Mumbai: The domestic stock market was under pressure in early trading on Monday amid the ongoing conflict in West Asia and rising crude oil prices. The increasing tension between America and Iran and the fear of increasing interest rates in America increased the concern of investors. Due to this, Sensex and Nifty opened with a decline.
BSE Sensex fell 172.77 points, or about 0.23 percent, to 76,342.66 points in early trade. Similarly, NSE Nifty was trading at 23,832.60 points, falling by 63.30 points.
Pressure on IT and Tata Group shares
Among the 30 Sensex companies, shares of Infosys, Tech Mahindra, HCL Tech, Tata Steel, Tata Consultancy Services and UltraTech Cement declined in early trade.
On the contrary, shares of Eternal, Bharti Airtel, Bharat Electronics and Larsen & Toubro were trading with gains.
Mixed trend in Asian markets
There was a mixed trend in the major stock markets of Asia on Monday. South Korea's Kospi was trading 3.36 percent higher and Japan's Nikkei 225 index was trading 1.83 percent higher.
Whereas China's SSE Composite and Hong Kong's Hang Seng were trading with a decline.
Earlier on Friday, American stock markets also closed with a decline.
Brent crude reached $ 97 per barrel
The rise in crude oil prices has also increased the concern of the domestic market. Brent crude, the international oil benchmark, rose 0.78 percent to US$97 per barrel.
Fluctuations in crude oil prices amid rising tensions in West Asia could have an impact on economies that depend on imports for their energy needs. For this reason, investors are keeping an eye on oil prices and global developments.
FII selling continues
According to stock market data, foreign institutional investors (FIIs) made a net sale of shares worth Rs 3,111.94 crore in the Indian stock market on Friday.
However, the domestic market closed with gains in Friday's trading session. On that day, Sensex closed with a gain of 362.57 points and Nifty closed with a gain of 24.25 points.
Now in Monday's trading, investors will keep an eye on the developments in West Asia, crude oil prices, global markets and signals from US interest rates.
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