1. 40 pct of BSE500 firms shed 4 pct

40 pct of BSE500 firms shed 4 pct

SBI, Punjab National Bank, Indian Bank and Canara Bank tumbled to new 52-week lows even as they lost 2% to 4% of their values

By: | Mumbai | Published: January 5, 2016 12:15 AM

As Indian equities witnessed their biggest daily fall in more than three months on Monday, 40% of the BSE500 companies lost more than the benchmark Sensex in Monday’s trade.

Intense selling pressure in Chinese market — the benchmark Shanghai composite index declined more than 7% before the trading was halted — rubbed off on Indian equities with as many as 196 stocks from the universe falling more than the benchmark Sensex.  The 30-share market barometer closed at a two-week low of 25623.35 after losing 537.55 points or 2%.

30 stocks from the top 500 companies fell more than 4% on Monday with names like SREI Infra, Tata Motors and Adani Enterprise falling 7.5%, 6.1% and 5.7% in the order.

The listed telecom players – Reliance Communication, Idea Cellular, Bharti Airtel – were down 6% to 4% on concerns that new call-drop rule may hurt their profits. In an October 2014 guideline, TRAI (Telecom Regulatory Authority of India) asked telecom operators to start compensating users for call drops with effect from January 1.

Several public sector banks, the space tends to lead the market momentum on either direction,  IDBI Bank, Bank of Baroda and Oriental Bank of Commerce also fell more than 5% in Monday’s trade.

SBI, Punjab National Bank, Indian Bank and Canara Bank tumbled to new 52-week lows even as they lost 2% to 4% of their values. Even L&T and BHEL touched their lowest level in a year.

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