Sensex plunges over 600 points, Nifty slips below 7,250
Sell off in European stocks led to panic selling in the domestic markets
 "Sensex plunges over 600 points, Nifty slips below 7,250")
Bears continued to grip the markets, amid a sell off in global stocks, after sliding crude oil prices raised concerns over global growth.
At 2:40pm, the S&P BSE Sensex was down 616 points at 23,864 and Nifty50 was down 188 points at 7,247.
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(Updated at 2pm)
Bears continued to grip the markets, amid a sell off in global stocks, after sliding crude oil prices raised concerns over global growth.
At 2pm, the S&P BSE Sensex was down 513 points at 23,966 and the Nifty50 was down 156 points at 7,279.
Index heavyweights RIL and ITC were among the top losers along with bank shares.
________________
(Updated at 1:30pm)
Bear continue to rampage the markets in post noon trades as well tracking the global sell off in Asian markets as concerns about slowing growth in China has worried the investors worldwide. The persistent fall in the global crude oil prices has also unsettled the investors.
At 1:30pm, the S&P BSE Sensex was down 480 points at 24,000 and the Nifty50 was down 147 points at 7,287.
The Indian rupee has breached the crucial level of 68/dollar today, thus trading at 68.04- its lowest since September 2013. The precipitous drop in the value of rupee is attributed to high demand for the American currency from importers and banks as well as the weakness in the local equities.
Crude futures slumped again in Asian trade today, losing more than 2% as US oil dropped towards $27 a barrel, its lowest since 2003, on worries about supply glut that came after the warning from International Energy Agency, which warned that oil markets could "drown in oversupply" in 2016.
Meanwhile the Foreign Institutional Investors were the net sellers to the tune of Rs 858 crore as per provisional stock exchange data on Tuesday.
Bank Nifty has cracked nearly 3% or 411 points at 14,858.
The top losers on the Sensex are Adani Ports, BHEL, SBI, Coal India, and Reliance Industries, down between 3.5-5% each.
The gainers however are Bajaj Auto, Hero Motocorp, GAIL (india), Wipro, and Sun Pharma, up between 0.1-0.5% each.
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(updated 11:40 AM)
Markets continued to trade weak in late morning deals tracking a sell-off in Asian stocks after further decline in crude oil prices dampened investor sentiment.
At 11:40am, the S&P BSE Sensex was down 415 points at 24,065 and the Nifty50 was down 128 points at 7,307.
In the broader market, the BSE Midcap and Smallcap indices were down 1.5%-1.6% each. Market breadth was negative with 1,832 losers and 431 gainers on the BSE.
Meanwhile, the Indian rupee touched a 28-month low of 68 to the dollar in intra-day trade today because of high demand for the American currency from importers and banks tracking weakness in domestic equities.
SECTORS & STOCKS
All sectoral indices were in the red. The BSE Metal index was the top loser down nearly 3% tracking weakness in China followed by Bankex, Capital Goods, Power and Realty indices among others.
Of the 30 Sensex stocks only Wipro and Hero MotoCorp were trading with marginal gains.
Index heavweight Reliance Industries which had gained in the run-up to its third quarter earnings witnessed profit taking despite robust third quarter earnings. The stock was down 2.5% contributing the most to the market decline.
Banks which are a proxy to the economy continued to witness selling pressure. ICICI Bank, HDFC Bank and SBI were down 1.8%-3.2% each. Axis Bank was down nearly 3% ahead of its results later today.
L&T was down 3%. The company today announced that the heavy civil infrastructure business along with its joint venture partner, Daewoo E&C of South Korea, has won a major order worth Rs 3,115 crore from the Bihar State Road Development Corporation.
Other Sensex losers include, Tata Motors, Adani Ports, HUL and ITC among others.
Among other shares, Aditya Birla Nuvo was trading at Rs 974 on the National Stock Exchange (NSE) after the stock turned today ex-scheme of arrangement today. In May last year, Aditya Birla Nuvo announced merger of all its branded apparel businesses into one entity, Pantaloons Fashion & Retail now known as Aditya Birla Fashion and Retail. Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo (ABNL) and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail (PFRL).
At 2:40pm, the S&P BSE Sensex was down 616 points at 23,864 and Nifty50 was down 188 points at 7,247.
_______________________
(Updated at 2pm)
Bears continued to grip the markets, amid a sell off in global stocks, after sliding crude oil prices raised concerns over global growth.
At 2pm, the S&P BSE Sensex was down 513 points at 23,966 and the Nifty50 was down 156 points at 7,279.
Index heavyweights RIL and ITC were among the top losers along with bank shares.
________________
(Updated at 1:30pm)
Bear continue to rampage the markets in post noon trades as well tracking the global sell off in Asian markets as concerns about slowing growth in China has worried the investors worldwide. The persistent fall in the global crude oil prices has also unsettled the investors.
At 1:30pm, the S&P BSE Sensex was down 480 points at 24,000 and the Nifty50 was down 147 points at 7,287.
The Indian rupee has breached the crucial level of 68/dollar today, thus trading at 68.04- its lowest since September 2013. The precipitous drop in the value of rupee is attributed to high demand for the American currency from importers and banks as well as the weakness in the local equities.
Crude futures slumped again in Asian trade today, losing more than 2% as US oil dropped towards $27 a barrel, its lowest since 2003, on worries about supply glut that came after the warning from International Energy Agency, which warned that oil markets could "drown in oversupply" in 2016.
Meanwhile the Foreign Institutional Investors were the net sellers to the tune of Rs 858 crore as per provisional stock exchange data on Tuesday.
Bank Nifty has cracked nearly 3% or 411 points at 14,858.
The top losers on the Sensex are Adani Ports, BHEL, SBI, Coal India, and Reliance Industries, down between 3.5-5% each.
The gainers however are Bajaj Auto, Hero Motocorp, GAIL (india), Wipro, and Sun Pharma, up between 0.1-0.5% each.
-----------------------------------
(updated 11:40 AM)
Markets continued to trade weak in late morning deals tracking a sell-off in Asian stocks after further decline in crude oil prices dampened investor sentiment.
At 11:40am, the S&P BSE Sensex was down 415 points at 24,065 and the Nifty50 was down 128 points at 7,307.
In the broader market, the BSE Midcap and Smallcap indices were down 1.5%-1.6% each. Market breadth was negative with 1,832 losers and 431 gainers on the BSE.
Meanwhile, the Indian rupee touched a 28-month low of 68 to the dollar in intra-day trade today because of high demand for the American currency from importers and banks tracking weakness in domestic equities.
SECTORS & STOCKS
All sectoral indices were in the red. The BSE Metal index was the top loser down nearly 3% tracking weakness in China followed by Bankex, Capital Goods, Power and Realty indices among others.
Of the 30 Sensex stocks only Wipro and Hero MotoCorp were trading with marginal gains.
Index heavweight Reliance Industries which had gained in the run-up to its third quarter earnings witnessed profit taking despite robust third quarter earnings. The stock was down 2.5% contributing the most to the market decline.
Banks which are a proxy to the economy continued to witness selling pressure. ICICI Bank, HDFC Bank and SBI were down 1.8%-3.2% each. Axis Bank was down nearly 3% ahead of its results later today.
L&T was down 3%. The company today announced that the heavy civil infrastructure business along with its joint venture partner, Daewoo E&C of South Korea, has won a major order worth Rs 3,115 crore from the Bihar State Road Development Corporation.
Other Sensex losers include, Tata Motors, Adani Ports, HUL and ITC among others.
Among other shares, Aditya Birla Nuvo was trading at Rs 974 on the National Stock Exchange (NSE) after the stock turned today ex-scheme of arrangement today. In May last year, Aditya Birla Nuvo announced merger of all its branded apparel businesses into one entity, Pantaloons Fashion & Retail now known as Aditya Birla Fashion and Retail. Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo (ABNL) and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail (PFRL).
GLOBAL MARKETS
Asian stocks retreated after gaining in the previous session as further slide in global crude oil prices weighed on investor sentiment. US crude futures fell below $28 per barrel while Brent crude was trading below $29 a barrel.Chinese stocks which had surged over 3% in the previous session was trading with marginal losses. Among other markets in the region, Nikkei was down 2.2%, Hang Seng eased 3% while Straits Times was down nearly 2%.
___________________ (Updated at 10:35am)
Markets continue to witness a dismal trading session with broad-based selling across the counters disappointing note as steep decline in the Asian equities after crude oil fell to its lowest since September 2003 continues to spook the investors.
At 10:35 am, the S&P BSE Sensex has lost 417 points to trade at 24,063 and the Nifty50 has dropped 130 points to quote at 7,305. Meanhwile, the broader markets have also cracked in-line with the largecaps with BSE Midcap and Smallcap indices losing between 1.5%-1.8% each. The market breadth is dismal with 1,641 stocks declining versus 213 stocks advancing.
Markets continue to witness a dismal trading session with broad-based selling across the counters disappointing note as steep decline in the Asian equities after crude oil fell to its lowest since September 2003 continues to spook the investors.
At 10:35 am, the S&P BSE Sensex has lost 417 points to trade at 24,063 and the Nifty50 has dropped 130 points to quote at 7,305. Meanhwile, the broader markets have also cracked in-line with the largecaps with BSE Midcap and Smallcap indices losing between 1.5%-1.8% each. The market breadth is dismal with 1,641 stocks declining versus 213 stocks advancing.
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Further at 9:15 am, the rupee is quoting at 67.91 against the US dollar down 27 paise on continuous institutional investment outflows coupled with concerns in the Asian currencies which further dented the sentiments.
GLOBAL MARKETS
Asian stocks retreated after gaining in the previous session as further slide in global crude oil prices weighed on investor sentiment. US crude futures fell below $28 per barrel while Brent crude was trading below $29 a barrel.Chinese stocks which had surged over 3% in the previous session was trading with marginal losses. Among other markets in the region, Nikkei was down 2.2%, Hang Seng eased 3% while Straits Times was down nearly 2%.
US stocks ended flat paring intra-day gains on worries that falling crude oil prices would hurt profits of crude oil explorers. The Dow Jones industrial average ended up 0.2% at 16,016, the broader S&P 500 ended flat at 1,881 and the Nasdaq ended down 0.3% at 4,477.
KEY STOCKS
All 30 stocks in the Sensex pack are trading in red with Adani Ports, ONGC, Tata Steel and Axis Bank leading the decline down between 3%-4%.
Reliance Industries which shot up in the past few trading sessions is facing profit booking and has lost 2.5%. The company posted a 38.7% increase in its consolidated net profit at Rs 7,290 crore for the third quarter of this financial year. Net profit for the same quarter last year stood at Rs 5,256 crore. Meanwhile, oil exploration major ONGC has cracked over 3% after crude oil prices hit multi-year lows.
Commodity-linked stocks also faced the pressure with the metal space cracking in today’s trade. Tata Steel, Vedanta and Hindalco, SAIL, JSW Steel have lost up to 4%.
Private lender Axis Bank is trading 3% lower on caution ahead of the quarterly results due today. The other stocks in the financial basket are also trading with losses with ICICI Bank, HDFC twins and SBI losing up to 3%.
Zensar Technologies cracked 11% after the company's third-quarter revenue contracted 1.4% sequentially, and revenue contribution from its top ten clients dropped in the seasonally weak period.
BASF has dipped 7% to Rs 782 also its 52-week low on the NSE, after the specialty chemicals reported a net loss of Rs 106 crore for the third quarter ended December 2015 (Q3FY16) as against loss of Rs 40 crore in the same quarter last year.
BASF has dipped 7% to Rs 782 also its 52-week low on the NSE, after the specialty chemicals reported a net loss of Rs 106 crore for the third quarter ended December 2015 (Q3FY16) as against loss of Rs 40 crore in the same quarter last year.