HomeMarket NewsSensex and Nifty50 edge lower at the open amid weakness in oil & gas and metal shares

Sensex and Nifty50 edge lower at the open amid weakness in oil & gas and metal shares

The Sensex and the Nifty50 began the day in the red amid weakness in oil & gas, auto and metal shares. JSW Steel, Reliance and NTPC were among the top blue-chip laggards.

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By Sandeep Singh  July 4, 2022, 10:08:25 AM IST (Published)

2 Min Read
Sensex and Nifty50 edge lower at the open amid weakness in oil & gas and metal shares
Indian equity benchmarks began the week in the red amid mixed moves in other Asian markets, as caution persisted among investors globally over steep hikes in COVID-era interest rates and their impact on economic growth. Weakness in oil & gas, metal and auto stocks were the biggest drags on both headline indices.


The 30-strong Sensex index fell as much as 205 points or 0.4 percent to 52,702.9 in the first few minutes of trade after a soft start and the broader Nifty50 benchmark slid to as low as 15,678.9, down 73.2 points or 0.5 percent from its previous close.



Bharat Petroleum, PowerGrid, HDFC, Mahindra & Mahindra and Dr Reddy's were also among the top laggards, falling around half a percent each.

A total of 13 stocks in the Nifty50 basket eked out gains. IndusInd, Divi's, Bajaj Auto, Tata Consumer, SBI Life, ITC and Titan were the top gainers among blue-chip stocks, rising around one percent each.



Most auto stocks began the day on a lacklustre note, after major manufacturers reported their monthly sales numbers last week. Maruti Suzuki opened flat, Tata Motors, Mahindra & Mahindra and Hero MotoCorp declined around half a percent, and TVS fell 2.4 percent.

Overall market breadth was in favour of the bears, as 1,140 stocks rose and 815 fell on NSE.



Investors awaited the onset of the corporate earnings season later this week for cues. Tata Consultancy Services (TCS) — India's largest software services company — will report its financial results for the April-June period on Friday.

“TCS numbers will be keenly watched in the backdrop of the scorching inflation conditions which should ideally determine just how companies are able to deal with inflation," said Prashanth Tapse, Vice President (Research) at Mehta Equities.

Global markets
Equities in other Asian markets saw mixed moves as investors on Wall Street were due to resume trade on Tuesday following a long-weekend. MSCI's broadest index of Asia Pacific shares outside Japan was down 0.2 percent at the last count.


Japan's Nikkei 225 was up 0.6 percent and China's Shanghai Composite 0.2 percent. Hong Kong's Hang Seng was down 0.5 percent.


S&P 500 futures were down 0.7 percent. Wall Street will resume trade on Tuesday, after the main indices jumped around one percent on Friday.


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