Indian Stock Market Opens Marginally Lower Amid Mixed Global Cues

(MENAFN- IANS) Mumbai, July 7 (IANS) The domestic benchmark indices opened marginally lower on Monday amid mixed global cues, as selling was seen in the metal, auto, IT, PSU bank, pharma and financial service sectors in the early trade.

At around 9.28 am, Sensex was trading 75.59 points or 0.09 per cent down at 83,357.30 while the Nifty declined 18.25 points or 0.07 per cent at 25,442.75.

According to analysts, concerns surrounding a US-India trade deal and the fallout of SEBI's report on Jane Street will influence market movements.

"There are reports of a possible interim trade deal between US and India before the July 9th tariff deadline. If that happens, that would be a positive. The regulatory action on Jane Street and its implications will be closely watched by the market," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

The volume of derivative trading is likely to take a hit impacting stock exchanges and some brokerages. This has implications for their stock prices, too. The short-term issues are unlikely to have any long-term impact on the market, he added.

Nifty Bank was down 50.95 points or 0.09 per cent at 56,980.95 in early trade.

The Nifty Midcap 100 index was trading at 59,669.55 after declining 8.20 points or 0.01 per cent. Nifty Smallcap 100 index was at 19,025.45 after declining 7.60 points or 0.04 per cent.

Meanwhile, in the Sensex pack, BEL, Tech Mahindra, Titan, Bajaj Finance, HCL Tech, SBI, Tata Steel and ICICI Bank were the top losers. Trent, Hindustan Unilever Limited, Bajaj Finserv, Asian Paints and HDFC Bank were the top gainers.

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fifth consecutive day, offloading equities worth Rs 760.11 crore on July 4. Domestic institutional investors (DIIs) also sold equities worth Rs 1,028.84 crore on the same day.

In the Asian markets, Bangkok, Hong Kong , Japan, China and Jakarta were trading in red, whereas only Seoul was trading in green.

In the last trading session on Thursday, Dow Jones in the US closed at 44,828.53, up 344.11 points, or 0.77 per cent. The S&P 500 ended with a gain of 51.93 points, or 0.83 per cent at 6,279.35 and the Nasdaq closed at 20,601.10, up 207.97 points, or 1.02 per cent.

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