Business

Sensex, Nifty off to choppy start amid weak macro data

A view of the BSE building in Mumbai. | File

A view of the BSE building in Mumbai. | File   | Photo Credit: Paul Noronha

more-in

HDFC twins, ICICI Bank, HUL, L&T, Ultratech Cement and ONGC were the among the top losers in the Sensex pack, shedding up to 0.63 %.

Equity benchmarks Sensex and Nifty opened on a volatile note on Tuesday tracking losses in banking stocks as weak inflation numbers weighed on domestic investor sentiment.

After opening nearly 100 points lower, the 30-share BSE index was trading 50.26 points or 0.12 % lower at 41,809.43. Similarly, the broader NSE Nifty slipped 13.80 points or 0.11 % to 12,315.75.

HDFC twins, ICICI Bank, HUL, L&T, Ultratech Cement and ONGC were the among the top losers in the Sensex pack, shedding up to 0.63 %.

On the other hand, Tata Steel, HCL Tech, M&M, TCS and Asian Paints rose up to 1.04 %.

In the previous session, Sensex settled 259.97 points, or 0.62 per cent, up at its new closing peak of 41,859.69. Likewise, the Nifty ended 72.75 points, or 0.59 per cent, higher at 12,329.55 -- its fresh closing record.

Meanwhile, on a net basis, foreign institutional investors bought equities worth ₹ 68.24 crore, and domestic institutional investors purchased shares worth ₹ 47.17 crore on Monday, data available with stock exchanges showed.

According to traders, market mood turned bearish after government data on Monday showed that retail inflation rose to about five-and-half year high of 7.35 % in December 2019, surpassing the RBI’s comfort level, mainly due to spiralling prices of vegetables as onions were selling costlier.

Spike in headline inflation is an “unwanted complication” in a slowing economy and will prevent the Reserve Bank from cutting rates, analysts said, warning of the “spectre of stagflation” that India risks getting into.

On the global front, bourses in Hong Kong, Shanghai and Seoul were trading on a mixed note in their early sessions.

Global oil benchmark, Brent crude futures, rose 0.17 per cent to $64.31 per barrel.

Meanwhile, the rupee appreciated 4 paise to 70.82 against the US dollar in morning session.

Why you should pay for quality journalism - Click to know more

Related Topics Markets Business
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 25, 2020 11:51:48 PM | https://www.thehindu.com/business/sensex-nifty-off-to-choppy-start-amid-weak-macro-data/article30564501.ece

Next Story