Sensex, Nifty slip as global cues turn weak

Mumbai, Oct 13 (IANS) Indian stock markets ended lower on Monday, snapping a two-day winning streak, as weak global cues weighed on investor sentiment.

At the close of trade, the Sensex fell 173.77 points, or 0.21 per cent, to 82,327.05, while the Nifty declined 58 points, or 0.23 per cent, to 25,227.35.

“From a technical perspective, as long as Nifty sustains above its critical 25,000 support, the trend remains positive and a move toward 25,500 resistance appears plausible,” market experts said.

The decline came after US President Donald Trump’s comments about imposing “restrictive” tariffs on China sparked worries about a renewed US–China trade war.

Although Trump softened his tone by Sunday, investors remained cautious.

Among the major laggards on the Sensex were Tata Motors, Infosys, Hindustan Unilever (HUL), and Power Grid, which dragged the index lower.

On the other hand, Adani Ports, Bajaj Finance, Bajaj Finserv, and Axis Bank managed to post gains and limited the overall downside.

Sector-wise, selling pressure was seen in IT and FMCG stocks, with the Nifty IT index down 0.78 per cent and the Nifty FMCG index slipping 0.9 per cent.

However, Nifty Financial Services bucked the trend and ended higher by 0.35 per cent.

In the broader market, performance was mixed. The Nifty MidCap 100 index closed slightly higher by 0.11 per cent, while the Nifty SmallCap 100 index fell 0.17 per cent.

Analysts said the market may remain volatile in the near term as global trade tensions and geopolitical developments continue to influence investor sentiment.

"The domestic markets started the week on a cautious note as the ongoing US government shutdown and escalating US-China trade tensions triggered risk-off sentiment across Asia,” analysts said.

“Profit booking in consumption and discretionary sectors after recent rallies indicated a tactical shift in investor positioning,” they added.

“Although a marginal recovery in the INR and softening inflation expectations helped cushion losses, overall sentiment remained guarded, keeping markets under a slight negative bias," as per experts.

--IANS

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