The S&P BSE Sensex index closed down points on Monday after shuttling in a narrow range of 35,722 and 35,518 with shares of India's second-largest private sector lender ICICI Bank emerging as the biggest gainers among all the listed components of the index.
The S&P BSE Sensex index closed down points on Monday after shuttling in a narrow range of 35,722 and 35,518 with shares of India’s second-largest private sector lender ICICI Bank emerging as the biggest gainers among all the listed components of the index. A huge volatility was seen in the domestic markets on Monday as India Vix, the valotility barometer on NSE, dropped 20.88% before closing up 2.4% at 12.36. All the sectoral indices of NSE settled in red on Monday barring Nifty Auto and Nifty Private Bank index. The benchmark Sensex closed down 73.88 points or 0.21% at 35,548.26 whereas the broader Nifty 50 concluded 17.85 points or 0.17% lower at 10,799.85 on Monday.
Five things to note out of Monday’s share market session
- Shares of ICICI Bank surged 4.11% to a day’s high of Rs 293.9 before ending up 3.61% at Rs 292.5 on BSE on Monday. The stock of ICICI Bank went higher after starting little up in the opening trades on news reports of CEO Chanda Kochhar going for an indefinite leave and bank’s board planning a senior management reshuffle. While, on the other hand, shares of Vedanta Ltd ended the day as the biggest losers among the deck of Sensex scrips on inclusion in Sensex following the removal of pharma major Dr Reddy’s. The stock of Vedanta lost 4.17% to hit a 52-week low of Rs 228.8 before closing down 2.7% at Rs 232.3 on BSE on Monday.
- Shares of the top oil retailers of India — Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) rallied up to 6% after Brent crude oil prices plunged below $73 per barrel to a 2-month low. IOC added 2.46% to Rs 174.0; HPCL gained 5.19% to Rs 322.1 and BPCL advanced 2.46% to Rs 2.46%.
- Foreign Portfolio Investors (FPIs) seemed to have in an exit mode as they have sold Rs 5,500 crore worth of equity and debt securities up until 15 June 2018. According to the data available with the depositories, FPIs have pulled out Rs 45,000 crore from equity and debt markets in the April and May 2018.
- Lower crude oil prices were seen as a boost for India’s stock market, as today only, crude oil price-sensitive stocks such as airlines and oil merchants ended higher today. The sentiments were still cautious as market participants will be awaiting upcoming clarity on the renewed trade war tensions between US and China. Earlier last week, US President Donald Trump imposed tariffs of 25% on $50 billion worth of Chinese imports to the United States, in return, China placed additional duties on many US goods including crude oil.
- Out of the total traded 2,796 stocks on BSE (Bombay Stock Exchange) on Monday, 934 scrips advanced, 1,709 stocks declined while 153 shares settled unchanged.