The BSE Sensex and NSE Nifty closed in red on Monday following global growth worries after US markets on Friday closed lower on US Federal Reserve's decision to keep interest rates unchanged.
The BSE Sensex and NSE Nifty closed in red on Monday following global growth worries after US markets on Friday closed lower on US Federal Reserve’s decision to keep interest rates unchanged. Sensex closed 25.93 points down at 26,192.98. Nifty lost 4.80 points at 7,977.10.
In the 50-share index, Hindalco, Maruti Suzuki, Power Grid, Axis Bank and Gail jumped between 1.80 per cent and 3.20 per cent. On the other hand, Reliance Industries, Bosch, Dr Reddy’s Labs, Grasim and UltraTech Cements declined between 1.20 per cent and 2 per cent.
Among the sectoral indices on the Bombay Stock Exchange (BSE), the BSE FMCG index and BSE Oil & Gas declined 0.76 per cent and 0.27 per cent at 7,531.13 and 8,726.39, respectively. The BSE Power index and BSE Bankex jumped 1.08 per cent and 0.80 per cent at 1872.23 and 20,113.20, respectively.
Gaurav Jain, director, Hem Securities, said, “After opening in negative terrain on account of global cues; indices recovered from day’s lows on account of renewed buying interest by foreign portfolio investors. Strengthening rupee and hopes a rate cut by the RBI keeps the sentiment up of the street.”
IDBI Bank gained 16.72 per cent following a report late on Friday that the government was considering giving more operational freedom to state-run banks.
Shreyash Devalkar, fund manager, equities, BNP Paribas Mutual Fund, said, “Following negative overseas cues, Indian markets opened in the red. However, markets pared most losses during the day to finally close near the flat line. Banking stocks bucked the negative trend with Bank Nifty closing up 0.8% for the day. The action in banking stocks can largely be attributed to short covering and positive comments by the finance minister regarding the financing of loss making state electricity boards. Markets are likely to witness volatility ahead of September derivatives expiry this week.”
Asian markets fell, but China proved an exception to the downtrend, with the Shanghai Composite index ending 1.91 per cent higher. Hang Seng plunged 0.75 per cent at 21,757. Nikkei stock exchange was closed on account of ‘Respect for the Aged Day’ holiday.
Business confidence data from China and the euro zone will offer some pointers this week to where the global economy is headed after the Fed kept markets guessing about when it will begin raising rates.
Markets through the day
3.30 pm: Sensex closed 25.93 points down at 26,192.98. Nifty lost 4.80 points at 7,977.10.
S&P BSE Sensex
3.15 pm: Tata Motors, NMDC and Maruti Suzuki were up 1.33 per cent, 1.26 per cent and 1.21 per cent at Rs 103.15, Rs 334.40 and Rs 4,454, respectively. Sensex and Nifty were flat at 26,188 and 7,974.
2.09 pm: Strides Arcolab shares gained as much as 3.98 per cent on Monday after Sun Phamaceutical Indutries and Strides Arcolab announced that they have entered into a definitive agreement related to erstwhile Ranbaxy’s ‘Solus’ and ‘Solus Care’ divisions operating in the central nervous system (CNS) segment in India. Sensex was down 72 points at 26,147.
1.43 pm: Sensex was down 113.08 down at 26,105.83. Nifty was down 26.75 points at 7,955.15. The BSE Bankex and BSE Power index were up 0.32 per cent and 0.77 per cent, respectively.
1.18 pm: Investors on sidelines ahead of the near-month September derivatives contracts expiry on Thursday, as traders roll-over positions to the October 2015 series. Traders failed to get any sense of relief with Finance Minister Arun Jaitley’s statement that the government is confident of the new GST regime to roll out from the next fiscal and expressed confidence about an early resolution of pending disputes on direct taxes front. Sensex was down 36 points at 26,182.
12.38 pm: Infosys wiped off its initial losses and moved into green. The scrip was trading 0.10 per cent higher at Rs 1,105.85. Infosys opened at Rs 1,105 and had touched a high and low of Rs 1,108.80 and Rs 1,093, respectively, in trade so far. Sensex was down 95 points at 26,124.
12.16 pm: Traders were seen piling up position in capital goods, auto and realty, while selling was being seen in power, Oil & Gas, metal and FMCG.
12.07 pm: The BSE Midcap index and Smallcap index were trading 0.26 per cent and 0.81 per cent up at 10,674 and 10,891. However, Sensex was down 86.65 points, or 0.33 per cent, at 26,131.
11.58 am: Benchmark indices pared some of their early losses but continue to trade in red, down by over a quarter percent in afternoon session, due to profit-booking by investors after recent gains amid mixed Asian cues. Depreciation in the rupee too dampened sentiment. The rupee slipped from a one-month high by depreciating 8 paise to 65.75 against the US dollar at the Interbank Foreign Exchange in early trade on Monday on foreign funds outflows amid fresh demand for the American currency from importers. Investors failed to draw any sense of relief with the Finance Minister Arun Jaitley’s statement that India’s economic growth is expected to improve despite unfavourable global winds as the government continues with several reform programmes.
11.35 am: Sensex off day’s low, down 83.06 points at 26,135.85. Nifty down 16.25 points at 7,965.65. The BSE Bankex was up 0.50% during the same time.
10.59 am: Sensex down 104.02 points at 26,114.89. Nifty down 26.70 points at 7,955.20. Vivimed Labs stocks gained 3.5 per cent after the company told the Bombay Stock Exchange that its API manufacturing facility in Spain has made a favourable outcome post its USFDA inspection that was conducted during the second week of September and concluded on 18th of this month
10.42 am: Apart from profit-booking in recent gainers, brokers said, a mixed trend at other Asian markets mainly pushed the indices down. Sensex was down 124 points at 26,094.
10.16 am: Barring the BSE Auto index and BSE Consumer Durables index, rest all other sectoral indices on the Bombay Stock Exchange were trading in red. The BSE Metal index was down 0.75 per cent at 7,236.87. Sensex was down 153 points at 26,068.
9.50 am: The rupee slipped from a one-month high by depreciating 21 paise to 65.88 against the US dollar at the Interbank Foreign Exchange in early trade on Monday on foreign funds outflows amid fresh demand for the American currency from importers. The BSE IT index was down 0.22 per cent at 11,204.37. Sensex was down 176 points, or 0.67 per cent, at 26,042.71. Nifty was down 49.45 points at 7932.42.
9.20 am: Sensex was down 214 points at 26,004. Nifty was down 64 points at 7,917. In the 30-share index Hindalco, Tata Steel and ICICI Bank were trading 2.36 per cent, 1.77 per cent and 1.76 per cent down at Rs 74.35, Rs 223.70 and Rs 273.10.
Domestic equity markets opened lower on Monday tracking weak global cues. The BSE Sensex opened 110.93 points down at 26.107.98. NSE Nifty opened 70.40 point down at 7,911.50.
Asian shares tumbled on Monday after the US Federal Reserve’s decision to keep interest rates at record lows raised fresh concerns about growth globally.
France’s finance minister reaffirmed the country’s commitment to economic reforms on Friday after ratings agency Moody’s cut French bond ratings by a notch to Aa2, citing continued weakness in the country’s medium-term growth outlook.
Back home, Sensex and Nifty gained around 1 per cent on Friday.
(With inputs from agencies)