The Indian equity benchmark indices opened lower on Monday dragged by the metal stocks namely SAIL, Tata Steel and JSW Steel. The Sensex opened 69.97 points or 0.17 percent lower at 41,071.88 while the Nifty index was at 12,075.25, down 23.10 points or 0.19 percent.
Broader indices traded lower with Nifty Midcap and Nifty Smallcap indexes slipping 0.45 percent and 0.31 percent respectively.
Nifty Metal was the worst-performing sectoral index, trading 1.81 percent lower. The metals faced selling pressure as coronavirus risks continue to rise with the rising number of deaths in China, a major consumer and supplier of base metals and an importer of iron ore.
UPL, YES Bank, Bharti Infratel, Cipla and Adani Ports were the Nifty50 top gainers while Tata Steel, Zee Entertainment, M&M, JSW Steel and Tata Motors remained the top losers.
Shares of Tata Steel fell over 4 percent on Monday after the company reported a consolidated net loss of Rs 1,228 crore for the third quarter of fiscal 2020 as against a net profit of Rs 1,753 crore in the corresponding quarter of last fiscal year.
Meanwhile, in Asia, shares pared early losses as Chinese authorities lifted some coronavirus-related restrictions on work and travel, helping businesses resume work though overall sentiment was still jittery as the death toll from the epidemic climbed.
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