Indian equity benchmarks traded lower in early deals on Monday amid weak global cues. The domestic indices were dragged by energy, consumer durables and metal shares. The 30-share BSE Sensex pack fell 113 points or 0.17 per cent to trade at 66,572, while the broader NSE Nifty moved 32 points or 0.16 per cent down to trade at 19,713. Mid- and small-cap shares were mixed as Nifty Midcap 100 rose 0.10 per cent and small-cap slipped 0.38 per cent.
Foreign institutional investors (FIIs) also snapped a six-day buying streak during the previous session, offloading Rs 1,999 crore of Indian equities on a net basis, while domestic investors bought Rs 1,291 crore of shares, as per provisional NSE data.
Also, Tejas Networks, Coffee Day and Olectra Greentech down tanked up to 7.36 per cent. On the other hand, Aarti Drugs, SJVN, General Insurance Corporation of India and Supreme Industries climbed up to 10.52 per cent.
Nifty outlook
“Though Friday saw a close below VWAP, we are inclined to attach more importance to how the 10D SMA stepped in to arrest the sharp falls. This encourages us to expect Nifty recouping all of Friday’s loss and aim for 20,160. Alternatively, inability to float above 19,770-19,840 regions, or a direct fall past 19,700 could be taken as signal towards more weakness, with first objective at 19,460. An outright collapse is less expected though,” said Anand James, Chief Market Strategist at Geojit Financial Services.
