Selling pressure in banking, financial services and pharma stocks weighed on the markets
Domestic stock markets gave up early gains amid selling pressure in banking, financial services and pharmaceutical stocks on Monday. The S&P BSE Sensex index dropped 385.24 points from 38,119.38, its highest level recorded earlier during the session, to hit 37,734.14 on the downside within the first hour of trade, having started the day up 184.73 points at 38,062.07. The broader NSE Nifty 50 benchmark slipped to as low as 11,144.50, having risen to as high as 11,248.90 earlier compared to its previous close of 11,178.40.
At 9:50 am, the Sensex traded 20.65 points (0.05 per cent) lower at 37,856.69 while the Nifty was down 1.40 point at 11,177.00.
Government data released on Friday evening showed the country’s trade deficit in goods stood at $4.83 billion in July, after its first trade surplus in over 18 years in the previous month.
Asian shares dozed near recent highs in quiet trade on Monday as investors waited to see if the recent selloff in longer-dated US Treasuries would extend, and maybe take some pressure off the beleaguered dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 0.68 per cent higher, though Japan’s Nikkei 225 benchmark was down 0.92 per cent, having touched a six-month peak on Friday.
China’s Shanghai Composite and Hong Kong’s Hang Seng indices traded 2.27 per cent and 1.28 per cent higher respectively, but South Korea’s KOSPI barometer was down 1.23 per cent.
The E-Mini S&P 500 futures were up 0.26 per cent, indicating a positive start for US markets on Monday.
