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Markets Open Lower, Nifty Below 14590; IT Stocks In Focus
Indian indices start on a subdued note even as Asian equities started the week cautiously on rising inflation in the US. This is as there has been a constant rise in Covid 19 cases, with India reporting over 1.6 lakh cases in the last 24 hours as per the Worldometer report.
At the start Sensex was dragged by 721 points, while Nifty traded weak by 244 points at 14590.
In the pre-opening session, all of the sectoral indices barring pharma and IT traded in the green, with maximum weakness in the PSU Bank space.
TCS and Infosys shares will be in the focus as the former is set to kick start Q4 earnings season, while the latter shall consider share buyback on April 14. Also, banking stocks shall be in focus as the Covid 2.0 wave is seen to hit the sector badly.
On Friday, FIIs net sold Rs. 653 crore in Indian equity market.
Meanwhile, at the time of writing this copy, Asian indices were down Japan traded lower by 0.5%. In line Hang Seng and Kospi also traded weak.
In today's trade brent traded higher by 28 cents to $63.24 per barrel, while US crude added 22 cents.
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