Profit

Sensex Falls Over 450 Points, Nifty Slips Below 10,700: 10 Things To Know

Advances in IT and media stocks pushed the markets higher, while losses in auto and pharma counters kept the upside in check.

 Share
EMAIL
PRINT
COMMENTS
Sensex Falls Over 450 Points, Nifty Slips Below 10,700: 10 Things To Know

Losses in auto and pharma counters offset the advances in IT and media stocks

Domestic stock markets fell sharply on Monday, with the Sensex falling more than 45 points. The Sensex opened 74 points higher and the Nifty up 11 points, but soon gave up those gains amid selling witnessed across banking, financial services, auto and pharma stocks. The Sensex shed 460 points to touch an intraday low of 35,565, while the Nifty declined 149 points to hit 10,630 on the downside. However, advances in media stocks provided some respite to the markets.
Here are five things to know:
  1. At 2:46 pm, the Sensex traded 337 points lower at 35,688 and the Nifty was down 111 points at 10,668.
  2. Top laggards on the 50-scrip index were Adani Ports, Indiabulls Housing Finance, Bajaj Finance, Yes Bank, Bajaj Finserv and ICICI Bank, trading between 4.2 per cent and 9.8 per cent lower.
  3. "The issue with Infrastructure Leasing and Financial Service Ltd (IL&FS) is not over, contrary to earlier beliefs and that is why we see housing finance companies in the red today," said AK Prabhakar, head of research, IDBI Capital - Mumbai.
  4. A string of defaults at the major infrastructure financing and building company had triggered sharp falls in the stock and debt markets last year amid fears of contagion within the rest of the country's financial sector.
  5. Caution prevailed among investors ahead of the Budget due later this week, say analysts.
  6. "There is a wait-and-watch sentiment because of the budget," news agency Reuters quoted Vinod Nair, head of research, Geojit Financial Services, as saying.
  7. "Earnings this quarter hasn't been great so far, and I don't think we will witness earnings growth of even 7-8 per cent this year."
  8. However, gains in Zee Entertainment capped further declines in NSE index, as the media company's stock jumped nearly 20 per cent after it denied any involvement in demonetisation-linked transactions. Zee Entertainment shares had last week registered sharp losses in a crisis that wiped $1.6 billion off the media group's market value.
  9. Equities in other Asian markets edged higher after US President Donald Trump agreed on Friday to end a 35-day old partial shutdown of the government shutdown.
  10. Engineering firm Larsen & Toubro Ltd gained over 4 per cent after reporting a 37-per cent surge in December-quarter net profit after market hours on Friday.

(With agency inputs)



NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top