Sensex, Nifty fall in early trade on weak global trends
The Hindu
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Benchmark equity indices declined in early trade on Monday, August 14, 2023 falling for the third day running, amid weak global market trends and fresh foreign fund outflows.
Caution also prevailed in the market ahead of announcement of wholesale and retail inflation numbers for July later in the day.
The 30-share BSE Sensex fell 461.48 points to 64,861.17. The NSE Nifty declined 154.1 points to 19,274.20.
From the Sensex pack, Tata Motors, State Bank of India, JSW Steel, Bajaj Finance, Tata Steel, Bajaj Finserv, Tech Mahindra, Power Grid, Mahindra & Mahindra, Tata Consultancy Services, HCL Technologies and HDFC Bank were the major laggards.
Sun Pharma and Nestle were the gainers.
The US markets ended mostly lower on Friday.
Global oil benchmark, Brent crude, declined 0.85 per cent to $86.07 a barrel.
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India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
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In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
Indian stock markets closed lower amid volatility, with key firms lagging as global trends influenced trading activity.
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