INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity indices plunged further on Monday, extending the losing streak to the fifth session in a row, on losses in bank,
financial and auto stocks amid a fresh fall in the rupee against the US dollar and weak global cues.
The market reeled under pressure in the
absence of positive triggers, as trade war worries hit stocks globally after new US tariffs on China came into effect
Back home, the rupee's fresh fall against the dollar and a surge in global crude oil prices roiled investor sentiment
The Sensex plunged 537 points, or 1.46 per cent, to close at 36,305 while the Nifty50 finished at 10,967, with a loss of 176 points or 1.58
Volatility index India VIX jumped over 13 per cent, indicating nervousness in the market
The BSE Midcap and Smallcap indices suffered more losses than the benchmark Sensex, tanking 2.40 per cent and 2.72 per cent,
cent), Coal India (up 2.10 per cent), Infosys (up 1.56 per cent), Reliance Industries (up 1.27 per cent) and NTPC (up 0.57 per cent) -- all
others failed to perform on Monday
In terms of percentage losers, MM plunged the most at 6.46 per cent followed by HDFC (down 6.22 per cent), IndusInd Bank (down 4.94 per
cent), Adani Ports (down 4.49 per cent), Bharti Airtel (down 4 per cent) and Tata Motors (down 3.98 per cent).
Rupee's fresh fallThe rupee
more damage as the US dollar strengthened on buying by banks and importers
Higher oil prices also hit the domestic currency as the greenback strengthened against other overseas currencies
The US dollar rose against major currencies amid profit booking in the British pound and a decline in the euro
Rating agency Moody's said the government measures to check fiscal deficit are unlikely to reverse the rupee slide, and perhaps might even
Oil on the boilCrude oil prices surged to hit four-year high on Monday, ahead of US sanctions on Iran, as Opec countries declined to
increase production immediately
Benchmark Brent crude oil futures surged 2 per cent to over $80 a barrel as markets have tightened ahead of the start of sanctions by the
United States on Iran, Reuters reported
MACD bearish on 106 stocksMomentum indicator moving average convergence divergence, or MACD, on Monday showed bearish crossovers on 106
Among the stocks that saw bearish crossovers were Tata Steel, Jindal Stainless, MTNL, Grasim, Bajaj Auto, Corporation Bank and Mirc
On the other hand, only three stocks - TCS, TD Power Systems and Oswal Agro Mills - showed bullish crossovers on NSE.
IT bucked the trendThe
fall in the rupee gave a legup to IT stocks, as most among them traded with gains in a weak market
Nifty IT index closed 2.27 per cent higher on gains in Infibeam Avenues, TCS, Infosys, OFSS, Tech Mahindra and HCL Tech
However, Tata Elxsi, KPIT Technologies, Mindtree and Wipro failed to perform
Shares of TCS hit its 52-week high of Rs 2,214.15
MACD and trend intensity (TI) indicators showed the stock is in an uptrend.
Realty, auto, finance, telecom top sectoral losersBSE Realty
(down 5.10 per cent), BSE Auto (down 3.75 per cent), BSE Finance (down 3.46 per cent) and BSE Telecom (down 3.30 per cent) indices were the
top losers among the sectoral indices
Barring IT, TecK and energy indices, others closed the day in the red.
Nearly 340 stocks hit 52-week lowsAs many as 339 stocks, including
YES Bank, Aditya Birla Capital, Allahabad Bank, APL Apollo Tubes, Ashoka Buildcon and BEML hit 52-week lows on NSE in Monday's trade
Only nine stocks, including Monnet Ispat Energy, Delta Magnets, Gangotri Textiles and Wipro, managed to touch their 52-week highs on NSE
Stocks that plunged over 10%Central Bank of India (down 17.43 per cent), Arshiya (down 14.72 per cent), Linc Pen Plastics (down 14.56 per
cent), CreditAccess Grameen (down 11.83 per cent), Puravankara (down 11.78 per cent), Ajmera Realty (down 11.07 per cent) and Filatex India
(down 10.71 per cent) featured among stocks that plunged over 10 per cent on BSE.
