Sensex Drops Over 200 Points As Markets Retreat From All-Time Highs

Kotak Mahindra Bank, Zee Entertainment, Asian Paints, Axis Bank and ICICI Bank will report their earnings for the October-December period this week.

Sensex Drops Over 200 Points As Markets Retreat From All-Time Highs

Gains in consumer goods and metal shares were offset by losses in banking and IT shares

Domestic stock markets gave up all their intraday gains on Monday after starting the session at all-time highs. The S&P BSE Sensex had opened 317.63 points higher at 42,263.00 and the broader NSE Nifty benchmark started the session at 12,430.50, up 78.15 points from the previous close - both record highs. Gains in consumer goods and metal shares were offset by losses in banking and IT shares. Analysts awaited earnings announcements from large caps such as Kotak Mahindra Bank due later in the day.

Here are 10 things to know about the stock markets (Sensex and Nifty) today:

  1. At 10:15 am, the Sensex traded 137.52 points - or 0.33 per cent - lower at 41,807.85 while the Nifty was down 39.35 points - or 0.32 per cent - at 12,313.00. 

  2. Only 19 stocks on the 50-scrip benchmark index were in the positive zone. Indian Oil, Zee Entertainment, HCL Tech, TCS and Sun Pharma, down between 1.45 per cent and 3.10 per cent, were the top percentage laggards in the Nifty. HDFC Bank, Reliance Industries and TCS accounted for lion's share of the fall in Sensex. 

  3. On the other hand, Power Grid, Bharat Petroleum, Bharti Infratel, ICICI Bank and ITC - up between 0.98 per cent and 4.53 per cent - were the biggest Nifty gainers. 

  4. Equities in other Asian markets neared a 20-month top on Monday following record levels on Wall Street, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1 per cent, after notching its highest close since June 2018, and Japan's Nikkei up 0.2 per cent near its highest in 15 months. 

  5. Crude oil prices rose in anticipation of tighter supply ahead. Brent crude futures - the global benchmark for crude oil - were last seen trading 76 cents higher at $65.61 per barrel. 

  6. The rupee edged lower to 71.12 against the US dollar. India meets more than 80 per cent of its oil requirement through imports.

  7. Shares in HDFC Bank fell as much as 1.49 per cent on Monday. On Saturday, the country's largest private lender by market value had posted a nearly 33 per cent jump in net profit to Rs 7,416 crore for the third quarter of current financial year, helped by growth in its loans portfolio.

  8. Kotak Mahindra Bank, Zee Entertainment, Asian Paints, Axis Bank and ICICI Bank will report their earnings for the October-December period this week.

  9. The S&P BSE Sensex and NSE Nifty benchmark indices had ended flat on Friday after a volatile session, in which the 30-scrip index registered a new all-time high of 42,063.93. 

  10. On that day, foreign institutional investors pumped in a net Rs 264.26 crore into Indian capital markets, but domestic institutional investors withdrew a net Rs 500.17 crore, according to provisional data from the NSE. 



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