Sensex Drags Below 47000, Nifty At 13830 On Weak Global Cues

It will be another day of losses for the headline Indian indices as indicated by SGX Nifty movement. On the previous day, Nifty tumbled below 14000 points with loss of close to 2 percent. At the start, Sensex was down 0.9% at 47009, while Nifty inched lower by 0.96% to 13833.

HUL shares shall be in focus today after the FMCG major reported a jump in Q3FY21 profit to Rs. 1921 crore, revenue increased by 21 percent.

Axis Bank also due to higher provisioning reported a decline in net profit by 36% for the Q3FY21 period. Net interest income, however, surged 14 per cent YoY to Rs 7,373 crore.

As per the data on the NSE, on the previous day, both FIIs and DIIs were net sellers in Indian equities markets.

Meanwhile, Asian markets following the biggest one-day fall in 3 months in the US markets also retreated lower on concerns relating to stretched valuations in equity. At the time of writing this copy, all of the major were trading with deep cuts of up to over 2 percent on Hang Seng.

Oil prices declined in early trade as worries over demand outlook for the commodity resurface after there have been restricting travel owing to rising coronavirus cases there.

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