 "Markets extend losses; SBI, L&T at 52-week lows")
Markets extend losses in the morning deals with the Sensex and the Nifty down 1.5% each in morning deals.
Eight stocks – SBI, L&T, ICICI Bank, HDFC Bank, Grasim Industries, Jaiprakash Associates, Bank of Baroda and BHEL from the CNX Nifty-50 hit their respective 52-week low in early morning deals on the NSE.
At 1010hrs, the Sensex was down 267 points at 18,330 and the Nifty slipped 1.6% or 88 points to trade at 5,419, which is the lowest since September 12, 2012.
As month-end dollar demand continues coupled with concerns on pull back of quantitative easing, the rupee touched a new all-time low in early trades on Monday.
At 10:10AM the rupee was at Rs 62.32 per dollar compared with Friday's close of Rs 61.71. The previous all-time low touched on Friday was Rs 62.00 per dollar.
Currency dealers see the rupee nearing Rs 63 per dollar. Besides that they are also expecting the Reserve Bank of India (RBI) and the government to announce more steps to arrest the fall in the rupee.
Bond Market
The falling rupee is taking a toll in the bond market. The yield on the 10-year government bond 7.16 % 2023 was trading at 8.95 % compared with previous close of 8.90 %.
Sectors & Stocks
Metal, IT, Consumer Durables and Oil & Gas indices retained their early gains,while Auto and Bankex indices slipped further and was down 3.3% each.
Banking shares remained under pressure for the second day in a row with the NSE Bank Nifty at its lowest level since January last year. The index tumbled 8.5% in past two trading sessions after the Reserve Bank of India (RBI) on Wednesday has announced additional measures to support the Indian rupee by stemming foreign exchange outflows by Indian residents.
Most of the banking stocks including public sector as well as private sector are trading at their multi years low. ICICI Bank, Bank of Baroda, Axis Bank, Punjab National Bank, Canara Bank, Bank of India, YES Bank and Union Bank of India are down 3-5% on NSE.
Among the Sensex-30, the only gainers were metal stocks which regained some sheen. Most the metal majors like Sterlite, Tata Steel, Hindalco and Jindal Steel edged higher by 1-3%.
RIL, Dr Reddys Lab, Wipro and Infosys up 0.3-1% were the only other gainers.
Eight stocks – SBI, L&T, ICICI Bank, HDFC Bank, Grasim Industries, Jaiprakash Associates, Bank of Baroda and BHEL from the CNX Nifty-50 hit their respective 52-week low in early morning deals on the NSE.
At 1010hrs, the Sensex was down 267 points at 18,330 and the Nifty slipped 1.6% or 88 points to trade at 5,419, which is the lowest since September 12, 2012.
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Rupee
As month-end dollar demand continues coupled with concerns on pull back of quantitative easing, the rupee touched a new all-time low in early trades on Monday.
At 10:10AM the rupee was at Rs 62.32 per dollar compared with Friday's close of Rs 61.71. The previous all-time low touched on Friday was Rs 62.00 per dollar.
Currency dealers see the rupee nearing Rs 63 per dollar. Besides that they are also expecting the Reserve Bank of India (RBI) and the government to announce more steps to arrest the fall in the rupee.
Bond Market
The falling rupee is taking a toll in the bond market. The yield on the 10-year government bond 7.16 % 2023 was trading at 8.95 % compared with previous close of 8.90 %.
Sectors & Stocks
Metal, IT, Consumer Durables and Oil & Gas indices retained their early gains,while Auto and Bankex indices slipped further and was down 3.3% each.
Banking shares remained under pressure for the second day in a row with the NSE Bank Nifty at its lowest level since January last year. The index tumbled 8.5% in past two trading sessions after the Reserve Bank of India (RBI) on Wednesday has announced additional measures to support the Indian rupee by stemming foreign exchange outflows by Indian residents.
Most of the banking stocks including public sector as well as private sector are trading at their multi years low. ICICI Bank, Bank of Baroda, Axis Bank, Punjab National Bank, Canara Bank, Bank of India, YES Bank and Union Bank of India are down 3-5% on NSE.
Among the Sensex-30, the only gainers were metal stocks which regained some sheen. Most the metal majors like Sterlite, Tata Steel, Hindalco and Jindal Steel edged higher by 1-3%.
RIL, Dr Reddys Lab, Wipro and Infosys up 0.3-1% were the only other gainers.