Share Market Today: Sensex Slips 755 Points; Nifty Below 26K. RIL Drops 2%
Share Market Today: On the 30-share Sensex platform, Reliance, Axis Bank, TechM, ICICI Bank, M&M, IndusInd Bank are among the losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday plunged sharply amid foreign fund outflows, mainly due to weak Asian cues. Japan's Nikkei index about 5 per cent. At 10.25 am, the BSE Sensex slumped 755 points to 84,815. On the other hand, the NSE Nifty50 was trading at 25,962, declining 217 points.
Stock update
On the 30-share Sensex platform, Reliance, Axis Bank, TechM, ICICI Bank, M&M, IndusInd Bank are among the losers. On the flip side, JSW Steel, Tata Steel, Titan, Asian Paints, HUL, HCLTech emerged early gainers.
In the broader markets, the BSE Smallcap down 0.46 per cent while the BSE Midcap fell 0.43 per cent.
Sectoral update
Sectorally, the Nifty Metal index led the gains across sectors, rising by 1.41 per cent, followed by Consumer Durables and Oil & Gas. On the flip side, Nifty Realty was the biggest laggard, slipping 1.12 per cent, with IT and Auto sectors also down by 0.95 per cent and 0.80 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.
"Market is likely to move into a consolidation phase in the near-term. One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 per cent in September. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, and Tokyo were trading lower, while Shanghai and Hong Kong traded in the positive territory. Japan's benchmark Nikkei 225 index tanked nearly 5 per cent early on Monday. 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 climbed 0.71 per cent to $72.49 a barrel.
Rupee falls 6 paise
Rupee depreciated 6 paise to 83.75 against the US dollar in early trade on Monday amid negative equity market sentiment and outflow of foreign funds. Forex traders said an upward movement in crude oil prices and a strong greenback against major overseas rivals due to its increased demand from importers at the month end put pressure on the local unit.
At the interbank foreign exchange, the local unit opened at 83.72 and slipped further to 83.75 against the American currency, registering a loss of 6 paise from its previous close. On Friday, the rupee fell 3 paise to settle at 83.69 against the American currency.
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