The markets on Monday morning opened lower with Sensex at 64,852.70, down by 95.96 points and Nifty was flat at 19,309.90 with a gain of 0.25 points. Power Grid, NTPC, Tata Steel, Titan and JSW Steel were the top gainers in the morning session, whereas Mahindra and Mahindra, Maruti, Hindustan Unilever and Bajaj Finserv were among the losers.
Jio Financial Services, the demerged entity of Reliance Industries will be listed on the markets today. It will continue to remain in the indices of FTSE Russell and will also be added to MSCI Global Standard Index on August 23.
Markets on Friday
The benchmark indices ended on a negative note on Friday, marking the fourth straight week of fall for the first time in the last 15 months. The Sensex fell 281.10 points to end the day at 64,869.92 and the Nifty was at 19,282.35, down by 82.90 points. Nifty Bank slipped 99.25 points to 43,792.10.
US markets ended mixed on Friday as investors await further interest rate insight from the Federal Reserve and as US Treasury yields stabilized post a recent jump. The Dow Jones Industrial Average fell 0.08 per cent, the S&P 500 closed flat and Nasdaq Composite 0.2 per cent lower.
The Asian stock markets were mixed on Monday after China cut lending rates by 10 points, disappointing the markets. South Korea's KOSPI gained 9.04 points at 2,513.54 and Japan's Nikkei 225 jumped 131.17 points at 31,581.93. However, Hong Kong's Hang Seng lost 187.29 points at 17,763.56 and GIFT Nifty exchange slipped 15 points to trade at 19,314.50.
Oil prices continued to fall on Monday morning after breaking its 7-week winning streak and reporting a loss of 2 per cent weekly loss amid fears of slow economic growth in China and the possibility of further interest rate hike in the US impacting demand. Brent crude futures for October slipped 8 cents at $84.72 per barrel and US West Texas Intermediate crude fell to $81.28 per barrel, down by 3 cents.
The Indian rupee opened higher on Monday morning at 83.05 per dollar against Friday's close of 83.10.