All sectors in red barring PSU banks, realty as Nifty trends lower
Asian markets were mixed on Monday ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again.
MUMBAI: Nifty declined in the first hour of trade on Monday to end almost at intra-day low. At close, Nifty was down 0.43 per cent or 84.2 points at 19441.4, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Asian markets were mixed on Monday ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again.
European markets made a positive start to the new trading week, with investors looking ahead to high stakes talks between the US and China in the next few days, Jasani said.
Goldman Sachs has upgraded shares in India, citing the market’s strategic appeal, healthy quarterly results and strong growth prospects.
India is anticipated to offer the "most promising long-term growth opportunities in the area", with the potential for mid-teens earnings growth in the coming years particularly driven by its largely domestic-oriented growth, he added.
Eicher Motors' stock rose more than 2 per cent because of the company's good second-quarter performance, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
Bajaj Finance, Infosys, Tech Mahindra, and ICICI Bank were among the top Sensex losses. However, shares of Mahindra and Mahindra (M&M), JSW Steel, NTPC, and Power Grid contributed to the reduction of losses.
Except for PSU bank and realty indices, all sectors closed the trading in the red. The Nifty Consumer Durables and Nifty IT indices were the hardest impacted, he said.
Coal India, Aurobindo Pharma, DB Realty, Canara Bank, and Federal Bank were among the stocks that set 52-week highs, he added.
