Indian market fell for the second straight session on Monday amid weak global cues. Sensex ended 364 points lower at 54,470 and Nifty lost 109 points to 16,301 in the first trading session of this week. Top Sensex losers were Reliance Industries, IndusInd Bank, Nestle India, Tata Steel and Tech Mahindra falling up to 3.97 percent.
PowerGrid, HCL Tech, Infosys and Maruti Suzuki were among the top Sensex gainers, rising up to 2.83 percent.
Investor wealth declined to Rs 251.91 lakh crore today. Of 30 Sensex stocks, 17 ended in the red. The market breadth was negative with 1052 shares ending higher against 2416 stocks falling in the red. 146 shares were unchanged.
BSE mid-cap and small-cap indices crashed 437 points and 451 points, respectively.
IT shares were among the top gainers after rupee fell to its record low. The BSE IT index rose 29 points to 31,077.
Rupee hits all-time low; here’s how it may impact your life
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said,”There seems to be no respite for the markets from the bear hug as the weak Asian gauges and fall in European indices dampened the investors’ sentiment. Post the results, Reliance Industries came under severe hammering, which dragged the overall market. Both external and internal factors are in the works for sometime, which is putting pressure on the markets to come out of the weak sentiment. On intraday charts, the Nifty showed some recovery from the day’s lowest level. We are of the view that the larger texture of the market is still negative but if the index sustains above 16200, a pullback formation is likely to continue up to 16450-16550 levels. On the flip side, below 16200, a fresh round of selling could be seen and below which, the index could touch the level of 16140-16100.”
Consumer durables, metals and banking stocks were the top sectoral losers with their BSE indices, plummeting 737 points, 409 points and 376 points, respectively.
Rupee closes at record low
Meanwhile, rupee extended losses to close at a record low of 77.50 against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows.
At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close.
During the trading session, the rupee touched its lifetime low of 77.52.
Persistent foreign capital outflows dented investor sentiment, forex traders said. Foreign institutional investors continued their selling spree, offloading shares worth Rs 5,517 crore on Friday, according to stock exchange data.
Share Market update: Sensex falls 364 pts, Nifty closes at 16,301; RIL top loser
Global markets
European market was trading lower today. France’s CAC 40 slipped 1.4% in early trading to 6,172.41. Germany’s DAX fell 1.1% to 13,520.87. Britain’s FTSE 100 was down 1.1% at 7,306.34. US shares were set to drift lower with Dow futures dipping 1.3% to 32,388.0. S&P 500 futures fell 1.5% to 4,058.75.
In Asia, Japan’s benchmark Nikkei 225 lost 2.5% to finish at 26,319.34. South Korea’s Kospi dipped 1.3% to 2,610.81. Australia’s S&P/ASX 200 dropped 1.2% to 7,120.70. The benchmark in Jakarta, Indonesia, lost 4.4% as markets reopened after the Eid al-Fitr holiday last week.