Market starts on a tepid note; Nifty slips below 11,000

The Nifty has lost almost a 1,000 in the past three months and market sentiments continue to remain weak in the near term.

Published: 21st August 2019 10:24 AM  |   Last Updated: 21st August 2019 10:24 AM   |  A+A-

sensex, nifty, stock exchange, shares

For representational purposes (File Photo | Reuters)

By PTI

MUMBAI: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a negative note on Wednesday as investors remained risk-averse due to uncertainties over economic growth.

The 30-share index was trading 65.72 points, or 0.18 per cent, lower at 37,262.29. The broader Nifty dropped below the 11,000 level, falling 19 points, or 0.17 per cent, to 10,998.00 in morning trade.

In the previous session, the Sensex settled 74.48 points, or 0.20 per cent, lower at 37,328.01.

The Nifty too ended 36.90 points, or 0.33 per cent, down at 11,017. Top laggards in the Sensex pack included Tata Motors, Yes Bank, Vedanta, ONGC, Tata Steel and HCL Tech, which fell up to 3 per cent.

While, Hero MotoCorp, Infosys, M&M, TechM and Maruti rose up to 1 per cent.

The Nifty has lost almost a 1,000 in the past three months and market sentiments continue to remain weak in the near term, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

"Domestic markets continue to reel under pressure of slowing growth and the street consensus is that the government may come up with a special package to boost the economy," he added.

Foreign portfolio investors bought shares worth a net of Rs 373.23 crore Tuesday, and domestic institutional investors too purchased shares worth Rs 296.41 crore, provisional data showed.

The rupee, meanwhile, appreciated 17 paise against its previous close to trade at 71.54 in early session.

Elsewhere in Asia, bourse in Hong Kong, Korea, Shanghai and Japan were trading on a mixed note in their respective late morning sessions.

Exchanges on Wall Street ended in the red on Tuesday. Global oil benchmark Brent crude was trading 0.52 per cent higher at 60.34 per barrel.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp