Sensex Opening Bell- Sensex slips 500 points, Nifty below 26050

New Delhi| Indian benchmark equity indices, Sensex and Nifty50 opened lower on Monday amid mixed signals from regional markets. Index heavyweights remained under pressure due to Reliance Industries, Infosys, TCS and ICICI Bank. Around 9:50 am, BSE Sensex was seen trading at 84,865.79, down 706 points or 0.83%, while Nifty50 fell by 206 points or 0.79% to 25,973.15.

Benchmark indices fell in early trade on Monday amid withdrawal of foreign funds and weakness in Asian markets. Japan’s Nikkei index fell nearly 5 percent. The market was also affected by the fall in leading stocks like ICICI Bank and Reliance Industries. Of the 30 Sensex companies, Tech Mahindra, Mahindra & Mahindra, ICICI Bank, Reliance Industries, Axis Bank and UltraTech Cement were the most lagging stocks.

Shares of Tata Steel, JSW Steel, NTPC, Titan, Hindustan Unilever and Asian Paints gained. Asian markets saw declines in Seoul and Tokyo, while Shanghai and Hong Kong traded positively. American markets closed with a mixed trend on Friday.

Foreign institutional investors (FIIs) sold equities worth Rs 1,209.10 crore on Friday, according to exchange data. Geojit Financial Services chief investment strategist V.K. “This surge comes from expectations of a revival in the Chinese economy in response to monetary and fiscal stimulus announced by Chinese authorities”, Vijayakumar said

Brent crude, the global oil standard, rose 0.71 percent to $72.49 a barrel. On Friday, BSE’s benchmark Sensex had fallen 264.27 points, or 0.31 per cent, to close at 85,571.85. It climbed 142.13 points, or 0.16 percent, during trading to a new record level of 85,978.25.

The Nifty had fallen 37.10 points, or 0.14 per cent, to 26,178.95 points, while it rose 61.3 points, or 0.23 per cent, to an all-time high of 26,277.35 points during the session.