INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Rising crude oil prices came back to haunt Dalal Street as stock benchmarks Sensex and Nifty declined on Monday.
Investors
shrugged off positive global sentiment as optimism on expectations of a trade resolution between the US and China was offset by the rising
The trade talks shift to the US this week.
The domestic currency depreciated as a higher import bill strengthens the dollar
This was the eighth straight day of loss for BSE barometer Sensex, which tanked 311 points, or 0.87 per cent, to 35,498
NSE's Nifty settled lower by 0.78 per cent, or 83 points, at 10,641.
Heavyweights took more blows, which pulled down the main indices
Among Sensex stocks, 23 declined while only seven advanced
TCS was the worst performer with a loss of 3.02 per cent, followed by YES Bank (down 2.54 per cent), ITC (down 1.95 per cent), Sun Pharma
(down 1.94 per cent), Reliance Industries (down 1.91 per cent) and Coal India (down 1.67 per cent).
ONGC, on the other hand, topped the
Tata Motors, Axis Bank, Vedanta and NTPC were among other winners
Barring realty and telecom, all sectoral indices turned red
BSE Consumer Durables index was the worst hit, down 1.39 per cent, followed by energy, FMCG and IT indices
Each lost over 1 per cent
Midcaps and smallcaps had to put up with more pain than the Sensex
BSE Midcap bled 1.04 per cent and BSE Smallcap 1.01 per cent.
Shares of Dewan Housing Finance Corp Ltd rose as much as 7 per cent on Monday
amid reports that Baring Pvt Equity, Bain Capital and Hero Fincorp are in talks to buy a stake in the debt-laden housing finance company
The scrip pared some gains to settle the day 4.67 per cent higher
Let's talk about market factors.The rupee took a hit against the dollar as crude prices firmed up to 2019 highs and tensions rose over
The domestic unit gave up nearly 30 paise to hit a low of 71.52 against the greenback as of 15.30 hours (IST).
Oil prices hit 2019 highsOil
prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, US sanctions on Iran and Venezuela, and
hopes that the Sino-US trade dispute may soon end
International Brent crude futures were at $66.66 per barrel, up 41 cents, or 0.6 per cent, from their last close
Brent earlier climbed to its highest since November 2018 at $66.78 a barrel.
Persistent selling by FIIsForeign institutional investors were
net sellers to the tune of Rs 48.73 crore during the past week as the rupee came under pressure
FIIs had bought shares worth Rs 2,518 crore during February 4-8
Expert-takeRajnath Yadav, Senior Research Analyst, Choice Broking
Weak sentiment continued to give the benchmarks much pain which opened
the session in the red amidst broad-based selling
Market extended losses in the afternoon session with the sharp selling in IT, FMCG and banking stocks
Broader indices remained on the selling radar with mid and smallcap indices losing nearly 1 per cent
The rupee continued to be under pressure as crude crossed the $66 per barrel
Market is expected to remain volatile in the upcoming sessions.
