiment. Financial, realty and auto shares led the early decline in the Sensex and Nifty.
The Nifty opened 75.60 points, or 0.33 per cent, lower at 23,064.90. The Sensex fell more than 150 points, or 0.22 per cent, to 73,734.83.
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Hindalco Industries, Bajaj Finance, Kotak Mahindra Bank, Grasim Industries and Shriram Finance were among the biggest Nifty losers, with declines of up to 1.76 per cent.
Sensex Eyes 74,000 And Nifty 23,300, Analysts Flag Hurdles To RecoveryRealty And Financial Stocks Under Pressure
Selling was widespread across sectors. The Nifty Realty index dropped more than 1 per cent, while cement, financial services, private bank, auto and FMCG indices fell by nearly 1 per cent each. Pharma was among the few pockets of strength, with the Nifty Pharma index edging higher.
Analysts said India’s economic resilience and improving corporate earnings were being overshadowed by expensive crude oil and high US bond yields. Foreign portfolio investors had also returned to selling Indian equities in September after buying in July and August, they said.
Analysts observed that foreign investors appeared to be selling large-cap stocks while showing interest in mid-cap and small-cap shares, despite elevated valuations in the broader market.
Crude Oil Adds To Market Worries
Brent crude climbed more than 2 per cent to $106.69 a barrel, while US West Texas Intermediate crude rose over 1 per cent to $93.82. Analysts also pointed to the US 10-year Treasury yield near 5.2 per cent as a headwind for equities.
Sensex And Nifty Slide For A Seventh Straight Week, High Crude Prices And Bond Yields Keep Investors On EdgeAsian markets were mostly lower, with Japan’s Nikkei, Hong Kong’s Hang Seng and the Jakarta Composite declining by up to 2 per cent. Wall Street had ended its previous session higher.
Nifty Levels To Watch
Market experts placed immediate Nifty support at 22,900–23,000 and resistance at 23,250–23,300. Traders are likely to watch these levels closely as the index seeks stability amid volatile global cues.