The Bombay Stock Exchange (BSE) benchmark Sensex fell 189 points to 19,262.54 on Monday, declining for the fifth day in a row, as industrial growth showed a sharp dip amid weak global markets and high oil prices.
There was heavy selling in realty, auto, consumer durables and refinery counters.
The government data on Monday showed that growth in Index of Industrial Production (IIP) had dipped to 3.6 per cent, from 15.1 per cent in the same period a year ago.
The decline, coupled with high food inflation and soaring high crude oil prices, worried investors who were already expecting a further increase in RBI’s policy rates next month.
The BSE 30-share bellwether index opened lower and remained in the negative throughout the day, before settling at 19,262.54 — a fall of 188.91 points, or 0.97 per cent.
In five straight sessions, the Sensex has slipped 439.19 points, or 2.23 per cent.
The National Stock Exchange (NSE) 50-issue Nifty also plunged 56.30 points, or 0.96 per cent, to 5,785.70.
Selling in index heavyweights like RIL, HDFC, HDFC Bank, Tata Motors, TCS and ONGC pulled the Sensex down.
“The major indices lost about one per cent due to IIP data being below market expectations and higher global crude oil prices,” said Parag Doctor, senior analyst at Motilal Oswal Securities.
“The decline was led by the rate sensitive sectors — realty and automobiles. The FMCG and pharma sectors saw defensive buying,” he added.
Asian stocks ended marginally down. The key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down between 0.16 per cent and 0.84 per cent.
European markets, too, displayed a weak trend in afternoon deals. The CAC was down 0.75 per cent and the DAX 0.58 per cent, while the FTSE was trading nearly stable.
Contrary to the market trend, FIIs continued buying and pumped in Rs 384.85 crore on April 8 according to provisional data.
In all, 22 of the 30 index-based scrips ended in the red, while others finished in the green.
Realty major DLF was the top loser from the Sensex pack, with a fall of 3.51 per cent.
From the auto segment, Tata Motors dropped 2.84 per cent, Bajaj Auto 2.55 per cent, M&M 2.43 per cent, Hero Honda 1.47 per cent and Maruti Suzuki by 1.30 per cent.
On refinery counters, RIL dipped 1.67 per cent and ONGC 1.82 per cent. Other major losers on the Sensex were Jindal Stl (3.01 per cent), Jaiprakash Asso (2.96 per cent), HDFC (2.69 per cent), HDFC Bank (2.37 per cent), Reliance Com (2.01 per cent), TCS (1.36 per cent), Wipro (1.18 per cent) and HUL (1.03 per cent). Eleven out of 13 sectoral indices closed in losses. The BSE-Realty slumped 2.52 per cent, BSE-Auto (2.15 per cent), BSE-CD (1.89 per cent) and BSE-Oil & Gas (1.59 per cent).
The total market breadth remained negative with 1,746 stocks losing ground, against 1,134 that finishing with gains on BSE. The total turnover dropped sharply to Rs 2,588.21 crore from Rs 3,441.94 crore last Friday.
The Bombay Stock Exchange and the National Stock Exchange will remain closed tomorrow, April 12, on account of Ram Navami.
