Domestic stock markets gave up early gains on Monday after a positive start amid mild gains in Asian peers. The S&P BSE Sensex index fell as much as 108.59 points to hit 40,336.56 on the downside, and the broader NSE Nifty benchmark declined to as low as 11,888.05, down 33.45 points from the previous close. Losses in banking, consumer goods and energy stocks dragged the markets lower, however gains in automobile shares provided some support.
At 9:20 am, the Sensex traded 47.83 points – or 0.12 per cent – lower at 40,397.32 while the Nifty was down 18.05 points – or 0.15 per cent – at 11,903.45.
Thirty two stocks on the 50-scrip index moved lower. Top percentage losers in the Nifty 50 index at the time were Yes Bank, Bharti Infratel, GAIL, IndusInd Bank and Axis Bank, trading between 0.79 per cent and 2.86 per cent lower.
On the other hand, Zee Entertainment, Maruti Suzuki, Infosys, Asian Paints and HCL Tech – up between 0.48 per cent and 1.95 per cent – were the top gainers.
Axis Bank, ITC and Kotak Bank were the top drags on Sensex.
Equities in other Asian markets edged up on Monday with Japan’s benchmark Nikkei rising 0.3 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.3 per cent.
The modest Asian gains compared with Wall Street, which rose to near record highs on Friday on a strong jobs report and some sign of optimism about US-China trade talks, with the benchmark S&P 500 closing within 0.2 per cent of its peak set in late November.
The Sensex had ended 334.44 points – or 0.82 per cent – lower at 40,445.15 on Friday and the Nifty settled at 11,921.50, down 96.90 points – or 0.81 per cent – from the previous close.
Source By NDTV