Sensex opens 100 points lower, Nifty below 25,100; Wipro jumps 3%

India Today

5 days ago

Benchmark stock market indices opened lower on Friday as stocks from private bank and heavyweight financials sectors dragged the market down.The S&P BSE Sensex lost 199 points to 82,060.24, while the NSE Nifty50 was down by 40.50 points to 25,070.95, as of 9:28 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that in July, so far, India has been underperforming most markets, with a dip of 1.6% in Nifty."A significant contributor to the decline is the selling by FIIs. There is a clear pattern in FII activity this year so far. They were sellers in the first three months. For the next three months they turned buyers. And in the seventh month the trends so far indicate further selling unless some positive news reverse the downtrend in the market," he added.Among the top gainers in early trade were Power Grid Corporation, which rose by 1.47%, followed by Tata Steel gaining 1.22%. Mahindra & Mahindra was also up by 1.17%, while Tata Consultancy Services added 0.48% and Larsen & Toubro gained 0.43%.However, on the losing side, Axis Bank saw the biggest drop, falling by 4.54%. Bharti Airtel was down 1.28%, Kotak Mahindra Bank slipped by 0.87%, Eternal saw a cut of 0.67%, and Tech Mahindra dropped 0.53%.advertisementThe Nifty Midcap100 gained 0.10% while Nifty Smallcap100 rose 0.05%, but India VIX fell 0.06%.Among the sectoral indices, several showed positive momentum with Nifty Metal leading at 0.71%, followed by Nifty Auto at 0.55%, Nifty Financial Services at 0.45%, Nifty Realty at 0.44%, Nifty Media at 0.38%, Nifty Oil & Gas at 0.26%, Nifty IT at 0.22%, and Nifty PSU Bank at 0.13%.
Nifty Private Bank faced the biggest decline at 1.15%, followed by Nifty Healthcare which dropped 0.31%. Nifty FMCG fell 0.22%, Nifty Pharma declined 0.08%, and Nifty Consumer Durables slipped 0.01%."Along with selling in the cash market FIIs have been increasing short positions in the derivatives market too, which reflect a bearish outlook," said Vijayakumar. "Elevated valuations in India and cheaper valuations in other markets will continue to influence FII activity," he added. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends