Stock market indices open weaker 1% down amid negative global cues

The stock markets opened low on first day of trading in the week. On Monday (July 19), Sensex and Nifty open 1% down each. Bank stocks were among the top laggards.

The 30-share BSE index was trading 515.54 points or 0.97 percent lower at 52,624.52 in initial deals, while the broader NSE Nifty fell 146.75 points or 0.92 percent to 15,776.65.

HDFC Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by HDFC, IndusInd Bank, Kotak Bank, Axis Bank and ICICI Bank.

On the other hand, NTPC, Bharti Airtel, Titan, PowerGrid and Reliance Industries were among the gainers.

In the previous session, Sensex ended 18.79 points or 0.04 per cent lower at 53,140.06, while the broader NSE Nifty slipped 0.80 points or 0.01 per cent to 15,923.40.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 466.30 crore on Friday, as per provisional exchange data.

"Domestic equities do not look to be inspiring as of now. Subpar June quarter performance reported by HDFC Bank during the weekend along with visible stress in asset quality can weigh on overall financials," said Binod Modi Head-Strategy at Reliance Securities.

Asian stocks decline

Asian shares fell across the board, as pessimism took hold following rising COVID-19 infections regionally and Wall Street''s first weekly loss following three weeks of gains.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with heavy losses in mid-session deals.

Fuel prices unchanged

The oil marketing companies kept the retail price of petrol and diesel unchanged on Monday for the second consecutive day. Accordingly, the price of petrol continues to remain at Sunday's level of Rs 101.84 a litre and diesel Rs 89.87 per litre in Delhi.

In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 107.83 per litre. Diesel price also continues to be at Rs 97.45 a litre, the highest among metros.

In Chennai, petrol is priced at Rs 102.49 per litre while the price of diesel is Rs 94.39 per litre. The price of petrol in Kolkata is Rs 102.08 per litre while diesel is sold at Rs 93.02 per litre.

International oil benchmark Brent crude declined 1.16 per cent to USD 72.74 per barrel.

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