Sensex slips 500 points, Nifty settles below 24,600
Indian stock markets started strong on Monday, boosted by IT stocks and upbeat Asian trends.
But profit-booking soon took over, pulling the Sensex down 500 points from its high of 81,020.05 and pushing the Nifty below 24,600.
Foreign investors sold off ₹1,202.65 crore in shares
Investors are on edge ahead of key inflation data for July—both in India and the US—which could shape the Federal Reserve's next moves.
Foreign investors sold off ₹1,202.65 crore in shares, adding to the pressure.
Rising Brent crude prices (now at $66.85 per barrel) are also stoking concerns about inflation here at home.
IT stocks provided some support
Caution is running high before the upcoming US-Russia meeting on August 15, which has kept gains in check even after a good start from IT stocks.
Weakness in global markets on Monday didn't help either.
The Nifty struggled with resistance near 24,590 and found some support around 24,450—making it a choppy ride for now.