Reversing last week’s gains, stock markets today opened in the red. While the Sensex was trading at 34903.27, down by almost 0.7 per cent or 268 points within minutes of its opening, the broader market Nifty 50 was trading at 10,291.50, down by almost 91 points or around 0.9 per cent from the previous close on Friday.
In the 30 share BSE Sensex, only 5 stocks were trading in the green soon after the markets opened while the remaining 25 were trading in the red. The top gainers on Monday at the time of opening were ITC, Asian Paints, Hindustan Unilever, Titan and NTPC. The top losers were Axis Bank, ICICI Bank, Bajaj Finance, Indusind Bank and Kotak Mahindra Bank.
Meanwhile, ITC, Asian Paints, Bharti Infratel, IOC and NTPC were the top gainers on Nifty Fifty on Monday in the opening trade. The top losers were Axis Bank, Bajaj Finance, ICICI Bank, Indusind Bank and Infosys.
On Friday, Sensex ended at 35,171.27, up by over 0.9 per cent while the Nifty 50 closed at 10,383, also up by 0.9 per cent. The Indian stock markets traded with a positive sentiment last week. Among the top performers, technology stocks gained sharply which helped the index settle at 10,300-mark on a weekly basis while the banking stocks traded with weaker sentiments in the last week.
Today, the rupee was trading at around 75.8675 against the USD at 9:35 am.
Markets for stocks and other risky assets could suffer a second swoon if the coronavirus spreads more widely, lockdowns are reimposed or trade tensions surge again, the International Monetary Fund has warned. The warning came just a day after the IMF slashed its 2020 global economic forecasts further.
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A correction could be prompted by a deeper and longer recession than currently anticipated, a second wave of the virus or reinstated containment methods. A broadening of global social unrest in response to rising economic inequality could also damage investor sentiment, the IMF said.
Inputs from Reuters