Benchmark indices BSE Sensex and NSE Nifty stretched their losses for the second straight day on Monday on account of weak global cues amid profit booking. The 30-share index closed 373.94 points, or 1.30 per cent, down at 28294.28, while Nifty 50 index settled 108.50 points, or 1.23 per cent, lower at 8723.05. Overall market breadth for the day remained negative and advances to declines ratio for Nifty stood at 8:43 for the day.
In the Nifty 50 index, BPCL, Coal India, Zee Entertainment, Lupin and Reliance Industries slipped by 3.03 per cent, 1.71 per cent, 1.34 per cent, 0.56 per cent and 0.32 per cent, respectively. On the other hand, ONGC, Tata Motors, ICICI Bank, NTPC and Idea Cellular slipped by 4.43 per cent, 3.12 per cent, 3.04 per cent, 3.03 per cent and 2.85 per cent, respectively.
Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty made a feeble start of the expiry week and shed over a percent, tracking weak global cues. Besides anxiety of expiry week, participants were maintaining caution citing global markets condition ahead of first US presidential debate. Also, the meeting of OPEC members, scheduled on Wednesday (Sept 28), might results in any breakthrough in oil production cut, further weighing on the sentiments.”
Barring the BSE Metal (up 0.08 per cent) and Oil & Gas index (up 0.08 per cent), rest all other sectoral indices ended the day in red. The BSE Realty index, Telecom index, Auto, Bankex, FMCG and Power index slipped by 2 per cent, 1.76 per cent, 1.72 per cent, 1.56 per cent, 1.37 per cent and 1.27 per cent, respectively.
Other Asian peers also ended lower on Monday after US shares fell in last session and as investors turned their attention to American politics ahead of tonight’s first US presidential debate. Shanghai, Hang Seng and Nikkei settled down by 1.76 per cent, 1.56 per cent and 1.25 per cent, respectively.