The domestic indices were trading lower on Monday afternoon tracking weakness in their key Asian counterparts.
Among sectoral indices, the Nifty Metal index was trading over 2.5% lower led by a fall in the shares of NMDC Limited and Steel Authority of India Limited.
The market participants will closely watch key developments in the parliament this week following the no-confidence motion moved by TDP after it broke away from the BJP-led NDA following the Centre’s refusal to grant Special Category status to Andhra Pradesh.
In major political development, the YSR Congress and TDP is likely to push for acceptance of their notices for no-confidence motion against the central government in Lok Sabha amid no signs of a let-up in the Parliament deadlock.
In the global markets, Asian share markets slipped into the red on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year.
Japan’s Nikkei extended early losses to drop 1.3 per cent, while the MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent.
Source By : www.jupiterr.co