Financials News

Sensex trades in tight range as Brexit fallout lingers

Sensex trades in tight range as Brexit fallout lingers

The benchmark BSE Sensex cut back its early losses a bit as it traded in a small range amid subdued Asian trend and lingering worries over the possible impact of the UK’s move to log out of the European Union. Volatility is expected as the monthly derivatives contract expiry comes up on Thursday.

IT, telecom, auto and technology came under selling pressure while oil and gas, realty, capital goods and energy counters witnessed brisk activity.

The 30-share index resumed lower at 26,347.81 and was quoting at 26,387.34 at 1137 hours, loss of 10.37 points, or 0.04%.

The 50-share Nifty too traded flat, down 2.70 points, or 0.03%, at 8,085.90. There was red ink all around as TCS lost 3.06%, followed by Infosys (1.38%), Tata Steel (1.14%), Maruti (1.13%) and Wipro (0.96%).

Notable gainers were SBI (1.61%), NTPC (1.41%), HUL (1.30%) and GAIL (1.04%).

Meanwhile, foreign fortfolio investors net sold shares worth Rs 629.14 crore last Friday, as per provisional data. Asian markets piled up more losses from Friday’s trading session as investors still struggled to get a sense of the ramifications of the UK’s decision to leave the European Union (EU) on finacial markets.

US stocks too succumbed to the global sell-off last Friday after Britain caught markets by surprise by voting to exit the EU.