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Equity benchmark indices Sensex and Nifty opened on a muted note at open on Monday
Sensex Today (Source: Freepik)
Sensex Today: Breaking a four-day winning streak, Indian equity benchmarks ended lower on Monday as investors booked profits in the absence of fresh domestic cues.
The BSE Sensex declined 452.44 points, or 0.54 per cent, to close at 83,606.46, after moving within a range of 84,099.53 to 83,482.13 during the session.
In contrast, the broader markets outperformed the benchmarks, with the Nifty Midcap100 rising 0.68 per cent and the Nifty Smallcap100 gaining 0.52 per cent.
Market View| VK Vijayakumar, Chief Investment Strategist, Geojit Investments
With S&P 500 and Nasdaq setting new record highs and most other markets in bullish mode, the market construct looks positive. Decline in geopolitical tensions in West Asia, the sharp pull back of Brent crude to $67 and reports of positive developments on the trade front with possibilities of trade deals between US and China and US and some major trade partners augur well for equity markets.
Significant contributors to the rally in India in recent days have been largecaps like HDFC Bank, ICICI Bank, RIL and L&T which have seen accumulation by institutions. Weakness in the dollar index continues to support FII inflows and retail optimism continues to support flows into domestic funds.
It makes sense to remain invested in this bull market but making fresh investments at elevated valuations would be risky.
Global cues
Asia-Pacific markets climbed on Monday as investors digested a host of economic data, including industrial output figures from Japan and South Korea for May, as well as China’s June purchasing managers’ index (PMI) figures.
Last checked, Nikkei was up 1.6 per cent, while the broader Topix index gained 1 per cent. Kospi advanced 0.64 per cent, and the ASX 200 rose 0.19 per cent. US equity futures also ticked higher during early Asian hours as the market heads into the second half of the year. On Friday, Wall Street posted strong gains across the board.
The S&P 500 closed at a record high of 6,173.07, surpassing its previous peak of 6,147.43. The Nasdaq Composite also ended at a new all-time high, climbing about 0.5 per cent, while the Dow Jones Industrial Average added nearly 1 per cent.
June has seen a robust rebound in US equities from the lows experienced in April amid heightened trade policy tensions. However, uncertainty over global trade negotiations continues to cast a shadow over the durability of the rally.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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