Profit

Sensex Struggles; IT, Metal Stocks Under Pressure

 Share
EMAIL
PRINT
COMMENTS
Sensex Struggles; IT, Metal Stocks Under Pressure
BSE Sensex and Nifty struggled to gain momentum on Monday amid weak Asian markets. Investors also remained edgy ahead of the Reserve Bank of India policy review tomorrow. The Sensex down 25 points at 25,837 in early trade while Nifty slipped 7 points to 7,861.

Here Are Top 10 Developments:

1) Analysts say that traders are likely to be cautious today. The Reserve Bank of India will announce its monetary policy tomorrow.

2) A 25-basis-point rate cut from the RBI is already factored in by the markets, says TS Harihar of HRBV Client Solutions Private. So unless it is more than a 25-bps rate cut, markets are unlikely to cheer it, Mr Harihar says.

3) If the RBI does not meet the Street's expectations, markets are likely to come under strong selling pressure, Mr Harihar says.

4) On the higher side, Nifty faces resistance at 8050-8100 levels, says K Subramanyam of Altamount Capital.

5) The rupee held firm at 66.04/dollar today. US Fed chief Janet Yellen last week said the central bank could hike rates this year, pushing the dollar to a two-week high against a basket of currencies.

6) IT stocks came under pressure today after Accenture forecast a muted 5-8 per cent revenue growth for the FY16 fiscal year. Infosys fell 1.9 per cent while Wipro was down nearly 1 per cent.

7) Metal stocks also witnessed selling pressure after global copper prices remained stuck near 3-month lows. Copper is seen as a benchmark for commodities demand. Oil & gas stocks also fell after a fall in global Brent crude prices. Cairn India, Vedanta and ONGC fell over 1 per cent.

8) Gains in healthcare and banking stocks helped to support the markets.

9) Analysts will be closely tracking foreign funds which sold a record Rs 16,877 crore (net) worth of domestic stocks in August, leading to the recent selloff in Indian markets. In September, foreign funds have sold shares worth nearly Rs 4,000 crore.

10) Asian markets were trading weak today with Japan's Nikkei down over 1 per cent and China's Shanghai Composite fell 0.20 per cent.


Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top