Indian markets’ benchmark Sensex on Monday started the week on a negtive note, tracking the SGX Nifty and international global cues.
Sentiments were bearish as the markets opened up to last Friday’s weak industrial output numbers and a call for decrease in the interest rates following a decline in retail inflation.
On Friday, the shares fell following mixed global cues and amid apprehensions that an improving US economy may fuel a dollar rally and limit capital inflows.
The index was trading down 77 points or 0.28 percent around 11.30 a.m. at 27,273.27 points as no positive domestic trigger upheld sentiments.
All sector-based indices, except banking, of the the S&P Bombay Stock Exchange (BSE) were either in negative or flat. Heavy selling was observed in consumer durables, information technology (IT) and oil and gas.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 27,136.28 points, was trading at 27,273.27 points (at 11.30 a.m.), down 77.41 points or 0.28 percent from the previous day’s close at 27,350.68 points.
The Sensex touched a high of 28,359.54 points and a low of 27,105.04 points in the trade so far. The S&P BSE bank index gained 94.33 points, while IT was down 196.75 points, consumer durables fell 135.05 points, and oil and gas slipped 91.35 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading 13.10 points or 0.16 percent down at 8,211 points.
Meanwhile, the Indian rupee touched 10-month low at 62.73 against the US dollar on Monday with increase in demand for the US currency from importers and a weak opening in domestic equity markets.
Forex dealers also said the decline of rupee value at the Interbank Foreign Exchange in Mumbai was due to the fact that the industrial output contracted by 4.2 per cent in October, the sharpest decline in at least two years.
(With inputs from IANS)