Better-than-expected US jobs data in May has made the market a little cautious.
Better-than-expected US jobs data in May has made the market a little cautious.
Benchmark indices continued their fall on Monday with the Sensex falling 227 points in early trade as investors remained cautious amid unabated selling by foreign funds and a rise in crude oil prices.
The 30-share BSE Sensex was trading 226.7 points lower at 55,542.53 points. The broader NSE Nifty fell 67.05 points to 16,517.25.
Tech Mahindra, Asian Paints, Wipro, Hindustan Unilever Ltd, Bajaj Finserv, Infosys, Tata Steel and Titan were the biggest laggards from the Sensex pack.
Conversely, M&M and Axis Bank remained in profit.
Elsewhere in Asia, markets in Tokyo, Shanghai and Hong Kong were trading in the green.
The US stock markets closed with a fall on Friday.
“Market mood has turned a little cautious with better-than-expected US jobs data (3.90 lakh jobs) in May. This good economic news is negative from a market perspective as it means the Fed is aggressive without bothering about a A possible slowdown is likely to tighten.
VK Vijayakumar, chief investment strategist, said: “Rise in crude oil prices and a trade deficit of $23 billion in May are a matter of concern for India. Even though FPI sales have slowed in early June, but at a higher level. They are likely to sell more.” Geojit Financial Services said.
On Friday, the BSE Sensex fell 48.88 points or 0.09% to end at 55,769.23. The NSE Nifty closed 43.70 points or 0.26% lower at 16,584.30.
Meanwhile, international oil benchmark Brent crude jumped 0.79% to $120.63 a barrel.
Foreign institutional investors sold shares worth a net Rs 3,770.51 crore on Friday, according to stock exchange data.