Bearish global cues, inflation data subdue equities, banking stocks down

Source :IANS
Author :IANS
Last Updated: Tue, Sep 14th, 2021, 10:29:40hrs
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Mumbai: Bearish global cues, along with upcoming retail inflation data, subdued India's key stock indices on Monday.

Domestic indices -- S&P BSE Sensex and NSE Nifty50 -- in line with their global peers opened on negative note but recovered from lows only to close Monday's trade in the red.

Sector wise, metals, utilities and realty indices gained the most while energy, consumer durables and bank indices fell the most.

At the end of the day's trade, Sensex settled at 58,177.76, lower by 127.31 points, or 0.22 per cent, from its previous close.

Similarly, Nifty closed a bit lower. It closed at 17,355.30 points, lower by 13.95 points, or 0.080 per cent, from its previous close.

"Nifty continues to close in a narrow band of 17,353-17,378 over the past 5 sessions," HDFC Securities' Head of Retail Research, Deepak Jasani, said.

"This reflects lack of enthusiasm on the part of sellers to sell aggressively while buyers keep nibbling at individual stocks. Advance decline ratio continues to be positive. 17,254-17,437 is the band for the near term for the Nifty."

Motilal Oswal Financial Services' Head, Retail Research, Siddhartha Khemka said: "Global cues were weak initially amid ongoing regulatory clampdowns in China and Japan's wholesale inflation reaching a 13-year high. However, the US Futures opened positive as Covid cases start their journey downwards."

"But investors are cautious ahead of US inflation data and Chinese Industrial Production to be released tomorrow and the sentiments continue to muted with the Federal Reserve in focus."

Geojit Financial Services' Head Of Research Vinod Nair said: "Indian indices extended its early losses in a volatile session, ahead of the release of domestic inflation data. Despite hopeful signs, the global markets failed to inspire Asian markets."

"The European Central Bank in its policy meeting last week raised its growth and inflation projections for the year owing to quicker economic recovery thereby moderately reducing the pace of its pandemic-era bond-buying programme."

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