Markets Continue To Show Weakness; Consolidation To Continue

After correction for 2 consecutive days, Indian indices tracking weak global cues opened lower. At the start, Nifty was at 15081, while Sensex was down by 0.30% and last traded at 51131.

The consolidation in domestic markets could continue, according to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. He added that the weakness in markets could remain till concerns over rising inflation recede.

In early trade in today's deal top gainers include GAIL, BPCL, Nestle, Tech Mahindra, while among the losers are ICICI Bank, IndusInd Bank, Tata Motors, M&M and Power Grid.

Nifty PSU Bank was again the outlier in trade after stellar gains ever since the privatisation announced in Union Budget 2021. This is owing to value buying in the pack. And was up by 0.8%.

Bharti Airtel shares will be in focus after the company adds more subscribers for 5th month in a row.

IDFC First Bank shall be in focus after its board gives go-ahead to raising of funds via securities.

Meanwhile, Asian markets on weakness in overnight trade in the US were down by close to 1 percent on Japan's Nikkei.

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