Markets continue to trade in the negative territory though the slide seen in the opening trades in benchmark indices have come to a halt. At 1030 hrs, the Sensex was down 154 point at 26,143 and the Nifty dropped 34 points to trade at 7,826.
Meanwhile, the broader markets too slumped into the negative territory with the small and midcap indices down 0.1% and 0.2% respectively.
There was some buying visible in the metal names. The BSE metal index was up 0.4% on the back of gains in scrips like Tata Steel, Hindalco and Jindal Steel.
In individual names, Essar Group firm like Essar Ports and Essar Shipping rallied up to 20% after the board of directors of these companies approved the delisting of company’s shares from the stock exchanges.
Diamond Power Infrastructure surged 13% to Rs 131 after reporting 29% year-on-year growth in net profit at Rs 40.32 crore for the second quarter, on back of strong operational income. The company had profit of Rs 31.19 crore during the same quarter last fiscal.
Multiplex chain operator PVR was up 4% at Rs 646 after Sundaram Mutual Fund acquired nearly over one percentage points stake in the company through open market.
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(Updated at 1030 hrs)
Mirroring weak global cues, markets witnessed a gap-down opening with the Nifty down 0.7% and the Sensex off 0.5% at 0919 hrs. The ones leading the losses in opening trades are ITC, ICICI Bank, L&T and Bharti Airtel.
The Sensex was down 137 points at 26,160 and the Nifty was down 56 points to trade at 7,804.
Momentarily the Nifty had slipped below the 7,800 mark. This was the first time since August 18, 2014 where the major technical support for the index was breached.
Weak IIP data for the month of August came in substantially below expectation at a mere 0.4%. Further, both capital goods and consumer goods logged negative growth, was a major negative sentiment weighing on the market participants.
However, the broader markets were flat. The smallcap index was up 0.1% and the midcap index was almost unchanged.
Sectors & Stocks
Apart from the IT index, all the other sectoral indices started in the red with a cut of atleast 0.2%.
Gains in Infosys and TCS kept the IT index in green with gains of 0.5%.
Auto, Bankex, Capital Goods, FMCG, Metal, Power and Realty indices down 0.7-1.2% were the top sectoral losers.
Infosys, TCS and Hero MotorCorp up 0.2-1.2% were the only stocks in green among the Sensex-30.
Meanwhile, the ones weighing on the benchmark index were Bharti Airtel, Tata Motors, Wirpo, M&M, BHEL and Sesa Sterlite down 1.5-2.3%.
Cipla, Hindalco, L&T, ICICI Bank, Dr Reddys, Sun Pharma, ITC and Tata Steel down a percent each were some of the other notable losers.
The market breadth was negative on BSE. 883 stocks declined while 647 stocks advanced.
Global Markets
Asian stocks stumbled to seven-month lows on Monday, while crude oil prices were pinned near a four-year trough as promising trade numbers out of China failed to cheer a market still worried about faltering global growth.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending last week's 1.1% drop.
Mainland Chinese stocks skidded 1.1% and Hong Kong's Hang Seng shed 0.7%. South Korea's KOSPI slipped 0.6%.
Tokyo's Nikkei was spared the pain for now thanks to a public holiday in Japan.
Meanwhile, the broader markets too slumped into the negative territory with the small and midcap indices down 0.1% and 0.2% respectively.
There was some buying visible in the metal names. The BSE metal index was up 0.4% on the back of gains in scrips like Tata Steel, Hindalco and Jindal Steel.
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IT index was the only other sectoral index in green with gains of 0.7%. Mindtree, Infosys and TCS up 1-2% were the top gainers while Wirpo was down 2.3%.
In individual names, Essar Group firm like Essar Ports and Essar Shipping rallied up to 20% after the board of directors of these companies approved the delisting of company’s shares from the stock exchanges.
Diamond Power Infrastructure surged 13% to Rs 131 after reporting 29% year-on-year growth in net profit at Rs 40.32 crore for the second quarter, on back of strong operational income. The company had profit of Rs 31.19 crore during the same quarter last fiscal.
Multiplex chain operator PVR was up 4% at Rs 646 after Sundaram Mutual Fund acquired nearly over one percentage points stake in the company through open market.
___________________________
(Updated at 1030 hrs)
Mirroring weak global cues, markets witnessed a gap-down opening with the Nifty down 0.7% and the Sensex off 0.5% at 0919 hrs. The ones leading the losses in opening trades are ITC, ICICI Bank, L&T and Bharti Airtel.
The Sensex was down 137 points at 26,160 and the Nifty was down 56 points to trade at 7,804.
Momentarily the Nifty had slipped below the 7,800 mark. This was the first time since August 18, 2014 where the major technical support for the index was breached.
Weak IIP data for the month of August came in substantially below expectation at a mere 0.4%. Further, both capital goods and consumer goods logged negative growth, was a major negative sentiment weighing on the market participants.
However, the broader markets were flat. The smallcap index was up 0.1% and the midcap index was almost unchanged.
Sectors & Stocks
Apart from the IT index, all the other sectoral indices started in the red with a cut of atleast 0.2%.
Gains in Infosys and TCS kept the IT index in green with gains of 0.5%.
Auto, Bankex, Capital Goods, FMCG, Metal, Power and Realty indices down 0.7-1.2% were the top sectoral losers.
Infosys, TCS and Hero MotorCorp up 0.2-1.2% were the only stocks in green among the Sensex-30.
Meanwhile, the ones weighing on the benchmark index were Bharti Airtel, Tata Motors, Wirpo, M&M, BHEL and Sesa Sterlite down 1.5-2.3%.
Cipla, Hindalco, L&T, ICICI Bank, Dr Reddys, Sun Pharma, ITC and Tata Steel down a percent each were some of the other notable losers.
The market breadth was negative on BSE. 883 stocks declined while 647 stocks advanced.
Global Markets
Asian stocks stumbled to seven-month lows on Monday, while crude oil prices were pinned near a four-year trough as promising trade numbers out of China failed to cheer a market still worried about faltering global growth.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending last week's 1.1% drop.
Mainland Chinese stocks skidded 1.1% and Hong Kong's Hang Seng shed 0.7%. South Korea's KOSPI slipped 0.6%.
Tokyo's Nikkei was spared the pain for now thanks to a public holiday in Japan.