Mumbai: Indian markets ended on Monday nearly 1 per cent lower, with BSE Sensex closing at 16,751, down 182 points, while NSE Nifty settled at 5,032, down 52 points.
The western markets have continued their slide with some of the trading almost 3 percent below Friday’s close. Markets in Greece have fallen the most, by nearly 3.5 per cent, led by a sharp fall in most of their banks.
The week started off on a downbeat note after a closely watched European Union finance ministers' meeting over the weekend failed to produce an agreement on how to deal with the region's deepening debt woes.
France's CAC and Germany's DAX fell 3 per cent each, while Britain's FTSE was down over 2 per cent.
Closer to home, Asian markets too extended losses in late trade; Hang Seng closed down 2.76 per cent and Shanghai dropped 1.8 per cent. Straits Times, Kospi and Taiwan were down over 1 per cent.
According to Anil Singhvi, chairman of Ican Investment Advisors, Europe continues to be a major concern for all markets and companies with operations in the region will face difficulties.
Likewise, Ajay Srivastava, chief executive officer of Dimensions Consulting feels all eyes will be on what will happen in Greece instead of upcoming FOMC meet.
Going forward, he expects the Nifty to test the 4,750 levels again.
The BSE Capital Goods Index lost over 2 per cent. Bank, Power, Metal, IT, Healthcare and FMCG indices went down 1 per cent each.
Among largecaps, Axis Bank and ICICI Bank fell over 2.5 per cent. SBI and HDFC were down 1.5 per cent.
Shares of ONGC witnessed profit booking as the share rallied significantly on Friday; the stock lost 2 per cent. Reliance Industries declined 0.5 per cent.
Capital goods and power stocks like NTPC and L&T plunged 2 per cent and 3 per cent, respectively. BHEL and Power Grid were down 1.7 per cent each. TCS, Infosys and ITC fell around 1 per cent.
From the metal space, Sterlite Industries tumbled 3.6 per cent. SAIL and Tata Steel slipped 1.5 per cent.
However, Maruti rallied nearly 3 per cent; Volkswagen may launch hostile takeover of Suzuki, which could be the reason. Volkswagen holds 19.9 per cent in Suzuki.
GAIL and Jaiprakash Associates jumped over 2 per cent. Wipro, Bharti, HDFC Bank, ACC and M&M were other gainers.
The market breadth was slightly in favour of declines; about 626 shares gained as against 798 shares slipped. Total traded turnover was more than Rs 1.11 lakh crore.
Among midcaps, Alfa Laval surged nearly 20 per cent as the company will consider delisting today. GTL rose 8.5 per cent as GTL admitted to CDR.
At 2:39 pm: Sensex mirrors Europe, sheds 200 points
The Sensex shed more than 200 points mirroring trends in European markets. Oil & gas, infrastructure, banking, FMCG, metal and select technology companies' shares were witnessing selling pressure. The 30-share BSE Sensex slipped 215 points to 16,718 and the 50-share NSE Nifty lost 63 points to 5,021.
Europe is settled for a long fight as EU finance ministers, who met during the weekend failed to arrive at any solution to the debt crisis, and rejected Tim Geithner’s plan as well. Anil Singhvi, chairman of Ican Investment Advisors told CNBC-TV18 said that Europe continues to be a major concern and companies with operations there will face difficulties.
Also, depreciation of rupee will impact such companies' balance sheets going forward, he said. The Indian rupee slipped to 47.80 per dollar as against 47.26 per dollar on Friday.
Heavyweights ONGC, ICICI Bank and L&T were down 2-3 per cent. TCS, ITC, NTPC, SBI, Infosys, HDFC and BHEL fell over 1 per cent. Reliance Industries lost 0.7 per cent.
From the metal space, Tata Steel, JSPL and SAIL declined 1-1.7 per cent. Sterlite Industries tanked 3 per cent.
However, GAIL and Jaiprakash Associates gained 2 per cent each. Wipro, Tata Motors, Maruti, Kotak Mahindra Bank, ACC and HCL Tech were up 0.7-1 per cent.
On the global front, European markets like France's CAC and Germany's DAX plunged 3 per cent each. Britain's FTSE was down 2 per cent. The Dow Jones and Nasdaq futures slipped 1.5 per cent.
At 1:43 pm: Sensex slips nearly 1 per cent on weak global cues, Bankex dips 1 per cent
Equity benchmarks fell about 1 per cent as global markets found it tough to cope with European debt crisis. The 30-share BSE Sensex dropped 163 points to 16,771 and the 50-share NSE Nifty lost 48 points to 5,036.
European markets like France's CAC and Germany's DAX fell 2.5 per cent; Britain's FTSE slipped 1.8 per cent. European Union finance ministers in the meeting over the weekend could not able to provide any solution to the Eurozone debt crisis. They have also rejected Geithner plea (tax on financial transactions) during weekend meeting. The Dow Jones and Nasdaq futures too were down over 1.5 per cent.
On the home turf, ICICI Bank and L&T tumbled 2.5 per cent. Reliance Industries, ITC, ONGC, SBI, TCS, NTPC, HDFC and Infosys were down 1-1.5 per cent. About 35 stocks out of 50 were down on the Nifty.
However, GAIL was the biggest gainer; gained 2.3 per cent. Wipro, ACC, Hero Motocorp, M&M, Jaiprakash Associates, Tata Power and Ambuja Cements were other major gainers.
In the midcap space, Alfa Laval shot up 19 per cent as the company will consider delisting today. Sun Pharma Advanced, NCC, Honeywell Automation and BASF gained 3-6 per cent. However, KGN Industries, Shree Global, Dish TV India, IVRCL and Coromandel International lost 3-5 per cent.
At 12:23 pm: Sell off in banks, infra, oil & gas drag Sensex, Re sinks
The downtrend in Indian equity benchmarks continued in the afternoon trade as sell-off in major sectors like capital goods, banking, power and oil & gas gained momentum. The 30-share BSE Sensex lost 188 points to 16,746 and the 50-share NSE Nifty dropped 54 points to 5,030.
Fall in rupee remained a cause of concern as it depreciated to 47.82 per dollar, down 0.50.
Heavyweights like ONGC, ICICI Bank, L&T, NTPC and SBI were down 1.5-3 per cent. TCS, Reliance Industries, ITC, Infosys, HUL and BHEL slipped 0.6-1 per cent.
Sterlite, Axis Bank, DLF, Sun Pharma, Cipla, Reliance Infrastrucuture and Reliance Capital plunged 2-3.5 per cent.
However, GAIL, Wipro, ACC, HCL Tech, Reliance Power, Ranbaxy Labs and M&M were only gainers on the Nifty.
Among Asian markets, Straits Times, Kospi and Taiwan slipped 1 per cent each. Hang Seng lost 2.6 per cent and Shanghai fell 1.5 per cent.
At 11:25 am: Nifty remains under pressure; Asia extends loss
Fall in metal, banking, FMCG, capital goods and power stocks weighed on the market on first day of the week. The 30-share BSE Sensex was trading at 16,837, down 97 points and the 50-share NSE Nifty dropped 29 points to 5,055 amid volatility. ONGC too slipped into the red on the back profit booking (down nearly 1 per cent).
Asian markets too extended their losses; Hang Seng was down 1.5 per cent and Shanghai fell 2.5 per cent. Straits Times, Kospi and Taiwan were down around 1 per cent. On the home turf, the Indian rupee depreciated to 47.75 per dollar, down 0.43.
Reliance Infrastructure, L&T, DLF, Sterlite Industries, ICICI Bank and Cipla were top losers among largecaps; these stocks fell between 2 per cent and 3 per cent.
However, GAIL, Ranbaxy Labs, IDFC, ACC, Wipro, Bharti Airtel, Maruti Suzuki and Tata Motors gained 0.5-1.8 per cent.
India Securities, SBI, Tata Motors, Everonn Education, Lovable Lingerie, Reliance Industries, L&T and Infosys were most active shares on exchanges.
In the midcap space, Alfa Laval shot up 15 per cent as company will discuss about delisting in the meeting today.
Honeywell Automation, Sun Pharma Advanced, Fortis Health and ILandFS Transportation gained 4-6 per cent while KGN Industries, Dish TV India, Simplex Infra, Puravankara Projects and Coromandel International lost 2-5 per cent.
About 678 shares advanced as against 652 shares declined on National Stock Exchange.
At 10:23 am: Falling Re pulls Nifty lower; ICICI Bk slips 2 per cent, DLF 2.5 per cent
Indian equity benchmarks continued to trade lower on the back of fall in Asian markets and depreciation in rupee. Realty, capital goods, power, FMCG, metal and select technology stocks were big losers. The 30-share BSE Sensex fell 108 points to 16,825 and the 50-share NSE Nifty declined 32 points to 5,052.
Anil Manghnani, analyst at Modern Shares & Stock Brokers, said the market has support at 5,000-4,900. However, he said, there are chances of Nifty slipping to 4,720. According to Manghnani, the market will be range-bound this week.
The Indian rupee depreciated to 47.69 per dollar, down 0.35.
Banking stocks like ICICI Bank and SBI slipped 2 per cent and 1.5 per centrespectively. HDFC, Axis Bank and HDFC Bank were down 1 per cent each. From the realty space, DLF lost over 2.5 per cent.
Among other largecaps, TCS, ITC, L&T, NTPC, HUL and BHEL slipped 1 per cent. Infosys and Reliance Industries declined nearly 0.5 per cent.
However, ONGC continued to rise post government postponed company's FPO; the stock gained 1 per cent.
GAIL and Ranbaxy Labs rose over 1.5 per cent. Bharti Airtel, Maruti, M&M, Wipro, ACC and Tata Motors were other gainers.
On the global front, Shanghai and Hang Seng were down 1.4 per cent and 2 per cent, respectively. Straits Times, Kospi and Taiwan fell 0.5-1.3 per cent.
At 9:20 am: Sensex opens 150 points down; banks, capital goods dip
Equity benchmarks fell nearly 1 per cent in the opening trade on Monday, following weak Asian cues. Banking, capital goods, metal and realty companies' shares were seeing selling pressure. The Indian rupee depreciated by 0.39 to 47.71 per dollar.
At 9:20 hours IST, the 50-share NSE Nifty was trading at 5,039, down 45 points and the 30-share BSE Sensex slipped 153 points to 16,780.
Sesa Goa, Axis Bank, IDFC, HDFC, SBI, DLF, Siemens, L&T and Reliance Infrastructure were under selling pressure.
However, Sun Pharma, ONGC and BPCL were gainers in early trade.
The CNX Midcap rose 32 points to 7,314. About 360 shares advanced as against 549 shares declined on National Stock Exchange.
Alfa Laval rallied 16 per cent as company is going to discuss delisting of shares.
GVK Power shot up 6 per cent as GVK group acquired Hancock Coal & Infra in Australia.
Fortis Healthcare rose 2 per cent.
Everonn Education was locked at 5 per cent upper circuit. Jet Airways rose 2 per cent as company will hike fuel surcharge by Rs 200 per domestic sector.
Bajaj Hindusthan, Balrampur Chini, Shree Renuka and Aban Offshore fell 2-3 per cent. MindTree was down 3 per cent.
J&K Bank, Andhra Bank, IDFC Bank and UCO Bank were down over 1 per cent.
Global cues:
Asian markets were trading lower. Shanghai was down 1.4 per cent and Hang Seng fell 2.2 per cent. Straits Times, Kospi and Taiwan declined 0.5-1 per cent.
The US equity markets ended up for fifth day in a row on Friday - first five-day winning streak since July. These markets gained over 5 per cent for the week – best since late June , but only the second weekly gain in eight weeks.
The NASDAQ Composite shot up 5 per cent - best week since July 2009; Dow Jones Industrial Average was up 4.7 per cent for week.
The Dow Jones Industrial Average ended up 76 points at 11,509. NASDAQ Composite was up 15 points at 2,622 and S&P 500 Index rose 7 points at 1,216.
Comments
0 comment