 "Markets open 1% lower; Nifty hits 52-week low")
Markets have again turned weak with financials contributing the most to the decline. The mood is dampened across the globe as concerns about growth in China resurfaces. Meanwhile, investors are eagerly waiting for the Q3 earning season which is due to start tomorrow with TCS and IndusInd Bank unveiling the numbers.
At 12:25 pm, the S&P BSE Sensex was lower by 189 points to quote at 24,745 and the Nifty50 dipped 67 points at 7,534.
Top 5 losers in the Sensex pack are BHEL, Adani Ports, Tata Steel, SBI and Hindalco down between 2-3%. On the flip side, RIL, Tata Motors, Maruti Suzuki, NTPC and HUL are the top 5 gainers up between 0.5%-2.6%.
Tata Motors has climbed 1.3% in a falling market after Jaguar Land Rover (JLR) achieved a record global sales in 2015 with the premium luxury vehicles' manufacturer retailing 4,87,065 vehicles, its highest figure yet and a five per cent increase from previous year.
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Benchmark shares indices have recovered from day's low on strong buying interest in Index heavyweights RIL and Tata Motors. However, weakness in the global markets continue to hurt the sentiments at the D-Street.
At 11:10 am, the S&P BSE Sensex was lower by 149 points to quote at 24,785 and the Nifty50 dipped 53 points at 7,548.
Top 5 gainers in the Sensex pack are RIL, Tata Motors, Axis Bank, Maruti Suzuki and NTPC up between 1-3%
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Metal shares are witnessing heavy selling pressure as demand from China, the world's largest consumer of metal, looks bleak. Vedanta, JSPL, Tata Steel, Hindalco and SAIL are down between 2%-5%.
Bank Nifty is trading below 16,000 mar, down over 1%.
Other notable losers are Cipla, BHEL, Adani Ports, M&M and Bharti Airtel, all down between 2%-3%.
On the gaining side, Reliance Industries, NTPC, Axis Bank and Maruti Suzuki are up 0.1%-2%.
In the currency front, the rupee was trading lower by 29 paise at 66.92 against the American currency in early trade today at the Interbank Foreign Exchange market as the dollar strengthened overseas.
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Updated at 9:25 am
Markets have started the week on a lower note tracking weak trends among Asian peers and a sharp fall in US stocks on Friday.
At 9:25 am, the S&P BSE Sensex was lower by 303 points to quote at 24,632 and the Nifty50 dipped 97 points at 7,504.
Sensex and Nifty hit their 52-week low of 24,599 and 7,496 levels, respectively . The Sensex is at its lowest level since June 2, 2014.
Among broader markets, BSE Midcap and Smallcap indices are down over 1%.
"For the Nifty resistance is seen at 7,629 above 7,650 and support for the Nifty is seen at 7569 below 7540," Geojit BNP Paribas Financial Services said in a note.
Third-quarter earnings of blue chip companies like TCS and Infosys, as well as key macroeconomic data of IIP and inflation will dictate market trend this week, say experts.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,236.95 crore on Friday, as per provisional data released by the stock exchanges.
Crude oil prices fell over 2% today as China's economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices, as they increasingly lose faith in a significant market recovery.
Asian share markets swept lower Monday after Wall Street suffered its worst starting week in history and doubts over Beijing's economic competence sent investors into the arms of the safe-haven yen and sovereign bonds.
The absence of Tokyo for a holiday only made liquidity even harder to come by, heightening volatility. Currency markets saw some wild swings with the South African rand ZAR=D3 collapsing to record lows at one point before bouncing.
MSCI's broadest index of Asia-Pacific shares outside Japan sank 2%, as did Australia's main index. E-mini futures for the S&P 500 ESc1 were down 0.7% in a sizable move for Asian hours.
Back home, Tata Steel, Adani Ports, BHEL, L&T, SBI and ICICI Bank have slipped between 2%-3%.
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With Reuters input
