Nifty Drifts Lower, Asian Markets Subdued

Benchmark indices were trading marginally lower, as most of Asia was subdued, with Dow Futures also pointing to slightly weak openings for the US markets.

Worries over border tensions with China, weighed on the Sensex and the Nifty. Rising Covid-19 cases also had its impact on sentiments. The Sensex was trading with losses of 162 points, while the Nifty was lower by 44 points at 9871 points.

Shares in State Bank of India lost nearly 2 per cent in trade today. The country's largest lender said it will seek shareholders' approval in mid-July to raise up to Rs 20,000 crore equity capital through various means in the current fiscal.

Shares in iron maker, NMDC fell after the company posted a decline in net profit during Q4FY20 to Rs 351 crore. The stock was down 0.50 per cent at Rs 84.

HDFC Asset Management company saw its shares fall more than 3 per cent in trade. Standard Life Investments, one of the promoters of HDFC Asset Management Company is looking to sell up to 60 lakhs shares of the mutual fund.

Among the top Nifty gainers in trade were Britannia, Wipro and Nestle. Among the stocks from the Nifty that lost ground were IndusInd Bank, Bharti Infratel and GAIL.