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According to technical experts, the bias is likely to favour the bears as long as the Nifty sustains below 5,840-odd levels. On the downside, the index could slide to 5,550-odd levels—-the 200-weekly moving average.
Benchmark US share indices firmed up on Friday on the back of better-than-expected US manufacturing data and consumer sentiment indicating signs of an economic recovery.
The Dow Jones Industrial Average ended up 35 points at 14,090. S&P 500 ended gained 4 points at 1,518 and Nasdaq Composite ended up 10 points at 3,170.
Asian shares eased on Monday, with sentiment hurt by a patchy global growth outlook and weak data from Europe, but losses were limited as robust US economic figures overshadowed worries about automatic spending cuts hurting the US economy.
Back home, BSE Realty, Power, FMCG, Metal, Capital Goods, PSU, Auto and Healthcare indices have plunged between 1-1.5%. However, BSE IT and Oil & Gas indices have gained by nearly 1% each.
The main losers on the Sensex at this hour include Hindalco, Sterlite, Maruti Suzuki, ITC, L&T, Bajaj Auto, HUL, M&M and Tata Power.
Shares of state-owned oil marking companies (OMC) are trading higher 1-2% in an otherwise weak market after these companies hiked petrol price by Rs 1.40 per litre from Friday midnight.
A rise in international oil prices and depreciation in rupee has led to Rs 1.40 per litre increase in price of petrol with effect from March 2, said a statement by Indian Oil Corporation (IOC).
Among the individual stocks, BPCL is up around 2% at Rs 393, followed by IOC (1.4% at Rs 303) and HPCL (1.3% at Rs 306) on the Bombay Stock Exchange.
The broader markets are underperforming the benchmark indices. The market breadth in BSE remains weak with 862 shares declining and 499 shares advancing.
