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Markets snap winning streak ahead of Budget
The Sensex on Monday logged its first drop in five sessions, slipping 33 points, after investors took profit and adopted a cautious line ahead of the Economic Survey and the Union budget amid weak global leads.
Mumbai: The Sensex on Monday logged its first drop in five sessions, slipping 33 points, after investors took profit and adopted a cautious line ahead of the Economic Survey and the Union budget amid weak global leads. The Economic Survey is due to be released on Tuesday and the Budget on Wednesday.
Investors across the globe were spooked after US President Donald Trump imposed immigration curbs that sparked criticism, adding to fears that his ‘America First’ policy may prove destabilising for the world. This led to a lower closing in Asia and a muted opening in Europe, traders said.
The 30-share barometer opened a touch lower and settled down 32.90 points, or 0.12 per cent, at 27,849.56. The index had rallied 847.96 points in the past four sessions. The 50-share NSE Nifty, too, dropped 8.50 points, or 0.10 per cent, at 8,632.75. Intra-day, it traded between 8,617.75 and 8,662.60.
“Pressure prevailed due to weak US Q4 GDP data, which put the global market volatile while cautiousness emerged in the domestic market ahead of the Budget day,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services. The uptrend in the previous four sessions was largely because of fresh foreign inflows, enthusiasm of domestic investors amid optimism on better-than-estimated earnings.
Tata Motors took the biggest hit, plunging 2.18 per cent, followed by Tata Steel (1.56 per cent). ONGC, SBI, Hero MotoCorp, Bajaj Auto, NTPC, TCS, Coal India, HDFC Bank, ITC, ICICI Bank, M&M, Maruti Suzuki, HUL, Wipro, Adani Ports and Axis Bank lost, too.
The country’s largest mortgage lender, HDFC Limited, also ended 0.13 per cent down at Rs 1,368.90 despite a 12.80 per cent increase in consolidated net profit at Rs 2,728.66 crore for the third quarter ended December. Aditya Birla group’s Idea Cellular zoomed by more than 25 per cent after global telecom giant Vodafone on Monday said it was in discussion with the company to merge its India mobile business.
Out of the 30, 19 Sensex stocks ended with losses, but 11 rose, keeping the fall in check. Among gainers, Bharti Airtel, RIL, Sun Pharma, Asian Paints, Infosys, Dr Reddy’s, Lupin, GAIL and L&T rose by up to 7.48 per cent. “Additionally, the week ahead will be data centric – Fed, Bank of England (BoE) and Bank of Japan (BoJ) are lined up with their monetary policies,” Nair added.
