The benchmark indices have shaved off more than half a per cent in early trading on the back of not-so-encouraging cues from the global front. Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation and Asian shares have made a guarded start to the week. At 10:10 am, the BSE Sensex was trading at 57,966.45, lower by 348.11 points or 0.60 per cent and the NSE Nifty was at 17,271.55, down 98.95 points or 0.54 per cent.
The broader markets are trading mixed; the BSE Midcap index has lost 0.3 per cent, while the BSE Smallcap index is trading absolutely flat. Select information technology and banking stock are witnessing selling pressure, while auto stocks are bucking the weak trend.
In Asia, SCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, after bouncing on Friday. Japanese shares have been on a tear as hopes for fresh stimulus from a new Prime Minister saw the Nikkei surge 4.3 per cent last week. The Topix has already scaled that peak, while the Nikkei turned hesitant early on Monday.
Wall Street ended sharply lower on Friday, with Apple Inc tumbling following an unfavorable court ruling related to its app store. The Dow Jones fell 0.78 per cent, while the S&P 500 lost 0.77 per cent and Nasdaq Composite dropped 0.87 per cent.
On the stock-specific front, index heavyweights Reliance Industries and ICICI Bank have lost more than per cent to top the loser’s list on the BSE. Select IT stocks are also trading weak; HCL Tech, Infosys and Tech Mahindra have lost around a per cent each to emerge as the other significant losers in the BSE pack.
On the other hand, HDFC, Maruti Suzuki and Bajaj Auto have gained upto a per cent each on the BSE.
The BSE market breadth is positive. Out of 2,824 stocks traded on the BSE, there are 1437 advancing stocks as against 1220 declines.