 "Markets lose sheen as sell-off in China intensifies; Rupee near 2-year low")
After a positive start, markets slipped in the negative territory with Nifty trading below the 7,650 mark owing to weakness across the bourses as investors continue to remain on their toes on the back of mixed US jobs data which failed to give clarity on the timing for the Fed rate hike.
Meanwhile, persistent sell-off by the FIIs, weak rupee and inadequate monsoons along with ongoing China woes dampened the sentiments of the participants.
At 2:15 PM, the Sensex was down 104 points at 25,098 and the Nifty has lost 39 points at 7,616. Among broader markets, BSE Midcap and Smallcap indices are down by 1.3% and 0.8%, respectively. The market breadth is weak on the BSE with 745 advances and 1,600 declines.
GLOBAL EVENTS
China has revised its annual economic growth rate in 2014 to 7.3% from the previously released figure of 7.4%, the National Bureau of Statistics said on Monday.
The job creation in August was the slowest in 5 months and significantly undershot consensus expectations of about 220,000. However, there was a notable fall in the unemployment rate to 5.1%, the lowest level since April 2008.
Also Read
RUPEE
The Indian rupee fell 31 paise after a weak opening at 66.76 near two-year low of 66.78 against the US dollar as banks bought dollars amid weakness in the local equities.
MONSOON
The south-west monsoon started withdrawing from the western parts of Rajasthan and the monsoon could retreat rapidly from north-west India to east India and adjoining central India, starting this week.
OIL
Crude oil futures fell by Rs 58 to Rs 3,052 per barrel as speculators reduced bets amid a weakening trend in Asian trade.
STOCK TRENDS
All sectoral indices are trading in red with BSE Healthcare and metal indices leading the decline dropping over 1% each.
Shares of metal and mining companies are trading lower on concerns that sluggish economic growth in China, the world's largest consumer of metals, would result in a lower export demand going forward. In the metal pack, Hindalco, NMDC, Tata Steel, JSPL, Hindustan Copper and JSW Steel were down between 0.5-3%. Meanwhile, at 12 PM, the BSE Metal index has dropped 1.2% and is quoting at 7031.59 levels.
The healthcare shares are slipping in today’s trade as investors booked profits at higher and attractive levels. Lupin, Dr Reddy’s Lab and Sun Pharma are trading lower between 1-2%. Dr Reddy’s is down 1.5% after the company decided to recall over 55,000 bottles of Amlodipine besylate and Atorvastatin calcium tablets, used to treat high blood pressure and cholesterol related diseases, in the US market.
Tata Motors owned Land Rover has introduced its first luxury armoured vehicle new Range Rover Sentinel that can provide protection against a wide variety of attacks.The stock is up 1.3%.
Oil and Natural Gas Corporation’s (ONGC) overseas investment arm -- ONGC Videsh (OVL) -- has acquired a 15% stake in Vankor oil field in East Siberia, Russia’s second-largest oil field from Rosneft for about $1.35 billion. The stock is up 0.5%.
Capital goods majors BHEL and L&T are trading lower by 1% and 0.5% ahead of the IIP numbers slated to release later during the week.