The stock markets opened on a flat note as indicated by SGX Nifty. At 09:16 AM, the Sensex was down 54.17 points or 0.10 percent at 52420.59, and the Nifty was down 39.40 points or 0.25 percent at 15760. The Nifty Metal index was in red, down 1.3 percent. The BSE MidCap index slipped over 1 percent.
Equity benchmark Sensex dropped over 185 points in early trade on Monday, tracking losses in index-heavyweights HDFC twins, ICICI Bank, SBI and Bajaj Finance. Tge broader NSE Nifty fell 80.65 points or 0.51 percent to 15,718.70.
Bajaj Finance was the top loser in the Sensex pack, shedding around 1.65 per cent, followed by NTPC, SBI, Kotak Bank, Bharti Airtel, Dr Reddy’s and HDFC twins.
On the other hand, Infosys, Reliance, TCS, Bajaj Auto and ONGC were the gainers.
In the previous session on Friday, the indices closed at record highs. Sensex closed at 52,474.76 (+0.69 percent) and Nifty 50 at 15799.35 (+0.39 percent).
The trends on SGX Nifty indicate a negative opening for the indices. The Nifty futures were trading at 15,760 on the Singaporean Exchange.
IIPOs opening for subscription today
The initial public offering of Shyam Mettalics and Energy opens for subscripton today. THe equity shares are proposed to be listed on the BSE and the National Stock Exchange. The public issue of up to Rs 90 crore comprises a fresh issue of Rs 657 crore and an offer for sale of Rs 252 crore by the existing shareholders. The offer for sale comprises a sale of up to Rs 37 crore by Kalpataru HouseFin and Trading, Rs 30 crore by Dorite Tracon, and Rs 97 crore by Narantak Dealcomm.
Blckstone-backed Sona Comstar is planning to raise Rs 5,550 crore through public offer which comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 5,250 crore. The public issue opens today and closes on June 16. The price band has been fixed at Rs 285-291 per equity share. The equity shares are proposed to be listed on the BSE and NSE.
Asian markets trade mixed
Asian markets were mixed with multiple major markets in the region closed for holidays. In Japan, Nikkei 225 rose 0.45 percent in early trade while the Topix index gained 0.25 percent. South Korea's Kospi dipped fractionally.
US stocks closed modestly higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the US Federal Reserve to tighten its dovish policy sooner than expected. The Dow Jones Industrial Average rose 13.36 points or 0.04 percent to 34,479.6; the S&P 500 gained 8.26 points or 0.19 percent to 4,247.44 and the Nasdaq Composite added 49.09 points, or 0.35 percent to 14,069.42.
Quarterly results to be released today
Coal India, IDC, Indian Overseas Bank, Aditya Consumer Marketing, Arihant Capital Markets, BF Investment, BFL Asset Finvesh, BF Utilities, Gayatri Projects, Globus Spirits, Greenply Industries, Hemisphere Properties India, IFB Industries, JB Chemicals & Pharmaceuticals, Jaiprakash Power Ventures, Kajaria Ceramics, Kelton Teh Solutions, Mirc Electronics, Satin Creditare Network, Singer India, Swelect Energy and Uttam Sugar Mills will release quarterly earnings on June 14.
Fuel prices hiked again
Petrol and diesel prices in the country were hiked again by oil marketing companies (OMCs) on Monday after a day’s gap. The hike - 24th since May 4 - took fuel prices across the country to a historic high. Petrol price was hiked by 29 paise per litre and diesel by 30 paise, according to a price notification of state-owned fuel retailers.
After today’s hike, petrol prices in Delhi rose to Rs 96.41 per litre against Rs 96.12 on Sunday, while diesel price soared to Rs 87.28 per litre as compared to Rs 86.98 a litre on Sunday.
In Mumbai, the price of petrol and diesel stood at Rs 102.58 and Rs 94.70 per litre respectively.
The price of petrol and diesel in Chennai was Rs 97.69 and Rs 91.92 per litre respectively and Rs 96.34 and Rs 90.12 per litre in Kolkata.
The hike on Monday was the 24th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 24 increases, petrol price has risen by Rs 6.01 per litre and diesel by Rs 6.55 a litre.