Indices in red, no revival till global order fixed: Experts
In a volatile session on Monday dragged by selling in industrials, oil and gas shares in the last hour, benchmark stock indices Sensex and Nifty pared early gains to close lower.
With 22 of its constituents ending lower and eight with gains, the 30-share BSE Sensex declined 217.41 points or 0.29 per cent to settle at 74,115.17.
After opening higher, the index touched a high of 74,741.25 during the day. However, the index was pulled down by 310.34 points or 0.41 per cent to a low of 74,022.24 after selling pressure emerged in the pre-close session.
The Nifty of NSE declined by 92.20 points or 0.41 per cent to close at 22,460.30.
From the 30 Sensex companies, the laggards included IndusInd Bank, Zomato, Larsen & Toubro, Titan, Mahindra & Mahindra, Bajaj Finance, Reliance Industries, Kotak Mahindra Bank, Tech Mahindra and Tata Consultancy Services. On the other hand, the major gainers were Power Grid, Hindustan Unilever, Infosys, Nestle India, Asian Paints, ITC, Sun Pharmaceuticals and ICICI Bank.
While the BSE smallcap gauge declined 2.11 per cent, the midcap index dropped 1.46 per cent. Snapping its two-day winning streak, the 30-share BSE Sensex had slipped 7.51 points to end at 74,332.58 on Friday. However, the broader Nifty of NSE had edged up 7.80 points to close at 22,552.50.
Meanwhile, experts noted that ongoing global tensions, such as the cycle of Trump threatening, levying tariffs, rolling them back and then threatening afresh, were spoiling market sentiment.
The second-order impacts of tariffs, including worsening business outlook, declining consumer sentiment, inflation threats and risks to economic growth, are adding to market concerns. Ajay Bagga, a banking expert, said, “Indian markets are in a shadow of the global polycrisis in the making and we can’t expect a sustainable bottom formation till there is a semblance of order restored in global economic relations and geopolitics. Time to stay cautious and invest fresh funds in a slow format to allow markets time to discount the Trump disruptions.”— TNS (with agency inputs)
