Share Market Today: Sensex Sinks1,272 Points; Nifty Ends Below 25,850. RIL Sheds 3%
Share market today: On the 30-share Sensex platform, Reliance, Axis Bank M&M, ICICI Bank, Nestle, TechM were among the prominent losers
Share market today: The two key equity benchmark indices, Sensex and Nifty, on Monday tanked sharply and fell over 1 per cent, led massive profit booking across sectors and amid rising geopolitical risks in the Middle East and weakness in Japan markets. The 30-share Sensex platform lost 1272 points to end at 84,299. The index hit an intra-day low of 84,257. On the other hand, the NSE Nifty50 slumped 368 points to 25,810.
Stock update
On the 30-share Sensex platform, Reliance, Axis Bank M&M, ICICI Bank, Nestle, TechM were among the prominent losers. On the flip side, JSW Steel, NTPC, Tata Steel, Asian Paints, and Titan emerged the only gainers.
In the broader market, the Nifty Midcap 100 and the Nifty Smallcap 100 dropping 0.38 per cent and 0.32 per cent, respectively.
The volatility index, India VIX, surged 6.89 per cent to 12.79 points.
Sectoral update
Sectorwise, except for metal and media, which both gained 1 per cent, all other sectoral indices closed in the red, with auto, banking, IT, telecom, pharma, and real estate falling by 1-2 per cent.
Notably, Media and Metal indices defied the trend, ending in the green with gains of 1.33 per cent and 1.12 per cent, respectively.
In the previous session on Friday, the BSE Sensex declined 264 points to 85,572, while the NSE Nifty50 closed at 26,179, down 37 points.
"Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services.
Global update
In Asian markets, Seoul and Tokyo settled with deep cuts, while Shanghai and Hong Kong ended sharply higher. Japan's benchmark Nikkei 225 index tanked nearly 5 per cent on Monday. The Shanghai Composite index surged 8 per cent amid fresh stimulus measures announcement. European markets were trading lower. The US markets ended on a mixed note on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,209.10 crore on Friday, according to exchange data.
Global oil benchmark Brent crude declined 0.19 per cent to $71.84 a barrel.
Rupee sheds 11 paise
Rupee depreciated 11 paise to settle at 83.80 (provisional) against the US dollar on Monday, taking cues from equity markets that saw a steep fall of over 1 per cent amid volatile crude oil prices and outflow of foreign funds.
However, a weak greenback against major currencies supported the local unit, forex traders said, while investors showed muted participation awaiting cues from domestic macroeconomic data to be released this week.
At the interbank foreign exchange, the local unit opened at 83.72 and hit the intra-day low of 83.81 against the greenback during the session. The unit finally settled at 83.80 (provisional) against dollar, registering a loss of 11 paise from its previous closing level. On Friday, the rupee fell 3 paise to settle at 83.69 against the American currency.
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