Key indices edge lower on weak global cues

Equity indices nursed mild losses on Monday after choppy trade as investors pared positions in blue-chips amid a largely subdued trend in global markets.

World markets were rattled after China intensified its regulatory crackdown on tech companies, while participants also awaited cues from the US Federal Reserve meeting later this week. Snapping a two-session rally, the 30-share BSE Sensex ended 123.53 points or 0.23 per cent lower at 52,852.27. Similarly, the broader NSE Nifty slipped 31.60 points or 0.20 per cent to 15,824.45.

SBI was the top loser in the Sensex pack, shedding 1.36 per cent, followed by Reliance Industries, M&M, Tech Mahindra, L&T, Bharti Airtel, HDFC and IndusInd Bank. On the other hand, Bajaj Finserv, UltraTech Cement, Sun Pharma, Titan and Tata Steel were among the major gainers, spurting up to 2.46 per cent. Kotak Mahindra Bank climbed 1 per cent after the private sector lender reported a nearly 32 per cent jump in its net profit to Rs 1,641.92 crore in the first quarter of 2021-22.

"Indian markets started marginally in red following negative Asian market cues as China tech and education shares plunged and Singapore's manufacturing output declined three per cent in June on a seasonally adjusted, month-on-month basis. During the afternoon session markets swung between positive and negative territory with lacklustre trade as traders were concerned as foreign portfolio investors (FPIs) offloaded Indian equities to the tune of over Rs 5,689 crore in July so far. Also, the European stocks were seen retreating as investors watch corporate earnings, coronavirus cases and German business sentiment, which fell unexpectedly in July as supply chain constraints and rising Covid-19 infections dampened recent optimism," said Narendra Solanki, head (equity research -fundamental), Anand Rathi Shares & Stock Brokers.