New Delhi/Mumbai: India's benchmark indices Sensex and Nifty traded lower in early sessions on Monday, with renewed US-Iran tensions weighing on market sentiment.
The 30-share BSE Sensex fell 63.65 points to 77,047.63 in initial trade, while the 50-share NSE Nifty edged up 16.55 points to 24,070.20 at the open. Later in the session, the Sensex declined 246.54 points to 76,853.93 and the Nifty slipped 50.55 points to 24,005.45.
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Among Sensex constituents, Kotak Mahindra Bank, Mahindra & Mahindra, Adani Ports, InterGlobe Aviation, HCL Tech and Reliance Industries were among the biggest losers. Eternal, Trent, Asian Paints and Tech Mahindra traded higher.
Brent crude, the global oil benchmark, rose 0.72 percent to USD 72.51 per barrel, adding to market caution.
“Indian equity markets are expected to trade on a cautious note following a renewed flare-up in geopolitical tensions after fresh military exchanges between the US and Iran,” said Ponmudi R, CEO of Enrich Money. He added that even though both sides have reportedly agreed to halt further attacks, the latest escalation has reintroduced uncertainty into global financial markets and is likely to keep investor sentiment guarded in the near term.
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In Asian trade, South Korea’s Kospi and Japan’s Nikkei 225 were lower, while Shanghai’s SSE Composite and Hong Kong’s Hang Seng were in the green. US markets ended marginally lower on Friday.
Domestic markets were closed on Friday for Muharram. Foreign institutional investors bought equities worth Rs 383.76 crore on Thursday, exchange data showed.
On Thursday, the Sensex had risen 109.25 points, or 0.14 percent, to close at 77,100.47, while the Nifty gained 34.35 points, or 0.14 percent, to end at 24,056.
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