Mumbai, India (BBN)-Tepid global cues saw the Nifty and the Sensex open flat to positive before slipping into the red in early trade on Monday.
The Nifty opened 24 points up at 8210 while the Sensex opened 85 points up at 26711, reports the PTI.
At about 9.30 am, the Sensex was down 128 points or 0.48 per cent at 26,498.37.
Similarly, the NSE Nifty was down 40.65 points or .50 per cent at 8,145.15.
A report by SMC Global said “Investors will have few cues to work with as equity markets in China, Japan, Hong Kong, and Australia are all shut on account of the new year holiday.
US stocks slumped on the last trading day of the year, all three major indices ended the year with three straight days of losses for the first time since 4 November led by big tech stocks, but major indexes still posted solid gains in 2016.
It is expected that China’s central bank is set to tighten the supervision on cash transactions and overseas transfers from the middle of 2017.
Financial institutions should report all domestic and overseas cash transfers exceeding CNY 50,000 instead of existing CNY 200,000 to the People’s Bank of China.
Also, the banks need to report any overseas transfers in other currencies of $10,000 or more.”
All the broader and sectoral indices barring Nifty realty were trading flat. Volatility was up 3.62 per cent with the India Vix quoting at 16.0250.
BBN/SK/AD