The NSE Nifty 50 index was down 0.3% at 15,704, while the S&P BSE Sensex was unchanged at 52,930.86. The indices rose by around 0.3% each last week.
The Nifty Metals Index fell 1.2% as iron ore and steel prices fell on fears of a collapse in demand for raw materials. [MET/L]
The government’s decision to introduce export duties for diesel, gasoline and jet fuel to help maintain domestic supplies, and to impose a windfall tax on oil producers on Friday also impacted Indian markets.
Meanwhile, Asian stock markets got off to a cautious start on Monday, with a slew of bleak US data suggesting downside risks to this week’s June jobs report, as the hubbub of a possible recession continued to mount. drive a relief rally in government bonds. [MKTS/GLOB]
American markets are closed for a public holiday on Monday.
Among individual stocks, operator of supermarket chain Avenue Supermarts rose 4.2% after the company reported strong first-quarter sales on Saturday.