Sensex, Nifty slip after mild start on geopolitical tensions

MUMBAI: Domestic equity markets opened on a mildly positive note on Monday, even as caution over a possible escalation in the Iran war capped gains after US President Donald Trump warned of “hell” if Tehran fails to meet his Tuesday deadline to reopen the Strait of Hormuz.

However, early gains were short-lived. The 30-share Sensex declined by 150 points or 0.21 per cent to 73,168. Similarly, Nifty was trading at 22,670, down 42 points or 0.19 per cent in early trade, amid selling pressure in stocks such as IndiGo, Kotak Mahindra Bank, Tata Steel, Sun Pharma, Eternal, Bajaj Finance, M&M, JSW Steel and Dr Reddy’s, which fell up to 2 per cent.

Earlier, Nifty had opened at 22,780, rising 67 points or 0.30 per cent, while Sensex gained 158 points or 0.22 per cent to 73,477.53.

Sectoral indices were largely trading in the green in the opening trade, led by banking and auto stocks. The Nifty PSU Bank index gained 0.51 per cent, while the Nifty Private Bank index rose 0.30 per cent. Nifty Auto, Financial Services and IT indices were also in the positive zone.