INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Blame it on the sharp drop in Indian rupee, triggered by a sell-off in emerging market currencies, headline indices Sensex and
Nifty extended losses to a second consecutive session on Monday.
The rupee touched the record low of 69.92, as banks and importers bought
the American currency in the pursuit of safe haven assets on worries over the crisis-hit Turkey.
Asian stocks crumbled in light of deepening
Japan's Nikkei plunged 2 per cent as worried investors turned to buy in appreciating yen, hurting the broader market.
The global cues
along with nosediving rupee dragged Sensex to 224 points, or 0.59 per cent, lower on Monday
The 30-share index settled at 37,645, with 11 stocks in the green and 20 in the red.
The NSE counterpart Nifty50 fell by 74 points, or 0.65
per cent, ending the day at 11,356, with 19 stocks advancing and 31 declining.
Broader midcap and smallcap indices fell more than the
benchmarks, settling with losses of 0.70 per cent and 0.78 per cent, respectively.
Bank and financial stocks weighed most on Sensex
HDFC twins, State Bank of India, YES Bank, Axis Bank and ICICI Bank ended in deep red.
However, IT stocks such as Infosys, Wipro and Tata
Consultancy Services managed to stay up, mainly due to weakness in the rupee.
Infosys hit 52-week high of Rs 1,411 after reports that the IT
major is eyeing a slice of $5-billion opportunity in offering cybersecurity solutions to its 2,000-plus enterprise customers, that is
expected to grow 10-12 per cent CAGR in the next five years
Shares of State Bank of India dropped over 3 per cent on Monday on a disappointing set of June quarter results
The bank registered a profit of Rs 2,005 crore in the same period a year before
HDFC Bank dropped over 1 per cent today after Paresh Sukthankar's resignation as deputy managing director on Friday
Shares of Coal India rose nearly 1 per cent after it reported a 61 per cent year-on-year rise in net profit at Rs 3,786.44 crore for June
FMCG, healthcare and IT were among the sectors that managed to end the day with gains
Oil gas, bank, telecom, finance and energy suffered the most among the sectoral indices
Global stocks were in the red on a geopolitical crisis.
