The market declined for a second straight session on Monday amid a broad global equity retreat that was fueled by a mounting currency crisis in Turkey, which has raised the alarm for possible contagion into other markets. The barometer index, the S&P BSE Sensex, fell 224.33 points or 0.59% to 37,644.90, as per the provisional closing data. The Nifty 50 index fell 73.75 points or 0.65% to 11,355.75, as per the provisional closing data.
The indices opened lower and hit fresh intraday low in early trade. Indices came off day's low and were trading with modest losses in morning trade. Indices recovered sharply in afternoon trade. Indices once again turned weak in mid-afternoon trade as selling resumed. The Sensex fell 69.69 points, or 0.18% at the day's high of 37,799.54 in afternoon trade. The index fell 309.97 points, or 0.82% at the day's low of 37,559.26 in early trade. The Nifty fell 23.20 points, or 0.20% at the day's high of 11,406.30 in afternoon early trade. The index fell 89.20 points, or 0.78% at the day's low of 11,340.30 in early trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.70%. The BSE Small-Cap index fell 0.78%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 959 shares rose and 1721 shares fell. A total of 177 shares were unchanged.
Infosys (up 1.77%), Sun Pharmaceuticals Industries (up 1.74%), Wipro (up 1.72%), Mahindra & Mahindra (up 0.91%), IndusInd Bank (up 0.70%) and ITC (up 0.43%), were the major Sensex gainers.
Yes Bank (down 3.62%), Vedanta (down 3.6%), State Bank of India (down 2.78%), ONGC (down 2.04%), Axis Bank (down 1.52%), HDFC (down 1.44%) and Asian Paints (down 1.42%), were the major Sensex losers.
Tata Steel was down 1.14% ahead of its Q1 June 2018 result today, 13 August 2018.
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Coal India rose 0.63% after consolidated net profit surged 61.07% to Rs 3786.44 crore on 25.05% rise in total income to Rs 25470.86 crore in Q1 June 2018 over Q1 June 2017. On a consolidated basis, Coal India's production of raw coal rose to 136.85 million tonne in Q1 June 2018 from 118.84 million tonne in Q1 June 2017. Offtake rose to 153.47 million tonne from 137.42 million tonne. The announcement was made on Saturday, 11 August 2018.
Engineering and construction major Larsen & Toubro (L&T) rose 0.20%. Buildings & factories business of L&T Construction has bagged an engineering, procurement and construction (EPC) order worth Rs 3028 crore from GMR Hyderabad International Airport (GHIAL). The scope of work includes execution and implementation of EPC for expansion of the Terminal Building and Airside Infrastructure Works at the Rajiv Gandhi International Airport, Hyderabad, Telangana. This is a brownfield airport expansion project to be handed over within a stringent timeline. The announcement was made during trading hours today, 13 August 2018.
On the economic front, India's industrial production growth rebounded to five month high of 7% in June 2018, while recovering from a seven-month low of 3.9% in May 2018. The industrial production growth for May 2018 has been revised upwards from 3.2% increase reported provisionally.
Overseas, European equities extended last week's retreat as banking shares tumbled amid concerns about the Turkish economic crisis affecting liabilities of the region's lenders. The turmoil in Turkish markets continued as President Recep Tayyip Erdogan showed no signs of backing down in a standoff with the US administration, with the lira's decline spurring concern about European lenders' exposure to the nation.
Asian shares tumbled on Monday after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments. US stocks dropped on Friday, triggered by fears over the sell-off in the lira after US President Donald Trump said he had approved the doubling of metals tariffs against Turkey on Friday.
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