The Indian stock markets’ key indices, Sensex and Nifty, were trading around one per cent down in late morning trade on Monday, dragged by heavy selling pressure in IT, FMCG and metal stocks, as weakness in global equities dented investors’ sentiments. Tracking weakness in the global markets, the benchmark Sensex started trading on Monday, the first trading day of the week, deep in the red at 56,757.64 points and tumbled to a low of 56,412.14 points in the early morning trade.
The 30 stock S&P BSE Sensex was trading 547.47 points or 0.96 per cent down at 56,649.68 points at 11.46 am, against its previous session’s close at 57,197.15 points. This is the second consecutive session of sharp loss in the Indian stock markets. The Sensex had slumped 714.53 points or 1.23 per cent on Friday, the previous trading day.
The broader Nifty 50 of the National Stock Exchange tumbled 190.55 points or 1.11 per cent to 16,981.40 points against its previous session’s close at 17,171.95 points. The Nifty 50 had lost 220.65 points or 1.27 per cent on Friday.
There was heavy selling pressure in metal, IT and FMCG stocks. Tata Steel tumbled 3.46 per cent to Rs 1233.50. Tech Mahindra slipped 2.97 per cent to Rs 1268.20. Wipro dipped 2.00 per cent to Rs 527.10. Hindustan Unilever slumped 1.74 per cent to Rs 2092.60.
The index heavyweight Reliance Industries was trading 1.31 per cent down at Rs 2722.40. Only four of the 30 scrips that are part of the Sensex were trading in the positive. ICICI Bank was trading 1.62 per cent higher at Rs 759.45. Maruti Suzuki, Axis Bank and Mahindra & Mahindra were also trading in the positive.