Sensex, Nifty Edge Lower; Reliance Industries, HDFC Among Top Drags

se1bc0r sensex nifty markets reuters 625x300 04 July 19

The Indian equity benchmarks edged lower on Tuesday weighed down by losses in Hindalco, Tata Steel, Reliance Industries, HDFC Bank, ICICI Bank and Axis Bank. The Sensex fell as much as 162 points and Nifty 50 index fell below its important psychological level of 18,100. The downside was capped as buying in Larsen & Toubro, Tata Consultancy Services, Maruti Suzuki and Tech Mahindra provided support to the markets.

As of 9:21 am, the Sensex was down 117 points at 60,600 and Nifty 50 index declined 16 points to 18,093.

Overnight, the dollar climbed to a 16-month high on Monday while US stocks dipped slightly as investors searched for a clearer economic picture.

Persistent concerns that inflation may be rising more sharply and sticking around longer than originally expected weighed on Wall Street, with pessimism weighing on stocks and oil and pushing safe havens like the U.S. dollar upwards.

The Dow Jones Industrial Average fell 0.04 per cent, the S&P 500 ended flat, and the Nasdaq Composite dropped 0.04 per cent.

Back home, ten of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Bank index’s 0.5 per cent decline.

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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