Business

Markets fall in early trade amid weak Asian stocks


MUMBAI: Market benchmarks fell in early trading on Monday amid a weaker trend in other Asian equity markets.
After a weak start, BSE Sensex 30 shares continued to drop 463.1 points to 61,200.38. The broader NSE Nifty fell 129.25 points to 18,178.40.
From the Sensex package, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, ITC, Reliance Industries, Tech Mahindra, HDFC, Infosys, Tata Consultancy Services and Nestle were among the laggards.
Axis Bank, Bharti Airtel, Maruti, Hindustan Unilever and Tata Steel were the winners.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong traded lower.
Wall Street ended higher on Friday.
“There is a headwind and a strong headwind that could affect the market right now. The headwind is the sharp drop in the price of Brent crude oil to $86.75, which is a macro positive factor. But this headwind is unlikely to carry the market higher since VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The headwind is in the form of a headwind. The steady downward momentum in the recent uptrend of the market is very strong.”
Vijayakumar added that the optimism fueled by the recent decline is that US inflation is on track and the market will likely await more data on the direction of US inflation and interest rates.
The BSE benchmark fell 87.12 points or 0.14% to 61,663.48 on Friday. The Nifty Index fell 36.25 points, or 0.2%, to 18,307.65.
International benchmark Brent crude was trading 1.22% lower at $86.55 a barrel.
Foreign institutional investors (FII) sold shares worth Rs 751.20 crore on Friday, according to exchange data.

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