Weak global cues subdue equities, Sensex down over 100 pts

Mumbai, July 26 (SocialNews.XYZ) Weak global cues, as well as volatility unleashed via the results season, subdued the Indian equity markets on Monday.

Both indices failed to hold on to their intra-day gains and broke a two-day winning streak.

Besides, Q1FY22 results from frontline stocks failed to excite investors at a time when the other Asian markets reeled under regulatory pressures and rising Covid cases.

The S&P BSE Sensex closed at 52,852.27, lower by 123.53 points, or 0.23 per cent, from its previous close.

Similarly, NSE Nifty50 ended the day's trade at 15,824.45, lower by 31.60 points, or 0.20 per cent, from its previous close.

"Global stock markets fell on Monday as concerns over tighter regulations in China mounted amid caution ahead of a huge week for US corporate earnings and the Federal Reserve meeting," HDFC Securities' Head of Retail Research, Deepak Jasani, said.

"Nifty continues to face resistance at 15,900. Although Nifty is showing strength, the weakness in other markets, if it continues, can impact the Nifty and we could see some more downside in coming sessions. 15,899-15,768 could be the trading band for the Nifty in the near term."

Geojit Financial Services's Head of Research Vinod Nair said: "Global cues were weak as investors worried over the stricter regulations being imposed by the Chinese government in the education and tech sectors, while Singapore's manufacturing output declined 3 per cent in June on month-on-month basis."

"Market is also awaiting cues from the US Federal Reserve meeting later this week. Domestically, Nifty opened on negative note and witnessed a roller coaster ride to finally settle at day's low levels."

Source: IANS