Mumbai: With rupee breaching the 52/ $ mark, the stock market sentiment has been bruised further. The 30-share BSE Sensex fell 387 points to below 16000 at 15984.42 and the 50-share NSE Nifty crashed 118 points to 4,788. Global environment, which has been the key reason for Monday's capitulation, has shown no signs of reversing the trend. France's CAC, Germany's DAX and Britain's FTSE tumbled 2-3 per cent while the Dow Jones futures lost 138 points.
Not a single sector was in the green; the BSE Metal Index plunged 3.5 per cent. Bank, Realty, Auto, Power and Oil & Gas indices tanked 2.6-3 per cent. Capital Goods, IT, Pharma and FMCG lost 1-2 per cent.
Tata Motors, BHEL, ICICI Bank and Sterlite Industries were down 4.55 per cent each. Reliance Industries, HDFC Bank, Infosys, TCS, SBI, ONGC, Bharti and Tata Steel dropped 2-3 per cent. However, Maruti and Sun Pharma were only gainers.
The broader indices extended losses too; the BSE Midcap and Smallcap fell 1.7 per cent each. Even the market breadth weakened; about three shares declined for every share rising on the National Stock Exchange.
At 14:18 hours IST : Sensex crashes 350 pts, Nifty touches 4800 as Europe falls
Indian equity benchmark Sensex has not seen any recovery since morning; in fact it slipped further following a fall of 1.5-2 per cent in the European markets. The Dow Jones futures too lost 152 points. The 30-share BSE Sensex touched the one-and-half months low on Monday; falling 382 points to 15996.16 and the 50-share NSE Nifty tumbled 117 points to 4788.90.
In the last weekend, British PM David Cameron and German Chancellor Angela Merkel failed to narrow differences over the introduction of a financial transaction tax in Europe. However, in the US - there were talks that US lawmakers will fail to reach an agreement to cut the budget deficit.
The Indian rupee too depreciated further crossing 52 to the dollar (lost 54 paise) and 69.83 to an euro (fell 65 paise), which resulted huge outflow of money. The last time the Indian rupee hit an all time low at 52.18 per dollar was on March 3, 2009. S&P CNX Defty tanked over 3 per cent.
Heavyweights Reliance Industries, ICICI Bank and BHEL lost 3 per cent, 3.6 and 4.5 per cent, respectively.
HDFC Bank, TCS and NTPC among other largecaps tumbled over 2 per cent. Tata Motors, Bajaj Auto and Sterlite Industries were down 3-3.7 per cent.
Infosys, HDFC, SBI, ITC, ONGC, Bharti Airtel and L&T declined 1-1.8 per cent. However, Maruti and Coal India bucked the trend, gaining 1 per cent and 0.65 per cent, respectively.
The market breadth worsened further; about two shares slipped for every share rising on the National Stock Exchange.
At 12:46 hours IST : Nifty below 4850; SBI, RIL, L&T, Tata Motors most active
The market has been falling for the eighth consecutive session on Monday due to European jitters, depreciating rupee and now the US debt problem. The 30-share BSE Sensex dropped 201 points to 16,170.10 and the 50-shares NSE Nifty lost 60 points to 4,845.65 led by sell-off in oil & gas, banks, metals, capital goods and technology stocks.
Ajay Srivastava, CEO, Dimensions Consulting, in an interview with CNBC-TV18, said there could be further downside for our market going forward as global headwinds remain strong.
SAIL, BHEL, HCL Tech, Ranbaxy Labs, Bajaj Auto, NTPC, Tata Motors and Sterlite Industries were biggest losers among largecaps, falling 2-3.5 per cent.
However, Maruti Suzuki outperformed other frontrunners, rising 2 per cent. Jaiprakash Associates, Coal India, DLF and Reliance Infrastructure gained 0.5-1 per cent.
SBI, Reliance Industries, L&T, Pipavav Defence, Tata Motors and Bharti Airtel were most active shares on exchanges.
Midcaps like Peninsula Land, Amtek Auto, S Kumars Nationwide, MVL and Pipavav Defence rallied 4-6 per cent while Kwality Dairy, Hindustan National Glass, Sterling Tools, Pantaloon Retail and VIP Industries dropped 5-10 per cent.
Declining outnumbered advancing ones by 805 to 463 on the National Stock Exchange.
At 11:30 hours IST : Sensex drops over 200 pts; BHEL hits 52-week low
The 30-share BSE benchmark Sensex extended losses led by heavy fall in heavyweights like Reliance Industries and BHEL (hit a 52-week low of 265.20); respective stocks dropped 3-3.5 per cent each. Asian markets too slipped further; Hang Seng was down 2 per cent and Taiwan tanked 2.6 per cent. Shanghai and Straits Times fell 0.7 per cent each; and Kosp lost 1 per cent. The Sensex dived 214 points to 16,157.82 and the Nifty fell 64 points to 4,842.15.
Fund Manager at Helios Capital Samir Arora is critical on the government and RBI’s policy on the Indian rupee. He finds that the market movement is affected due to poor macros projected by them. “In these volatile times we need a comforting voice on the currency,” he says adding that the fundamentals are not determining the currency anymore. A retest of the 4,700 level could happen.
Tata Motors and Bajaj Auto crashed 3 per cent each. In the banking and financial space, HDFC, HDFC Bank, ICICI Bank and SBI (has touched more than two-year low of Rs 1690.1) dropped 1.4-2 per cent.
L&T, which was trying to support the market in early trade, too slipped nearly 1 per cent. Among other largecaps, ITC, TCS, Bharti Airtel, Tata Steel and Sterlite were down 1-1.7 per cent.
However, Maruti Suzuki, M&M, Sun Pharma, JP Associates, Cipla and Coal India were only gainers.
The Indian rupee was trading at 51.68 to the dollar (fell 35 paise) and 69.87 to the euro (lost 68 paise).
At 10:30 hours IST : Nifty loses 1 per cent; banks, tech, metals stocks down
Indian equity benchmark Nifty fell nearly a percent led by further depreciation in the rupee. The sell-off in banks, telecom, technology and power stocks has weighed on the market; heavyweight Reliance Industries was the leading loser since the opening, falling 2.4 per cent. The BSE Sensex fell 147 points to 16,224.51 and the NSE Nifty plummeted 44.75 points to 4,861.05.
Asian markets were continued to reel under selling pressure on account of ongoing eurozone and US debt worries. Hang Seng lost 1.8 per cent and Taiwan tanked 2.2 per cent. Straits Times and Kospi were down 0.7-1 per cent. Nikkei and Shanghai were marginally lower.
The Indian rupee fell 37 paise to 51.70 a dollar today as against Friday's closing level.
Subramaniam Sharma of Greenback Forex Services feels that the rupee is likely to remain under pressure on the back of continued demand from importers, oil marketing companies and weak Asian equities. "Demand from corporates for redemption of FCCBs to the tune of about Rs 5 billion over the next couple of weeks will also add to the rupee woes," he said.
TCS, ITC, HDFC Bank, SBI, Bharti Airtel, NTPC and BHEL slipped between 1 per cent and 2 per cent. Tata Motors and Bajaj Auto were down 2.7 per cent and 2.3 per cent, respectively.
Metal stocks like Tata Steel, Hindalco, Sterlite and Jindal Steel too melted down - dropped 1-1.7 per cent.
However, L&T, Maruti, Coal India and JP Associates outperformed other frontliners, rising 1-1.9 per cent.
In the midcap space, Peninsula Land, S Kumars Nation, Aurobindo Pharma, Sintex Industries and PTC India gained 3-6 per cent while Kwality Dairy, Shree Global, Vaarad Ventures, India Securities and Puravankara Projects tumbled 4-10 per cent.
The market breadth was weak; about 466 shares gained as against 711 shares declined on the National Stock Exchange.
At 9:20 hours IST : Sensex sinks 100 pts on opening; RIL, Bharti draggers
The BSE benchmark Sensex fell over 100 points in the opening trade, tracking weak global cues. The eurozone remained crisis-prone as British PM David Cameron and German Chancellor Angela Merkel failed to narrow down differences over the introduction of a financial transaction tax in Europe last weekend. The ripples of the crisis was felt on Asian markets.
The 30-share BSE Sensex dropped 158 points to 16,213.69 in the opening trade while the 50-share NSE Nifty lost 50 points to 4,856.05.
The Indian rupee depreciated to 51.48 a dollar in the morning trade, losing 0.3 per cent as compared to Friday's rate of 51.33/$.
Heavyweights Bharti Airtel (on 2G scam news) and Reliance Industries were down 2 per cent each.
Sterlite, Hindalco, ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, IDFC, JSPL, Tata Motors, HCL Tech, Reliance Communications, Reliance Infra, DLF, ITC and M&M were knocked the market 1 per cent lower in early trade.
However, BPCL, ONGC and Cipla were witnessing buying interest.
The CNX Midcap fell 30 points to 6,609. The market breadth has remained in favour of declines; about three shares fell for every share rising.
PFC and Shree Renuka and Kingfisher up 1-2 per cent. Pipavav Defence rose 3.5 per cent.
Parsvnath was up 0.7 per cent on short covering; stock fell 20 per cent last Friday.
Gitanjali Gems tumbled 3 per cent as the stock will go out of F&O from November 25.
Punj Lloyd, IVRCL, GTL, Patni, JSW Steel, S Kumars and IFCI crashed 3-4 per cent.
Global cues
European markets ended off day's low on Friday, but disagreement amid top political leader’s continued.
The US equity markets ended flat ahead of talks that US lawmakers will fail to reach an agreement to cut the budget deficit.
The Dow Jones Industrial Average ended up 25 points at 11,794 on Friday; it was down 3 per cent for week while gained 2 per cent YTD.
The NASDAQ Composite was down 15 points at 2,571; it was down 4 per cent for week and down 3 per cent YTD.
The S&P 500 Index fell 0.5 points at 1,215; it was down 3.8 per cent for week and down 3.3 per cent YTD.
Europe
British PM David Cameron and German Chancellor Angela Merkel failed to narrow differences over the introduction of a financial transaction tax in Europe.
Reports suggest that ECB is considering lending money to the IMF to be used for bailing out euro zone countries.
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