Indian Markets Dip Despite Early Gains: Weak Asian Trends & US Weakness

Mumbai, Jan 8 (PTI) Benchmark equity indices started the trade on a positive note on Monday but later gave up all early gains to trade lower amid weak trends from Asian markets.

The 30-share BSE Sensex climbed 155.62 points to 72,181.77 in early trade. The Nifty went up by 53.15 points to 21,763.95.

However, both the indices failed to carry forward the positive momentum and were trading lower later. The Sensex quoted 177.54 points lower at 71,821.10 while the Nifty fell 53.25 points to trade at 21,653.85.

Among the Sensex firms, Tata Steel, Bharti Airtel, HCL Technologies, Reliance Industries, Sun Pharma and Titan were the biggest gainers.

Hindustan Unilever, Bajaj Finance, Bajaj Finserv, ITC, IndusInd Bank and NTPC were among the laggards.

In Asian markets, Seoul, Shanghai and Hong Kong were trading lower.

The US markets ended marginally up on Friday.

"The year-end rally which took the Nifty up by around 14 per cent from the 2023 October lows, is slowly running out of steam. The major challenge for the rally comes from the mother market US which is showing signs of weakness," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 1.09 per cent to USD 77.90 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,696.86 crore on Friday, according to exchange data.

The BSE benchmark jumped 178.58 points or 0.25 per cent to settle at 72,026.15 on Friday. The Nifty climbed 52.20 points or 0.24 per cent to 21,710.80.