Mumbai, May 19 – Equity benchmark indices Sensex and Nifty started the week on a weak note, slipping in early trade on Monday due to losses in major IT stocks and negative cues from Asian markets.
Market Opening Snapshot
The BSE Sensex fell by 214.59 points, opening at 82,116, while the NSE Nifty dropped 54 points to 24,965.80.Among the major laggards in the Sensex pack were Infosys, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Mahindra & Mahindra, Reliance Industries, IndusInd Bank, and Eternal. In contrast, NTPC, Asian Paints, Bajaj Finance, and Hindustan Unilever were among the early gainers.
Global Market Sentiment
Asian equities traded lower, with Japan's Nikkei 225, South Korea's Kospi, Shanghai Composite, and Hong Kong's Hang Seng all showing weakness. On the other hand, US markets closed higher on Friday, providing some contrast in global investor sentiment.Crude Oil and Institutional Activity
Global oil benchmark Brent crude was down 0.37%, trading at USD 65.17 per barrel.Meanwhile, Foreign Institutional Investors (FIIs) showed strong buying interest, purchasing equities worth ₹8,831.05 crore on Friday. However, market strategist VK Vijayakumar of Geojit Investments highlighted that despite ₹14,018 crore of combined institutional buying (FIIs and DIIs), the market saw a dip. This, he explained, could be attributed to FIIs increasing short positions in the derivatives market, signaling potential volatility ahead.
Previous Session Recap
On Friday, the Sensex closed 200.15 points lower at 82,330.59, while the Nifty slipped 42.30 points to settle at 25,019.80.With IT stocks under pressure and cautious global sentiment, investors are bracing for a potentially volatile trading session ahead.
