Indian equity markets opened had a tepid opening amid mixed global cues. At 09:16 IST, the Sensex was down 269.57 points or 0.49 per cent at 54212.27, and the Nifty was down 83.10 points or 0.51 per cent at 16137.50. About 950 shares have advanced, 927 shares declined, and 127 shares are unchanged.
On the Sensex, all other IT companies also suffered losses with Infosys, HCL Tech, Wipro, Tech M falling 1-2 per cent.
Bharti Airtel was the top loser, dipping 4 per cent after the Adani group announced its plan to participate in 5G spectrum auction to create the group’s own private networks and support its businesses.
On the flip side, NTPC, ONGC, Power Grid, Coal India, Axis Bank and ICICI Bank were the top winners across the two benchmarks.
The broader markets, meanwhile, opened flat.The BSE MidCap and SmallCap indices were muted.
Nifty IT plunged 3 per cent weighed due to TCS numbers. Nifty metals, pharma were also in red. While Nifty Bank and Auto packs held nominal gains.
Among other stocks, Avenue Supermarts rose 2.7 per cent. The company reported an over six-fold jump in its consolidated net profit to Rs 642.89 crore in Q1FY23.
Global Cues
Asian shares started cautiously on Monday as investors braced for a US inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure. MSCI’s broadest index of Asia-Pacific shares outside Japan hovered around flat. South Korea eased 0.3 per cent, but Japan’s Nikkei added 1.5 per cent.
Tokyo stocks opened higher on Monday after Japan’s ruling bloc secured a strong win in Sunday’s upper house election, held just days after the assassination of former premier Shinzo Abe. The benchmark Nikkei 225 index was up 1.55 per cent, or 411.63 points, at 26,928.82 in early trade, while the broader Topix index advanced 1.41 per cent, or 26.62 points, to 1,914.06.
Wall Street ended little changed on Friday after a volatile session in which investors tried to comprehend how a robust jobs report would influence the US Federal Reserve and its plans to aggressively hike interest rates.
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