Sensex, Nifty Fall Ahead Of Key Data

Indian shares opened lower on Monday, mirroring weak cues from other Asian markets as tension between the U.S. and China climbed amid calls for a fresh probe into the origins of COVID-19 and China said its manufacturing activity grew at a slightly slower pace in May.

Investors also looked ahead to the release of GDP data for the March quarter along with the core sector data for April, due out later in the day for directional cues.

The benchmark S&P BSE Sensex dropped 233 points, or half a percent, to 51,189 in early trade, while the broader NSE Nifty index was down 45 points, or 0.3 percent, at 15,390.

Bank of Baroda tumbled 3.2 percent after it reported a standalone net loss of Rs 1,046 crore for the March quarter.

Central Bank of India edged down slightly after it allotted over 280 crore shares to the government on a preferential basis.

Punjab National Bank was moving lower on news the lender intends to divest its shareholding in Canara HSBC OBC Life.

Fortis Healthcare gained half a percent on posting turnaround results for the March quarter.

Aurobindo Pharma was marginally lower ahead of its earnings release.

HDFC Bank was down 0.7 percent. The RBI has imposed a penalty of Rs 10 crore on the bank for violating rules yet again.

Mahindra & Mahindra slumped more than 5 percent. A top company official said the company will deploy Rs 17,000 crore over the next three years, including capex on new models and investments in group companies besides its auto and farm sector businesses.

Market Analysis