INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Indian markets started the expiry week on a bearish note as crude jitters emerged to be the biggest mood dampener on Dalal Street
in Monday's morning trade
Oil prices rallied nearly 3 per cent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter
confirmed a report that Washington is set to announce all imports of Iranian oil must end or be subject to sanctions
Brent crude futures rose to a November 2018 of $73.77 per barrel.
Surging oil prices hurt the domestic rupee too which slipped by as much as
52 paise to 69.87 against the US dollar
15 months as the national elections results and record high market levels make participants nervous
India VIX was up 7 per cent around 9.30 am.
BSE barometer Sensex was trading down 209 points, or 0.53 per cent at 38,932
While NSE Nifty shed 67 points, or 0.57 per cent to trade at 11,686
Meanwhile, stock specific activity would take centre stage as Q4FY19 earnings season accelerates and general elections take place," said
ICICIDirect.
On the NSE Nifty 14 stocks advanced, 34 declined while 2 remained unchanged.
In the Sensex pack of stocks, eight traded mildly
higher while 22 were in the pool of red
TCS was the biggest gainer and rose 0.91 per cent after the company said it has deployed an integrated solution for India Post that has
helped modernise a network of more than 1.5 lakh post offices in the country
Other players on the leaderboard were PowerGrid, Infosys, HCL Tech, HDFC Bank and ONGC.
On the other hand, IndusInd bank topped the
loserboard, shedding 2.23 per cent
Other losers were, Reliance Industries, YES Bank, Asian Paints and Axis Bank.
TCS and Infosys were the biggest index contributors, however,
heavyweights such as RIL, HDFC and top bank stocks pulled down the market mood.
BSE Midcap and BSE Smallcap too followed Sensex in the
negative territory, losing 0.85 per cent and 0.70 per cent respectively
On the BSE sectoral front all the sectors suffered losses
Biggest loser was BSE Oil Gas shedding 2.02 per cent on the back of soaring oil prices
The drag was lead by stocks such as BPCL, IOC and RIL.
Meanwhile, business sentiments continue to decline for the country's financial and
macro-economic conditions in the second quarter of the year compared to the same period a year before, as per a Dun Bradstreet (DB)
