Markets open in red, weighed by financial and IT stocks

India’s equity benchmarks opened marginally lower on Monday, weighed down by losses in heavyweight financials and information technology stocks.

The NSENifty 50 was down 0.14 per cent at 24,733.9 points as of 9:17 a.m. IST, while the BSESensex shed 0.14 per cent to 82,009.7.

Five of the 13 major sectors were trading lower.

Financials led the losses with a 0.23 per cent fall, dragged by a 0.5 per cent decline in HDFC Bank, while IT firms fell 0.21 per cent.

• Also read: Indian firms see revenue surge in FY24, but employee wage growth slows: SBI Report

Investors’ attention will be on the US Federal Reserve’s monetary policy decision on Wednesday and the language on rate cuts next year.

The odds of a quarter point rate cut at its Dec. 17-18 meeting is at 97 per cent, but bets of a January cut are at just 17 per cent, according to the CME FedWatch tool.