Mumbai: The BSE benchmark dropped for the second consecutive session on Tuesday, losing more than 200 points mirroring downtrend in European markets. Investors remain worried over the new EU deal, especially after the Greek prime minister raised concerns over it on Monday. The 30-share BSE Sensex fell 224.18 points or 1.27 per cent to close at 17,480.83 led by sell-off in almost all sectors. The 50-share NSE Nifty slipped 68.65 points or 1.29 per cent, to end at 5,257.95.
European markets saw drastic fall in Tuesday's trade after the Greek prime minister sought an unexpected referendum on the new EU aid deal. France's CAC and Germany's DAX plunged over 3.5 per cent. Britain's FTSE lost over 2 per cent.
The Greek prime minister said he needed wider political support for the fiscal measures and structural reforms required by international lenders, reviving concerns the country will default on its debt, which in turn will threaten bank earnings.
John Woods, managing director and chief investment strategist, Citi Private Bank speaking to CNBC-TV18 said that if Greek electorate reject the deal offered to them then it would have a negative impact on global risk markets including those in Asia.
Among others, Athex Composite tumbled 6 per cent. IBEX Spain, Irish Overall Index and Portugal tanked over 3.5 per cent. FTSE MIB Italy dropped 4.6 per cent per cent.
On the home turf, about 23 shares out of Sensex 30 closed in the red. ICICI Bank was the biggest loser, falling nearly 4 per cent.
Heavyweights Reliance Industries, ITC, Infosys and L&T lost between 1.3 per cent and 2.3 per cent. HDFC, HDFC Bank, NTPC and TCS fell 0.6-1.5 per cent.
Auto stocks lost the ground post monthly sales numbers. Tata Motors and M&M tumbled 2.5-3.4 per cent. Bajaj Auto and Hero Motocorp declined 1 per cent each while Maruti Suzuki gained 0.44 per cent.
In the metal space, Sterlite Industries and Tata Steel went down 2-3 per cent.
However, HUL saw a new life high of Rs 393.20 today, before closing at Rs 388.45 (up 3.52 per cent). Investors turned bullish on the stock after stellar performance in Q2 on Monday.
Bharti Airtel, Wipro, Tata Power, BHEL and Sun Pharma moved up 0.5-1.8 per cent.
PNB gained nearly 4 per cent post better-than-expected numbers in Q2. Its net profit jumped 12 per cent to Rs 1,205 crore and net interest income increased 16 per cent to Rs 3,453 crore while CNBC-TV18 poll saw net interest income at Rs 3,205 crore and net profit at Rs 1,148 crore.
About two shares declined for every share rising on National Stock Exchange. Total traded turnover was more than Rs 1.05 lakh crore.At 15:09 hours IST : Nifty falls 70 points; HUL at new life high
The market has maintained its downtrend following weak European cues, though it showed a bit of recovery from day's low. All sectoral indices were in the red and broader indices too were down 0.5-0.8 per cent. The 30-share BSE Sensex fell 224 points to 17,481 and the 50-share NSE Nifty lost 69 points to 5,257.85.
European markets continued its steep fall for the second consecutive session today after Greek Prime Minister raised concerns over new EU debt deal. France's CAC and Germany's DAX tumbled 3-3.7 per cent. Britain's FTSE lost 2 per cent.
On the home turf, ICICI Bank, M&M, Sterlite Industries, DLF, Tata Motors, Reliance Infrastructure and HCL Tech plunged 2.5-4 per cent.
However, HUL shot up 4 per cent to a new all-time high of Rs 391.35 post strong set of numbers in Q2. Sun Pharma, Wipro, Tata Power, Bharti Airtel and BPCL were other gainers.
Market breadth has remained in favour of declines; about two shares dropped for every share gaining.
At 13:52 hours IST : Sensex sheds 250 pts; European markets fall 2-3.5 per cent
The NSE Nifty has touched the 5250 level on the downside, falling nearly 1.5 per cent on the back of sharp nosedive in European markets post Greek PM calls for unexpected referendum (more political risk) on new EU aid deal. The 30-share BSE Sensex dropped 257 points to 17,448 and the 50-share NSE Nifty slipped 82 points to 5,245.
Greek PM said he needed wider political support for the fiscal measures and structural reforms required by international lenders, reviving concerns the country will default on its debt, threatening bank earnings.
Sridhar Sivaram, managing director at Morgan Stanley Investment Management believes the market is still very apprehensive about the packages that we have seen from Europe.
"I don’t think people are convinced that what has been announced is enough for the market to turn a corner from here. So I think we’ll be still circumspect and we’ll watch the event very carefully," he said. France's CAC and Germany's DAX crashed 3.5 per cent while Britain's FTSE lost 2 per cent.
Back home, all sectoral indices were down. The BSE Realty, Metal, Auto, Bank, IT and Capital Goods indices fell 1-2 per cent.
ICICI Bank and Sterlite Industries plunged 3.7 per cent each. M&M and Tata Steel lost 3 per cent each.
Infosys, ITC, Reliance Industries, L&T, HDFC Bank, TCS, Tata Motors, Bajaj Auto, Hero Motocorp, Cipla and DLF were down 1-2 per cent.
However, HUL rallied 2 per cent; Sun Pharma and Wipro gained 1.5 per cent. Bharti Airtel and Tata Power too were up.
About two shares declined for every share rising.t 12:51 hours IST : Nifty drops 1 per cent; HUL, Sun Pharma, Wipro buck trend
Indian equities dropped over 1 per cent in the afternoon trade on further fall in private banks, oil & gas, metal, select auto, technology and infrastructure stocks. The 30-share BSE Sensex lost 181 points to 17,523.69 and the 50-share NSE Nifty fell 59 points to 5,267.35.
In the financial space, ICICI Bank crashed over 3 per cent. HDFC and HDFC Bank were down 0.8-1.1 per cent. In the oil & gas space, Reliance Industries fell 1.3 per cent and ONGC was down 0.7 per cent.
Among other major ones, Infosys, ITC, TCS and L&T lost 1-2 per cent. From the metal space, Sterlite Industries, JSPL and Tata Steel plunged 2-3.5 per cent; Hindalco was down 0.8 per cent.
M&M, Maruti, Hero Motocorp and Bajaj Auto declined 0.7-1.8 per cent while Tata Motors was marginally higher.
However, HUL and Wipro surged 1.6 per cent each. Sun Pharma jumped 2 per cent. Bharti Airtel and Tata Power gained just 0.3 per cent and 0.85 per cent, respectively.
John Woods, managing director and chief investment strategist, Citi Private Bank expects global markets to give back some of the very sharp gains that we witnessed during October. The market had rallied quite sharply in October, supported by European bailout plan.At 11:46 hours IST : Sensex sheds over 100 pts; Hang Seng, Nikkei slip further
The 30-share BSE Sensex fell over 100 points amid volatility, led by sell-off in ICICI Bank, L&T, ITC, Infosys and Reliance Industries. Investors looked nervous on renewed European concerns post the Greek PM's call for unexpected referendum (more political risk) on new EU aid deal. The BSE Sensex was at 17,570.94, down 134 points and the NSE Nifty fell 43 points to 5,284.
Asian markets like Hang Seng and Nikkei lost 2 per cent and 1.5 per cent, respectively. Straits Times was down 0.7 per cent and Shanghai down 0.4 per cent while Kospi gained 0.2 per cent and Taiwan rose 0.45 per cent.
Back home, ITC, Infosys, M&M, Tata Steel, JSPL, DLF and Cipla dropped 1-1.7 per cent. Sterlite Industries has maintained its top position in the selling list, falling 3.65 per cent.
Heavyweights ICICI Bank and L&T tanked 2-2.8 per cent. Reliance Industries and HDFC slipped 0.7 per cent each.
However, Sun Pharma was the top gainer on Sensex, rising 2 per cent. Tata Motors gained 1.6 per cent ahead of monthly sales numbers. Wipro too jumped 1.6 per cent.
Bharti Airtel, HUL, SBI, NTPC, BHEL and Tata Power were up between 0.3 per cent and 1 per cent.
Parul J Saini, Executive Director, RBS Asia Securities thinks that the Nifty may touch 5800 by December. In an interview to CNBC-TV18, he said, "We still have a target of around 5,800 on the Nifty so that's around 8-9 per cent up from here. So we do think we could get a bit more than 3-4 per cent upside from here."
Saini explains that a lot of the negatives seem to be priced in and seasonally November and December have been quite strong months for Indian equity market.At 10:30 hours IST : Nifty struggles at 5300; ICICI Bank, ITC, L&T fall
Indian equities continue to trade lower on fall in major Asian markets with the benchmark Nifty struggling at around the 5300 mark.
All this while the 30-share BSE Sensex dropped 128 points to 17,577.10.
Speaking to CNBC-TV18, Sridhar Sivaram, managing director at Morgan Stanley Investment Management said, he is cautious on markets at the moment.
He feels global events need to be watched very carefully. "We are still circumspect about whether the worst is over," he said.
Index heavyweights like ICICI Bank and L&T plunged nearly 2.5 per cent. ITC and HDFC fell 1.5 per cent while Reliance Industries and Infosys were down 0.5-0.6 per cent.
Sterlite Industries was the biggest losers, falling over 3.5 per cent. Among other metal stocks, Tata Steel, JSPL and Hindalco lost 1-1.5 per cent.
However, Tata Motors, Sun Pharma and Wipro gained 1-2 per cent. BHEL, Bharti, HUL and Tata Power moved upi 0.2-0.55 per cent.
The broader indices were quiet for the second consecutive session as market breadth was mixed. About 601 shares advanced as against 623 shares declined on BSE.
Asian markets like Hang Seng and Nikkei fell over 1.2 per cent. Straits Times was down 0.65 per cent while Kospi and Taiwan were marginally higher.At 9:20 hours IST : Sensex opens lower on renewed Europe worries; L&T, ITC slip
The BSE benchmark fell 160 points in the opening trade on the back of weak global cues post Greek PM statement. However, it managed to show some recovery.
The 50-share NSE Nifty opened below the 5300 mark, which was down 24 points to 5,302.25. Meanwhile, the 30-share BSE Sensex lost 82 points to 17,623.23.
Laurence Balanco of CLSA recommends locking in profits and opening selective short positions.
"Market indices are now quite extended and some have marginally exceeded resistance provided by their falling 200 DMAs. Tactically, risk/reward looks unattractive for adding new longs," he explained.
Among frontliners, Sterlite Industries, Tata Steel, L&T, ICICI Bank, SBI, Axis Bank and Reliance Industries were under pressure.
However, ONGC, Bajaj Auto (ahead of monthly sales numbers), Bharti Airtel, Sun Pharma and Ambuja Cements (ahead of Q2 numbers) were on buyers' radar.
Market breadth was in favour of declines; about 243 shares gained as against 441 shares slipped.
Results Reaction: NMDC, Havells India and EIH rallied 3-4 per cent. However, Ballarpur Industries fell 5 per cent and Castrol was down 2.5 per cent. Usha Martin fell 4 per cent.
HCC plunged 4 per cent as Environment Ministry asked Maharashtra govt to file case against Lavasa (wherein HCC holds 61 per cent stake).
Essar Ports gained 4 per cent.
Noida Toll Bridge moved up post company hiked toll prices by Re 1 for cars and 2 wheelers.
TVS Motor was marginally higher ahead of monthly sales numbers.
Asian markets were mixed despite sharp fall in US markets. Hang Seng fell 1.5 per cent. Nikkei and Straits Times were down 0.7 per cent. However, Shanghai, Kospi and Taiwan gained 0.3-0.5 per cent.
US and European markets were under pressure on Monday on renewed European concerns post Greek PM calls for unexpected referendum (more political risk) on new EU aid deal & news of bankruptcy filing by MF Global.
Greek PM said he needed wider political support for the fiscal measures and structural reforms required by international lenders, reviving concerns the country will default on its debt, threatening bank earnings.
The Dow Jones Industrial Average ended down 276 points at 11,955. NASDAQ Composite fell 53 points at 2,684 and S&P 500 Index was down 32 points at 1,253.
Comments
0 comment