Mumbai, Sep 28 (IANS) Domestic equity benchmarks opened lower on Monday weighed down by persistent external headwinds with financial, realty and auto stocks leading declines in early trade.
Nifty opened 75.60 points or 0.33 per cent lower at 23,064.90, while Sensex fell more than 150 points or 0.22 per cent to 73,734.83.
Among Nifty stocks, Hindalco Industries, Bajaj Finance, Kotak Mahindra Bank, Grasim Industries and Shriram Finance were top losers declining up to 1.76 per cent.
Broader sectoral weakness was led by realty stocks with Nifty Realty down over 1 per cent. Meanwhile, cement, financial services, private banks, auto and FMCG indices also fell nearly 1 per cent each.
However, Nifty Pharma was among the few gainers which was up inches higher.
Market analysts said domestic economic resilience and improving corporate earnings were being overshadowed by external pressures, including elevated crude oil prices and US bond yields.
“Brent crude at $106 and the US 10-year yield at 5.2 per cent are strong headwinds that are weighing on markets,” the analysts said. Foreign portfolio investors had turned sellers again in September after buying in July and August, according to them.
They further noted that the broader market continued to show momentum as foreign investors appeared to be buying midcap and smallcap stocks despite elevated valuations, while selling largecaps.
For the Nifty, immediate support is seen at 22,900-23,000, while resistance is placed at 23,250-23,300. The index is likely to remain volatile as traders watch these levels for signs of stability, as per market experts.
On the commodities front, international benchmark Brent crude rose more than 2 per cent to $106.69, while US West Texas Intermediate (WTI) crude gained over 1 per cent to $93.82.
In Asia, markets showed a mostly negative trend. Japan’s Nikkei, Hong Kong’s Hang Seng and Jakarta Composite declined up to 2 per cent.
Overnight in the US, Wall Street ended higher, with the S&P 500 up 0.51 per cent and the Nasdaq up 0.48 per cent.
–IANS
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