Indian equity benchmarks started Monday's session on a negative note, retreating from record highs, tracking weakness in other Asian markets following disappointing Chinese data. Selling pressure in financial and fast moving consumer goods stocks weighed on the market, however buying interest in metal shares provided some support.
The S&P BSE Sensex index opened 42.45 points or 0.08 percent lower at 55,479.74, and the broader NSE Nifty50 benchmark began the day at 16,518.40, down 10.7 points or 0.06 from its previous close.
At 9:17 am, Sensex was down 80.68 points or 0.15 percent at 55,356.61 while Nifty50 was down 22.90 points or 0.14 percent at 16,506.20.
Among blue-chip stocks, Tata Steel, M&M, Grasim, BPCL, NTPC, UPL and Adani Ports, trading between 0.48 percent and 1.79 percent higher in early deals, were the top gainers.
On the other hand, Power Grid, TCS, Kotak Bank, TEch Mahindra, Titan and Hero MotoCorp, down between 0.55 percent and 1.30 percent, were the worst hit among the 30 laggards in the Nifty50 universe.
HDFC, Tata Steel and M&M were the biggest drags on Sensex.
On Friday, the 30-scrip index had ended 593.31 points or 1.08 percent higher at 55,437.29 and Nifty50 risen 164.70 points or 1.01 percent to 16,529.10 -- both record closing highs.
Equities in other Asian markets declined on Monday after a raft of Chinese data showed a surprisingly sharp slowdown in the engine of global growth, just as much of the world races to stem the spread of the Delta variant of Covid-19 with vaccinations.
Figures on July retail sales, industrial production and urban investment all missed forecasts, a trend that is only likely to get worse given the recent tightening in coronavirus restrictions there.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent. Chinese blue chips were hanging onto gains of 0.3 percent, in anticipation of a more aggressive policy easing from Beijing.
Japan’s Nikkei fell 1.8 percent, though economic growth topped forecasts for the June quarter.
There was added uncertainty about the possible geopolitical implications of the sudden collapse of the Afghan government and what it mean for political stability in the region.
S&P 500 futures were down down 0.2 percent, and EUROSTOXX 50 futures and FTSE futures down 0.4 percent and 0.6 percent respectively, indicating weak openings in the US and Europe ahead.
First Published: IST