Comments
After moving against the 'global cues’ on Monday when global markets were in the red over developments in Greece while the domestic stock market swung in the opposite direction, the Indian stock market is keeping company with its Asian peers in the morning trade today with both the BSE Sensex and NSE Nifty in the red after about 30 minutes into trading.
The pace of selling does not appear to be significant if the loss in indices is any indication but it could gather momentum depending on how the European markets behave a few hours from now.
The global markets were nervous yesterday over the possibility of Greece bailout talks collapsing and markets in Asia, Europe and later in the US closed in the red. But Indian markets ploughed a lonely furrow yesterday with the Sensex closing with a gain of about 160 points. What probably made the Indian markets to go against the global market current yesterday could have been the inflation data.
The negative trend continued this morning too in global markets with the major Asian markets showing a nervous trend. The Indian markets, which held out on Monday, are now following the 'global cues’ or Asian cues and are in negative territory.
The US Dow Jones industrial average closed with a loss of 107.67 points at 17,791.17 and the Nasdaq Composite index shed 21.13 points to 5,029.97 on Monday. The major European indices too were down yesterday with FTSE losing 74 points, CAC down by about 85 points and the German DAX shedding over 200 points.
Asian markets continued their losing streak today also with the Japanese Nikkei shedding nearly 100 points and Hang Seng down by about 90 points.
The Indian markets were down in the morning trade with the BSE Sensex shedding about 90 points and the Nifty losing close to 30 points.
M&M was up by Rs 5.90 at Rs 1226.55 and Coal India gained Rs 2.75 to trade at Rs 397.05.
Among the major losers were HDFC that lost Rs 20.75 to trade at Rs 1,193.95 and ICICI Bank which drifted lower by Rs 3.25 to Rs 295.85.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.