Domestic stock markets started Friday’s session on a lacklustre note. The Sensex fell as much as 91.58 points to 35,806.77 in early trade, while the Nifty dipped to 10,761.50, down 28.35 points from the previous close. Weakness in banking and metal stocks dragged the markets lower, however gains in auto stocks provided some support. At 9:52 am, the Sensex traded 61.32 points lower at 35,837.03 and the Nifty was down 21.45 points at 10,768.40.
At that time, thirty one stocks on the Nifty traded higher as against 19 that declined. Top laggards on the Nifty were Kotak Mahindra Bank, Larsen & Toubro, JSW Steel, GAIL, NTPC and Tata Steel, trading between 0.95 per cent and 3.52 per cent lower.
Kotak Mahindra Bank was the top percentage laggard on both benchmark indices.
Equities in other Asian markets were flat following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.1 per cent, Australian shares gained 0.5 per cent and Japan’s Nikkei stock index was 0.3 per cent lower.
Investors continue to closely watch high-level talks between US and Chinese trade negotiators in Washington, with little more than a week left before a US-imposed deadline for an agreement expires, triggering higher tariffs.
Domestic stock markets have risen for two consecutive sessions. The Sensex has added 545.74 points – or 1.5 per cent – and the Nifty gained 185.5 points or 1.75 per cent.
(With agency inputs)