The BSE Sensex and NSE Nifty fell 189.04 points and 41.25 points at 27,878.27 and 8,477.30, respectively, on Monday following fall in country’s exports and continued depreciation in rupee.
In the 30-share Sensex pack, Cipla, Hindalco and ONGC slid 5.12 per cent, 2.63 per cent and 2.37 per cent, respectively. On the other hand, Tata Steel (up 3.99 per cent) and State Bank of India (up 3.95 per cent) stood top gainers in the pack.
Barring the BSE Metal index (up 1.3 per cent), BSE Conusmer Durables index (up 1.09 per cent) and BSE Bankex (up 0.51 per cent), rest all other sectoral indices on the Bombay Stock Exchange ended in red. The BSE Realty index and BSE Capital Goods index tanked 1.28 per cent and 0.99 per cent to 1,410.76 and 17,777.43, respectively.
Alex Mathews, head research, Geojit BNP Paribas Financial Services, said, “After a positive opening, the domestic markets gave up all its gains of the back of weak rupee and concerns of monsoon deficit, which has widened to 10 per cent this season.”
Gaurav Jain, director, Hem Securities, said, “Continued depreciation of rupee and subdued corporate earnings for the quarter ended June 2015 weighed on the investors sentiments.”
Share price of Bank of Baroda surged 15.15 per cent to Rs 212.40 on Monday after a foreign and domestic brokerage houses upgraded its ratings on the stock to overweight from underweight. Citi remained positive on state-run banks and sees Bank of Baroda as the biggest beneficiary while Motilal Oswal upgraded Bank of Baroda to “buy” from “neutral”.
Among day’s major market moving events, rupee hit two year lows of 65.34 against dollar in Monday’s trade intraday.
Hiren Dhakan, associate fund manager, Bonanza Portfolio, said, “The fall came as a surprise to market players after the rupee had strengthened on Friday and had thus stopped the losing streak.”
Shares of Birla Corporation were seen in action after the company announced that it is going to acquire Jojobera and Sonadih cement from Lafarge India for a value of Rs 5,000 crores. The stock has shot up 20 per cent intraday after the news amidst high volumes.
On the other hand shares of Punj Lloyd and Amtek Auto corrected in the day after weak Q1 performance numbers. Punj Lloyd corrected by around 12 per cent after it declared a net loss of Rs 597.84 crore against loss of Rs 363.92 crore in same quarter previous fiscal. Similarly, Amtek Auto corrected by 11 per cent after the company reported a widening of net loss to Rs 157.76 crore in the Q1 FY2016.
On the global front, Asian shares posted mixed bag of performance. While Nikkei 225 and Shanghai closed gained 0.49 per cent and 0.71 per cent, respectively while Hang Seng slid 0.74 per cent on Monday.
Markets through the day
3.23 pm: The BSE Midcap index was up 33.87 points or 0.30 per cent at 11,487. The BSE Smallcap index was up 26.17 points or 0.22 per cent at 11,790. The BSE Sensex was trading 201 points down at 27,868.
3.02 pm: Among the sectoral indices on the Bombay Stock Exchange, the BSE Metal index, BSE Consumer Durables index and BSE Bankex were up 1.13 per cent, 1.25 per cent and 0.70 per cent, respectively.
2.27 pm: Nitin Fire Protection Industries shares surged over 8 per cent on Monday in the afternoon trading session on reports that film star Amitabh Bachchan bought 0.51 per cent stake in the company through a bulk deal on NSE on Friday (August 14). The BSE Sensex was down 191 points at 27,875.
1.06 pm: HDFC was down 0.83 per cent to Rs 1,289 on BSE after the company agreed to sell 9 per cent stake in HDFC Standard Life Insurance Company to Standard Life (Mauritius Holdings) 2006 at Rs 95 per share. Nifty was down 0.23 per cent at 8,499.
12.14 pm: Shares of Birla Corporation jumped around 15 per cent in the noon trade on Monday after the company announced it has agreed to a transaction with Lafarge India, whereby Birla Corp, either directly or through its wholly owned subsidiary, shall acquire both the Jojobera and Sonadih cement businesses (Acquisition Business) from Lafarge India for an enterprise value of Rs 5,000 crore.
11.35 am: The BSE Sensex was down 265 points at 27,802.
10.37 am: Brokers said apart from profit-taking in recent gainers and a mixed trend at other Asian markets, India’s exports contracted for the eighth straight month by 10.3 per cent in July to US $23.13 billion, pushing the trade deficit to US $12.81 billion, dampened sentiments. The BSE Sensex was down 0.99 per cent at 27,788.
10.00 am: The BSE Sensex and NSE Nifty were down 253 points and 60.10 points at 27,798 and 8,458, respectively.
9.37 am: Tata Motors declined around 2 per cent after reporting weak global wholesales in July 2015.
9.36 am: Sensex was down over 301.55 points at 27,765.76. Similarly, Nifty was down 76.65 points at 8,441.90 during the same time.
9.33 am: Shares of public sector oil marketing companies (PSU OMCs) rose after reduction in petrol and diesel prices with effect from 15 August 2015. IOC, BPCL and HPCL were up 0.89 per cent, 0.71 per cent and 1.10, respectively.
The BSE Sensex and NSE Nifty opened 26.23 points and 11.95 points higher at 28,093.54 and 8,530.50, respectively, on Monday.
At 9.26 am, the BSE Sensex and NSE Nifty were down 277 points and 70.80 points at 27790 and 8449, respectively.
Share price of State Bank of India, Punjab National Bank and Bank of Baroda were up 1.68 per cent, 3.61 per cent and 10.52 per cent, respectively, in the opening trade.
(With inputs from Reuters)