New Delhi [India]: Indian equity indices started the fresh month of July on a negative note amid continuing volatility in global markets.
The indices declined during the majority of the sessions in June due to consistent depreciation of the rupee, foreign fund outflows, prevailing inflation concerns, rising crude oil prices, among other factors.
At 9.40 a.m., Sensex was at 52,714.71 points, down 304.23 points or 0.57 per cent, whereas Nifty was at 15,657.85 points, down 122.40 points or 0.78 per cent.
Among the individual stocks, Titan, Dr Reddys, ONGC, Tata Motors, and Reliance Industries were the top five losers among the Nifty 50 companies, while UPL, Shree Cements, Cipla, Asian Paints, and Indusind Bank were the top gainers, National Stock Exchange data showed.
“Nifty ended 5 per cent lower for the month and 9.4 per cent lower for the quarter even as FPIs continue to be sellers on almost all days. It closed at the lowest in 4 days on June 30, once again failing to hold on to gains,” said Deepak Jasani, Head of Retail Research, HDFC securities.
Other major Asian stocks fell on Friday as investors assessed worries about an economic slowdown and whether any relief lies ahead after a first-half drubbing for global financial markets, added Jasani.
“Leading indicators suggest improving prospects for banking, IT, telecom and autos. Stock price movements in the near-term in July will be in anticipation of better-than-expected Q2 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.