Sensex live today: BJP win in Northeast fails to lift spirits; index dips 250 points
Sensex live today: The benchmark indices extended losses for the fourth straight session on Monday, tracking negative trend in Asian markets, which hovered near 2-1/2 week lows as investors worried a US-led trade war could derail economic momentum around the world. The losses came even as Bharatiya Janata Party (BJP)'s strong showing in three states of Northeast was expected to turn the investor sentiment positive. The party has a clear majority in Tripura with 40 seats and in Nagaland, NDPP and the BJP combine won 30 seats in the 60-member Assembly, while Meghalaya polls threw a hung verdict. Meanwhile, the second leg of the Budget Session of Parliament will convene later today.
Overseas, Asian shares remained subdued. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat near the lowest since mid-February. Japan’s Nikkei slipped 0.2 per cent while South Korea’s KOSPI was flat and Australian shares declined 0.3 per cent. US stock futures did not inspire much confidence, with S&P E-Minis down 0.1 percent.
News over the weekend suggested that US president Donald Trump was going ahead with his threat, while there was no indication that allies would be excluded from the tariffs planned on imported steel and aluminum.
Canada and Mexico have threatened retaliation, and the European Union said it would apply 25 per cent tariffs on about $3.5 billion of imports from the United States if Trump carried out his threat.
Trump says the tariffs are needed to protect domestic industries against unfair competition from China and elsewhere.
On Thursday, the Sensex and Nifty closed lower for the third consecutive session tracking negative trend in global markets even as country's GDP growth rose to a five-quarter high of 7.2 per cent for the December quarter. The Sensex slipped 137 points to 34,046 level, while Nifty closed 34 points lower at 10,458 points.
Sensex live today: The benchmark indices extended losses for the fourth straight session on Monday, tracking negative trend in Asian markets, which hovered near 2-1/2 week lows as investors worried a US-led trade war could derail economic momentum around the world. The losses came even as Bharatiya Janata Party (BJP)'s strong showing in three states of Northeast was expected to turn the investor sentiment positive. The party has a clear majority in Tripura with 40 seats and in Nagaland, NDPP and the BJP combine won 30 seats in the 60-member Assembly, while Meghalaya polls threw a hung verdict. Meanwhile, the second leg of the Budget Session of Parliament will convene later today.
Overseas, Asian shares remained subdued. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat near the lowest since mid-February. Japan’s Nikkei slipped 0.2 per cent while South Korea’s KOSPI was flat and Australian shares declined 0.3 per cent. US stock futures did not inspire much confidence, with S&P E-Minis down 0.1 percent.
News over the weekend suggested that US president Donald Trump was going ahead with his threat, while there was no indication that allies would be excluded from the tariffs planned on imported steel and aluminum.
Canada and Mexico have threatened retaliation, and the European Union said it would apply 25 per cent tariffs on about $3.5 billion of imports from the United States if Trump carried out his threat.
Trump says the tariffs are needed to protect domestic industries against unfair competition from China and elsewhere.
On Thursday, the Sensex and Nifty closed lower for the third consecutive session tracking negative trend in global markets even as country's GDP growth rose to a five-quarter high of 7.2 per cent for the December quarter. The Sensex slipped 137 points to 34,046 level, while Nifty closed 34 points lower at 10,458 points.
Latest Updates
Nifty Metal top loser
Nifty Metal (down 2.7 per cent) was the leading sectoral loser, led by losses in JSW Steel, Jindal Steel, Jindal Stainless (Hisar) and SAIL, which fell over 4 per cent each on the NSE.
Index gainers/losers
YES Bank (down 2.5 per cent), Tata Steel (down 2.3 per cent), Tata Motors (down 2.3 per cent) and Coal India (down 1.7 per cent) were the top losers on the Sensex, while, Adani Ports, TCS and Infosys were the top gainers, but gained marginally
Market breadth remain negative
Market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,194 stocks slipped, 597 stocks gained, while 82 stocks remained unchanged.
Broader markets
In the broder market, the BSE Midcap and the BSE Smallcap indices dipped 0.6 per cent and 0.5 per cent, respectively.
Nifty slips below 10,400
At 9:25 am, the Sensex was trading at 33,845, down 201.46 points, while the broader Nifty50 was ruling at 10,386, down 72.30 points.
Rupee at open
Rupee appreciated by 12 paise to 65.05 versus dollar at open. Currently, the domestic currency is trading 20 paise higher vs dollar at 64.97.
Indian currency market was closed on Friday for a public holiday. Rupee closed at 65.17 on Thursday.
Pre-open trade
The Sensex was trading at 34,109, up 62.07 points, while the broader Nifty50 was ruling at 10,472, up 14.10 points at pre-open trade.
Stocks in news
- Fortis Healthcare: Gets notice from India’s Serious Fraud Investigation Office.
- Info Edge: Invests Rs 64m rupees in Agstack Technologies
- Laurus Labs: Gets US FDA approval for TDF tablets
- Lupin: Novartis’s patent for Pazeo is upheld in case against Lupin
- Wipro: To buy minority stake in Denim Group.
Angel Broking on Nifty
For this week, we are keeping a close eye on the 10,400 mark as we now can see an ‘Upward sloping Trend Line’ converging around this point. A sustainable breach below this crucial support would result into a sharp correction towards 10,300 followed by 10,140. With a near term view, we continue to remain cautious on the market but ideally we would be convinced to go short only after seeing few days of more such time-correction or a relief rally to retest the higher range of 10,640.
FPI outflow hits 5-month high of Rs 11,000-cr in Feb
Foreign investors pulled out over Rs 11,000 crore from Indian stocks in February, making it the largest outflow in five months, primarily due to better opportunities in other emerging markets. This is against the total inflow of Rs 13,781 crore by foreign portfolio investors (FPIs) in the Indian equity markets in January.
"FPIs have pulled out of the Indian markets as they seem to be favouring other emerging markets like Brazil. Besides, global cues could be another reason for the outflow," NSE Managing Director and CEO Vikram Limaye said. According to the latest data available with the depositories, the FPIs withdrew a net amount of Rs 11,037 crore from equities last month.
Five of top-10 companies lose Rs 26,641 crore in market capitalisation
Five of the 10 most valued Indian companies saw a combined erosion of Rs 26,641.48 crore in market valuation last week, with the country's largest lender State Bank of India (SBI) taking the steepest hit. The other firms which witnessed a decline in their market capitalisation (m-cap) for the week ended Thursday were TCS, ITC, ONGC and HDFC Bank.
On the other hand, RIL, Maruti Suzuki, HDFC, Infosys and HUL finished the week with gains. The m-cap of SBI dived by Rs 11,696.44 crore to Rs 2,26,634.57 crore. The valuation of TCS plunged Rs 7,618.87 crore to Rs 5,81,388.28 crore and that of ITC tanked Rs 6,535.69 crore to Rs 3,21,521.62 crore.
Sensex and Nifty closed lower for the third consecutive session on Thursday tracking negative trend in global markets even as country's GDP growth rose to a five-quarter high of 7.2 per cent for the December quarter. The Sensex slipped 137 points to 34,046 level, while Nifty closed 34 points lower at 10,458 points.
Markets were closed on Friday due to a public holiday.
Asian shares were on the backfoot and the safe-haven yen rose on Monday amid fears of a global trade war, while the euro was choppy as investors worried Italy’s national elections could deliver an anti-establishment government.
Italian voters delivered a hung parliament on Sunday, flocking to anti-establishment and far-right parties in record numbers and casting the euro zone’s third-largest economy into a political gridlock that could take months to clear.
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