Weak Global Cues Drag Nifty To 15,752; HDFC Twins Top Laggard

Impacted by weak global cues, Indian indices after hitting a fresh high on Friday took a knock today, with Nifty dropping to 15707 at day's low. There was across the board sell off with only pharma and realty indices trading higher.

Weak Global Cues, Gains In Dollar Drag Nifty To 15,752

In the broader markets too there was a drag of as much as 0.81% on the Nifty mid-cap 100 index.

Typically concerns of rising coronavirus cases across the globe and resurfacing of inflation concerns have jolted street once again in trade today. Asian indices saw weakness of over 1.8% on the Hang Seng, likewise weakness lurked in European indices too which were trading week by close to 2 percent.

Among the sectoral indices, Nifty Financial Services, Nifty Private Bank, Nifty Metal and Nifty Auto suffered the most.

Among the heavyweights category HDFC twins stock weighed on the markets after HDFC Bank posted weak asset quality for the just ended June quarter of FY22.

RIL after takeover of Just Dial was seen trading in the green but settled with losses at Rs. 2098.95. Also, Just Dial ended in the red.

Meanwhile, other cues that will determine the market direction going ahead in the holiday truncated week are FII/DII inflow, earnings season as well as Covid situation.

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