Sensex Edges Lower, Nifty Below 11,500
The domestic stock markets dropped in opening trade on Monday even after the government announced measures to address the fall in the rupee amid high crude oil prices. The S&P BSE Sensex opened at 38,027.81 and the Nifty50 index of the National Stock Exchange (NSE) at 11,443.50. In the first few minutes of the trade, the 30-share Sensex traded at 38,027.81, down 62.83 points or 0.16 per cent. The 50-share Nifty was at 11,464.95, down 50.25 points or 0.44 per cent. The top five Sensex losers were YES Bank, Tata Motors, Axis Bank, Tata Steel, and State Bank of India, which lost between 1.41 and 2.03 per cent.
Nifty Bank lost 1.07 per cent and the Nifty PSU Bank index declined 1.60 per cent.
Most Asian share markets slipped amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing, reported news agency Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1 per cent, snapping three straight sessions of gains.
In commodities market, Brent crude oil futures pulled back on reports of additional tariffs, dropping 9 cents a barrel to settle at $78.09.
On Friday, the Sensex had closed 372 points higher at 38,090 and the Nifty had risen 145 points to settle at 11,515.
According to provisional data available on the NSE, foreign portfolio investors and domestic institutional investors purchased net equities of Rs 1,090.56 crore and Rs 115.14 crore respectively on Friday. (With agencies inputs)