Nifty, Sensex decline amid weak global cues

Mumbai (Maharashtra) [India], July 18 (ANI): The Indian markets opened Thursday’s trading session with a marginal decline amid weak global cues. The Nifty 50 index dropped by 85 points, or 0.37 per cent, to 24,526, while the BSE Sensex fell by 304 points to 80,406 during early trade.

In the broader market on the National Stock Exchange, all major indices, including Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Small Cap, experienced selling pressure and declined. Among the sectoral indices, all except Nifty FMCG, Nifty IT, and Nifty Realty faced declines, with Nifty Media dropping by more than 2 per cent under high selling pressure.

The top gainers in the Nifty 50 were LTIMindtree, Axis Bank, Apollo Hospital, and Infosys. On the other hand, the top losers included Bajaj Auto, which saw a decline of more than 2 per cent, followed by Asian Paints, which also fell by more than 2 per cent following its financial results. Hero MotoCorp, Eicher Motors, and Tata Steel also joined the list of top losers.

“Asian markets are following US markets lower, with a stronger Yen and lower export numbers pushing the Nikkei down by nearly 2 per cent. Indian markets are expected to be soft given the weak global cues. Also with the Union Budget of July 23rd just three trading days away, expect some profit booking to set in as traders lighten positions going into this market moving event next week. Safe haven buying saw Gold and Silver rally while lower US inventories are giving a boost to crude oil prices” said Ajay Bagga, Banking and Market Expert.

Asian markets declined amid falling tech and chip stocks due to heightened geopolitical tensions and US export restrictions. Japan’s Nikkei 225 dropped over 2 per cent, while the Kospi fell 0.98 per cent. Notably, in India, FIIs purchased shares worth Rs 1,271.45 crore, contrasting with DIIs’ net sales of Rs 529.48 crore on July 16.

The crude prices rose slightly, with WTI at USD 83.30 and Brent at USD 85.35. The US Dollar Index (DXY) was up 0.05per cent at 103.73. US markets experienced a significant drop, with the S&P 500 losing 1.39 per cent and the Nasdaq Composite tumbling 2.77 per cent.