Mumbai, Jan 7 (IANS) The Indian benchmark indices posted mild losses early on Wednesday amid rising geopolitical tensions and fresh tariff-related concerns, tracking mixed cues from Asian markets.
As of 9.30 am, Sensex slipped 156 points, or 0.18 per cent to 84,907 and Nifty eased 54 points, or 0.21 per cent to 26,124.
Main broad-cap indices showed clear divergence with benchmark indices, with the Nifty Midcap 100 up 0.22 per cent, while the Nifty Smallcap 100 gained 0.25 per cent.
Sectorally, Nifty Auto was the top loser down 0.49 per cent. Sectors such as consumer durables, IT and metal gained 1.15 per cent, 0.91 per cent and 0.53 per cent, respectively.
Immediate support lies at 26,000–26,050 zone, and resistance placed at 26,300–26,350 zone, market watchers said.
Analysts said that recent market movements have been devoid of any trend and clear direction with few mega stocks disproportionately affecting the market. Despite positive institutional buying, Nifty fell 71 points yesterday due to sharp declines in two stocks, they said.
These two stocks’ large derivative and cash market volumes indicated settlement day activity, which were technical rather than fundamental, they added.
Events and news may cause high volatility in the future with US President Donald Trump’s tweet or action remaining a key watch point. Investors also closely watch the US Supreme Court verdict on Trump tariffs. If the verdict goes against the reciprocal tariffs, it will create huge volatility in stock markets, market watchers said.
Asian region traded mixed with defence stocks snapping the two-day winning streak. Investors weighed in geopolitical risks after the US attack on Venezuela and renewed rhetoric over Greenland.
In Asian markets, China’s Shanghai index added 0.29 per cent, and Shenzhen gained 0.35 per cent, Japan’s Nikkei lost 0.64 per cent, while Hong Kong’s Hang Seng Index shed 1.01 per cent. South Korea’s Kospi advanced 1.18 per cent.
The US markets were in the green zone overnight as Nasdaq added 0.65 per cent. The S&P 500 gained 0.62 per cent, and the Dow moved up 0.99 per cent.
On January 6, foreign institutional investors (FIIs) sold net equities worth Rs 106 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,749 crore.
—IANS
aar/na
