INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Stocks got a sinking feeling on Monday as the possibility of the ruling BJP not measuring up to expectations in the
just-concluded state elections, the results of which are due tomorrow, did not sit well with investors
A global selloff compounded worries on Dalal Street
A jump in crude prices post Opec's decision to slash oil output by 1.2 million barrels a day and a fall in the rupee to its weakest since
November 20 were other headaches.
In percentage terms, the BSE benchmark Sensex crashed 2 per cent, ending at 34,959.72, down 714 points
The NSE Nifty ended at 10,488.45, down 205 points, or 1.92 per cent
Selling heat was so much that only Coal India and Maruti managed to settle with marginal gains in the Sensex kitty of stocks
Kotak Mahindra Bank, down 6.56 per cent, was the worst hit.
Shares of Kotak Mahindra Bank slipped after the private lender upped the ante on
the promoter shareholding issue as it moved the Bombay High Court seeking legal relief on Monday
Other stocks that joined Kotak Bank in the losers' list were Reliance Industries (down 3.95 per cent), Asian Paints (down 3.48 per cent),
Tata Motors (down 3.45 per cent), Adani Ports (down 3.41 per cent) and Bharti Airtel (down 3.16 per cent).
All 19 sectoral indices lost on
Monday, with BSE Realty hardest hit
Telecom, energy, finance, bankex and capital goods were other top sectoral losers, losing over 2 per cent each.
BSE Midcap and Smallcap
indices were as badly hit as the Sensex, declining 1.84 per cent each.
Top market drags for today:
Exit poll volatilityExit poll results
didn't augur too well for the BJP, as was expected
"Unfavourable exit poll results for the ruling party has impacted the sentiment of the market today and this dullness will continue as
Investors are eyeing the polls in five states - Rajasthan, Chhattisgarh, Madhya Pradesh, Telangana and Mizoram -- to look for clues as to
how the BJP would fare in the general elections due next year.
Global stocks in painGlobally, losses on global stocks snowballed on Monday,
with European markets following Asian peers lower as fresh signs emerged of slowing growth worldwide and fears grew that simmering US-China
tensions would derail chances of a trade deal
MSCI's index of Asian equities outside Japan slid 1.5 per cent to a near three-week low, Shanghai shares retreated 0.6 per cent, Reuters
reported.
Oil prices tick upBrent crude oil futures rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday
agreed to a supply cut from January
Despite this, the price outlook for next year remains muted on the back of an economic slowdown, according to Reuters
International Brent crude oil futures were at $62.03 per barrel at 0748 GMT, up 36 cents, or 0.6 per cent, from their last close.
Rupee hits
3-week lowThe rupee slipped to 71.45 against the dollar, its weakest since November 20
It did recover to 71.23 in intraday trade but was still 43 paise down against the previous close of 70.80.
