BSE Sensex today: Losses in energy, banking and auto shares dragged the markets lower
Domestic stock markets suffered sharp losses on Monday, with the benchmark indices logging their worst single-day fall since September 3. After a gap-down opening at 37,204.56 for the S&P BSE Sensex index, down 180.43 points from the previous close, the index extended losses dragged lower by energy, financial and automobile shares. The broader NSE Nifty benchmark started the session down 81.05 points at 10,994.85, and declined as much as 107.7 points from its previous close to 10,968.20 at the day's weakest level. The Sensex hit an intraday low of 37,028.94, down 356.05 from the previous close. Shares in oil refiners and marketing companies such as Bharat Petroleum, Indian Oil, Hindustan Petroleum and Reliance Industries were among prominent drags on the markets, as crude oil prices clocked their biggest gain since 1991 after an attack on Saudi Aramco oil facilities on Saturday shut about 5 per cent of global supply.
The government over the weekend announced measures aimed at pushing exports and affordable housing, including a Rs 10,000-crore special window for affordable housing to revive stalled projects. Meanwhile, official data released at noon showed wholesale inflation in the country stood at 1.08 per cent in August, the same level as the previous month.
Here are highlights of the movement in domestic share markets (Sensex and Nifty) on Monday, September 16:
Financial, Energy Sectors Worst Hit
Losses in energy, financial and automobile sectors dragged the markets lower, however gains in consumer goods and pharmaceuticals kept the downside in check.
|Nifty PSU Bank||-1.28%|
|Nifty Financial Services||-0.92%|
|Nifty Fast-Moving Consumer Goods||+0.56%|
|S&P BSE Oil & Gas||-1.61%|
|S&P BSE Energy||-1.33%|
|S&P BSE Finance||-0.95%|
|S&P BSE Bankex||-0.87%|
|S&P BSE Information Technology||+0.16%|
|S&P BSE Healthcare||+0.37%|
|S&P BSE Fast Moving Consumer Goods||+0.63%|
|S&P BSE Consumer Durables||+1.22%|Bharat Petroleum, Mahindra & Mahindra, SBI Top Laggards
Top Nifty Gainers
- Titan: +2.15%
- Britannia: +1.80%
- Tech Mahindra: +1.34%
- ONGC: +1.28%
- Coal India: +1.19%
Top Nifty Losers
- Bharat Petroleum: -7.28%
- Mahindra & Mahindra: -2.78%
- SBI: -2.52%
- UPL: -2.45%
- Indiabulls Housing Finance: -2.39%
Top Sensex Gainers
- Tech Mahindra: +1.41%
- ONGC: +1.40%
- Sun Pharma: +0.80%
- HUL: +0.60%
- TCS: +0.36%
Top Sensex Losers
- Mahindra & Mahindra: +2.55%
- SBI: +2.42%
- Yes Bank: +2.19%
- Asian Paints: +1.91%
- HDFC: +1.89%
Sensex, Nifty Suffer Worst Single-Day Fall n Two Weeks
The S&P BSE Sensex index ended 261.68 points - or 0.70 per cent - lower at 37,123.31, and the broader NSE Nifty benchmark settled at 11,003.50, down 72.40 points - or 0.65 per cent - from the previous close. Both the indices suffered their worst single-day fall since September 3, a day on which the Sensex and Nifty had plunged 769.88 points (2.06) and 225.35 points (2.04 per cent) respectively.
Markets Turn Highly Volatile, India VIX Surges 6%
Equity markets traded on a highly volatile note with the National Stock Exchange (NSE)'s India VIX index surging as much as 8.41 per cent during the session.
The National Stock Exchange's India VIX or the Volatility Index is a measure of the market's expectation of volatility over the near term.
Overall Market Breadth Remains Neutral
Overall market breadth was neutral with 1,250 shares rising and 1,100 moving lower on the Bombay Stock Exchange (BSE).
Fifteen of 19 sector gauges compiled by the BSE traded lower, led by a 1.6 per cent fall in the S&P BSE Energy index. On the flipside, the S&P BSE Fast Moving Consumer Goods index was the top percentage gainer, up 0.40 per cent.
Market Update: HDFC, Reliance Industries, State Bank Of India Among Top Drags On Sensex
The Sensex fell 252 points and Nifty was down 78 points to trade below 11,000 marks.
In the 30-share Sensex, 23 shares were trading lower while in the Nifty 50 basket 36 shares were declining while 14 were advancing.
HDFC, Reliance Industries, State Bank of India, Larsen & Toubro, Infosys and Mahindra & Mahindra were among the top drags on the Sensex.
Fiscal Policy Needs To Be A Major Focus Now: Soumya Kanti Ghosh
"We believe the current slowdown cannot be tackled by monetary policy in isolation. The contemporary issue for macroeconomists is to exclusively focus on assuring adequate aggregate demand," said Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, in a report.
"Rather fiscal policy needs to be a major focus now, especially given what low or negative interest rates mean for the sustainability of deficits," he said.
Mid, Small-Caps Trade Mixed; 3M India, Castrol India Top MidCap Losers
Mid- and small-cap indices traded on a mixed note, with the S&P BSE MidCap Index down 0.45 per cent and the S&P BSE SmallCap Index up 0.20 per cent.
Top mid-cap losers
- 3M India: -6.94%
- Castrol India: -2.90%
- Endurance Technologies: -2.83%
- RBL Bank: -2.28%
- IDBI Bank: -2.26%
Top small-cap losers
- Equitas Holdings: -12.89%
- Liberty Shoes: -7.37%
- Vishnu Chemicals: -5.91%
- Walchandnagar Industries: -5.91%
- Ujjivan Financial Services: -5.27%
OnMobile Global Locked In 20% Upper Circuit On Selling Stake To Jump Networks
Shares of OnMobile Global rose by their daily maximum limit 20 per cent to Rs 39.30 after the company informed exchanges on Saturday that its promoter had signed an agreement to sell stake in the company.
OnMobile Systems Inc., the promoter of OnMobile Global, will sell 1.9 crore shares to Jump Networks in the range of Rs 75-78 per equity share. This sale is expected to be conducted within 75 days from the share purchase agreement (SPA) date and is subject to the conditions set out in the share purchase agreement.
Market Update: Sensex Down Over 200 Points, Nifty Tests 11,000
The S&P BSE Sensex and NSE Nifty 50 indices continue t trade with a negative bias weighed down by weakness in banking, auto, energy, oil & gas and capital goods shares.
As of 12:40 pm, the Sensex was down 223 points at 37,161 and Nifty was at 11,007, down 68 points.
The overall market breadth was marginally positive as 1,209 shares were advancing while 1,023 were declining on the BSE.
F&O Check: Nifty 11,000 Put Option Contract Doubles In Intraday Trade
Nifty 11,000 put option contract was among the most active option contracts on the National Stock Exchange. Premium on the contract surged 98 per cent to Rs 58.70.
As many as 45,600 share were added to the open interest which stood at 27,31,650 shares.
Wholesale Inflation At 1.08% In August
Wholesale inflation - or the rate of increase in wholesale prices - came in at 1.08 per cent in August, the same level as recorded in the previous month, government data showed. The manufacturing sub-index - which has a weightage of 64.23 per cent in the Wholesale Price Index - declined 0.3 per cent, official data showed. (Read more
L&T Wins Significant Orders Worth For Various Businesses
Shares of the country's largest infratsructure developer Larsen & Toubro fell 1.15 per cent to Rs 1,347.75. The company's construction arm L&T Construction has won significant orders (valued between Rs 1,000-2,500 crore) from clients across various Indian states for its varied businesses.
The water and effluent treatment business has secured an Engineering, Procurement and Construction order from the West Bengal Public Health Engineering Department, funded by Asian Development Bank (ADB) for "Construction of an intermediate pumping station, secondary transmission mains, overhead tanks, water distribution network and metering works including two years of operation and maintenance in the Nandigram-I and Nandigram-II blocks of East Medinipur, West Bengal".
Additionally, the construction arm has received various add-on orders for some of its existing projects across the heavy civil infrastructure and metallurgy and material handling (MMH) businesses.
Oil Refiners Fall On Surge In Crude After Attack On Saudi Aramco's Processing Facilities
Shares of oil refiners such as Indian Oil, Bharat Petroleum, Hindustan Petroleum and Reliance Industries dropped after Brent crude posted its biggest intraday percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5 per cent of global supply.
Brent crude futures, the international benchmark for crude oil, rose by as much as 19.5 per cent to $71.95 per barrel, the biggest intraday jump since January 14, 1991. The front-month contract was at $66.28 per barrel, up $6.06, or 10.1 per cent, from its previous close.
Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.
- Bharat Petroleum fell 6.28% to Rs 382.90
- Indian Oil fell 2.54% to Rs 126.80
- Hindustan Petroleum fell 6.53% to Rs 253.45
- Reliance Industries fell 0.99% to Rs 1,213.50
J Kumar Infraprojects Flat After Winning Order For Mumbai Metro Project
Shares of J Kumar Infraprojects were trading 0.04 per cent higher at Rs 132 after the company informed exchanges that it won an order from Mumbai Metropolitan Region Development Authority (MMRDA) for Mumbai Metro Rail Project.
J Kumar Infraprojects won orders worth Rs 342 crore for design and construction of elevated viaduct and two elevated stations namely Gaimukh of line four extension (Kasarvadavali to Gaimukh Corridor)of Mumbai Metro Rail Project of MMRDA.
Crude Oil Price Clocks Biggest Percentage Gain Since 1991
Oil prices soared on Monday, with Brent crude posting its biggest intraday percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5 per cent of global supply. Brent crude futures, the international benchmark for crude oil, rose by as much as 19.5 per cent to $71.95 per barrel - the biggest intraday jump since January 14, 1991.
Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. (Read full story here
Bharat Petroleum, Indian Oil, Asian Paints Top Percentage Losers
Top Nifty Gainers
Top Nifty Losers
Top Sensex Gainers
- ONGC: +2.29%
- Tech Mahindra: +0.80%
- TCS: +0.74%
- Hindustan Unilever: +0.73%
- Sun Pharma: +0.53%
Top Sensex Laggards
- Asian Paints: -2.31%
- Reliance Industries: -1.49%
- HDFC: -1.34%
- Tata Motors: -1.08%
- Maruti Suzuki: -0.97%
Share Markets Advance-decline Ratio Neutral
Market breadth was largely neutral with an advance-decline ratio of about 1:1. On the Bombay Stock Exchange (BSE), 921 stocks moved higher while 801 traded in the negative zone in morning deals. On the National Stock Exchange (NSE), 804 shares advanced while 784 declined.
Spike In Crude Oil Prices Seen Hurting Indian Companies
"Last Saturday, after the drone attack on Saudi Aramco, global crude prices jumped almost 12 per cent, which is the biggest surge after 1988," said Ashish Nanda, EVP and business head-PCG, commodities and currency business, Kotak Securities.
"It would certainly impact emerging countries like India in the medium term as uncertainties keep the sentiment volatile."
Energy stocks plunged dragged lower by state-run oil marketing companies, with the NSE's Nifty Energy sectoral index falling as much as 2.02 per cent. At 10:03 am, shares in oil companies Hindustan Petroleum, Bharat Petroleum, Indian Oil and Reliance Industries were down 6.45 per cent, 5.62 per cent, 3.23 per cent and 1.93 per cent respectively.
The S&P BSE Energy and S&P BSE OIL & GAS indices fell as much as 2.55 per cent and 1.95 per cent in morning.
Sensex Down Over 200 Points, Nifty Near 11,000
At 9:25 am, the Sensex traded 209.31 points - or 0.56 per cent - lower at 37,175.68, while the Nifty was down 67.35 points - or 0.61 per cent - at 11,008.55.
Top percentage laggards on the 50-scrip index at the time were Bharat Petroleum, Asian Paints, Indian Oil, Yes Bank and Reliance Industries, trading between 2.04 per cent and 4.21 per cent lower. Reliance Industries, HDFC, Asian Paints and ICICI Bank were the top drags on the Sensex.
Sensex, Nifty Open Sharply Lower
The S&P BSE Sensex index opened 180.43 points lower at 37,204.56, and the broader NSE Nifty benchmark started the session at 10,994.85, down 81.05 points from its previous close.
Last week, the Sensex and Nifty had risen 1.09 per cent and 1.18 per cent to end at 37,384.99 and 11,075.90 respectively.
Pre-Open Market: Sensex Down 180 Points, Nifty Below 11,000
The S&P BSE Sensex index fell as much as 180.43 points in the pre-opening session, while the broader NSE Nifty benchmark dropped 81.05 points to slip below the 11,000 mark. At 9:13 am, the Nifty was down 81.05 points - or 0.73 per cent - at 10,994.85.
Clear Signs Of Improvement In Industrial Production: Nirmala Sitharaman
Separate official data last Thursday showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month. Finance Minister Nirmala Sitharaman said on Saturday that there have been clear signs of improvement in the industrial production.
"In spite of all the worries that industrial production indicators showed in the fourth quarter of 2018-19... we see a clear sign of revival in the first quarter of 2019-20 and in July," she said, while announcing a slew of measures to boost exports as well as affordable housing.
Wholesale Inflation Data To Be Released Today
The government is due to release data on wholesale inflation at noon. Separate official data last week showed consumer inflation stood at 3.21 per cent in August - the highest level recorded since October last year. Consumer inflation data led to hopes of one more rate cut by the RBI in its upcoming bi-monthly review due in October.
Government Measures To Help Revive: FICCI
The latest measures announced by the Finance Minister in the field of real estate and exports would help provide stimulus to the slowing economy, said Sandip Somany, president of industry body FICCI. "These new measures will provide much-needed stimulus to boost the Indian economy that is now facing the slowdown," he said.
A Rs 10,000-Crore Special Window To Drive Affordable Housing
The Finance Minister also announced a special window of Rs. 10,000 crore to boost affordable and middle-income housing. The government will make funding available for "net worth positive" housing projects that are not in a bankruptcy process or classified as non-performing assets (NPAs), Nirmala Sitharaman said.
The measures were announced as part of a third instalment of steps within three weeks to boost the economy, which grew at its slowest pace in six years in the first quarter of the current financial year.
Government Announces Steps To Push Exports Over Weekend Finance Minister Nirmala Sitharaman
on Saturday announced a slew of measures aimed at boosting exports, including a new scheme to incentivise exporters and a higher insurance cover to banks lending for exports. Announcing easier rules for lending to priority sectors, Nirmala Sitharaman said the measures could lead to export credit rising by Rs. 36,000 crore to Rs. 68,000 crore.
SGX Nifty Indicates Sharply Lower Opening For Domestic Share Markets
Domestic stock markets are likely to start the session sharply lower, as indicated by the SGX Nifty futures trading on the Singapore Exchange. At 8:54 am, the SGX Nifty traded 108.50 points - or 0.98 per cent - lower at 11,002.50. Equities in other Asian markets were subdued, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.33 per cent while the Japan market was shut for a holiday.