The BSE Sensex fell as much as 110 points to hit the day's low of 33,065, dragged down by metal and energy stocks amid weakness in other Asian markets. The National Stock Exchange (NSE) benchmark index Nifty declined 49 points to touch an intraday low of 10,145 in morning deals. State-run oil marketing companies (OMCs) Indian Oil, Bharat Petroleum, Hindustan Petroleum - down between 3.3 per cent and 3.8 per cent in late morning trade - were the top losers on the Nifty 50.
Here are 10 things to know about Monday's trading session:
(With agency inputs)
- At 11:14 am, 27 stocks on the 50-scrip Nifty were trading in the negative zone.
- Some other top laggards on the Nifty were Coal India, Adani Ports, Tata Steel, Tech Mahindra and UPL, down between 2 per cent and 2.8 per cent.
- A sharply widened current account deficit too weighed on investors' mood. The current account deficit rose to 2 per cent of GDP at $13.5 billion in the December quarter, up from $8 billion or 1.4 per cent in the year-ago period, Reserve Bank of India (RBI) data showed on Friday.
- Foreign institutional investors (FIIs) sold equities worth a net Rs 150.46 crore on Friday, while domestic institutional investors (DIIs) sold shares worth Rs 770.53 crore, provisional data showed.
- Metal stocks fell, with the Nifty Metal falling over 2 per cent. In late morning trade, SAIL was down 6.5 per cent, NMDC down 6.4 per cent, Jindal Stainless down 4 per cent, Coal India down 2.7 per cent and JSPL trading 2.7 per cent lower.
- Besides the three state-run OMCs, Reliance Power and Reliance Infra were down over 1.5 per cent among energy stocks.
- Most IT stocks were down, with Tech Mahindra trading 3 per cent lower, HCL Tech down 2.5 per cent and Wipro down 1.3 per cent. TCS, however, was up 0.4 per cent.
- Shares in other Asian markets slipped into the red. Caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year.
- Japan's Nikkei extended early losses to drop 1.3 per cent, MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent, while Australia's main index lost 0.2 per cent. The pain was not confined to Asia, with the June contract for E-Minis futures on the S&P 500 down 0.3 per cent and FTSE futures off 0.4 per cent.
- Last Friday, Wall Street had bounced with the the major indices still ending lower for the week. The Dow lost 1.57 per cent, the S&P 1.04 per cent and the Nasdaq 1.27 per cent.