Market starts on a cautious note amid weak global cues

Mumbai: Market benchmarks Sensex and Nifty started on a tepid note on Monday weighed down by a sharp fall in other Asian equities amid uncertainty over US-China trade deal and escalating political issues in Hong Kong.

After opening over 100 points lower, the 30-share index pared some losses to trade 4.57 points, or 0.01 per cent, lower at 40,319.04. Similarly, the broader NSE Nifty slipped 7.75 points, or 0.06 per cent, to 11,900.40.

Top losers in the Sensex pack included Sun Pharma, HCL Tech, TCS, Infosys, RIL, Vedanta and Asian Paints, shedding up to 1.43 per cent. On the other hand, Yes Bank, M&M, Tata Motors, NTPC, Tata Steel and Kotak Bank rose up to 2.61 per cent.

In the previous session, the Sensex ended 330.13 points, or 0.81 per cent lower at 40,323.61. Similarly, the Nifty plunged 103.90 points, or 0.86 per cent, to end at 11,908.15.

Foreign institutional investors purchased shares worth Rs 932.20 crore in the capital market on Friday, while domestic institutional investors sold equities worth Rs 584.48 crore, data available with stock exchange showed.

Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 2.10 per cent lower as investors got spooked by more violent protests in Hong Kong.

Earlier in the day, a Hong Kong police officer shot at masked protesters, hitting at least one in the torso, as anger sparked by the recent death of a student spilled into the rush hour commute.

Further, US President Donald Trump said he has not agreed to roll back tariffs on Chinese imports, dampening recent optimism for a major de-escalation in the US-China trade war.

On the currency front, the rupee also depreciated 8 paise against the US dollar to trade at 71.37 in early session. Brent futures, the global oil benchmark, fell 0.86 per cent to USD 61.97 per barrel.