Indian benchmark indices fell on the first day of the July series expiry week on Jul 27. The NSE Nifty 50 index ended 0.56% or 62 points lower at 11,132.
Volumes on the NSE were average with Banks, Pharma and Realty underperforming while IT and Metals stocks did well. Small and Midcap indices also ended lower. Brokerage stocks, Yes Bank and Idea came under selling pressure.
Asian stock markets are mostly higher on Monday despite the negative cues from Wall Street Friday. Hopes for more stimulus measures in major economies and data showing that China's industrial profits rose in June for a second straight month helped offset worries about rising U.S.-China tensions and the surge in coronavirus cases worldwide. Taiwan's equity benchmark broke a record that stood for three decades, helped by the biggest surge in years for the economy's biggest stock. Taiwan Semiconductor Manufacturing Co. soared the 10% daily limit. The $35 billion addition to its market capitalization makes TSMC the 12th most valuable stock worldwide, ahead of U.S. retail giant Walmart Inc.
European markets declined marginally on Monday morning as investors continue to watch rising diplomatic tensions between the U.S. and China, while travel stocks tumbled after the U.K. imposed quarantine measures on people returning from Spain.
Nifty has gone sideways suggesting indecision by most traders. In the meanwhile we are seeing a lot of stock and sector specific moves. A breakout/down of this range may be seen over the next 2-3 days resulting in sharp moves.