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Sensex Falls Over 100 Points, Nifty Slides Below 11,250: 10 Things To Know

The Sensex and Nifty had declined 1.18 per cent each in the past week, with the benchmark indexes breaking a six-day losing streak on Friday.

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Sensex Falls Over 100 Points, Nifty Slides Below 11,250: 10 Things To Know

Losses in automobile and metal stocks pulled the markets lower

Domestic stock markets started Monday's session on a choppy note amid weakness in Asian peers. The S&P BSE Sensex index gave up early gains to fall as much as 123.64 points to 37,759.15 in first few minutes of trade, and the broader NSE Nifty benchmark moved to 11,229.70, down 54.6 points from the previous close. Gains in information technology and select banking shares were offset by losses in auto and metal stocks.
Here are 10 things to know:
  1. At 9:38 am, the Sensex traded 74.27 points - or 0.20 per cent - lower at 37,808.52 while the Nifty was down 44.45 points - or 0.39 per cent - at 11,239.85. 
  2. Market breadth favoured losses with 634 stocks trading higher on the BSE against 888 struggling with losses. On the NSE, 596 shares advanced while 991 declined.
  3. Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, Bajaj Auto, Hero MotoCorp, JSW Steel, Vedanta Tata Motors and Maruti Suzuki India, trading between 2.68 per cent and 6.69 per cent lower. 
  4. HDFC Bank, Reliance Industries, HDFC And Maruti Suzuki were the top drags on Sensex. 
  5. On the other hand, ICICI Bank shares rose as much as 4.57 per cent in early deals, after the private sector banking major reported a net profit of Rs 1,908.03 crore for the quarter ended June 30. ICICI Bank had reported a net loss of Rs 119.55 crore for the corresponding period a year ago. 
  6. The Sensex and Nifty had declined 1.18 per cent each in the past week, with the benchmark indexes breaking a six-day losing streak - the longest stretch of losses in more than two months - on Friday.
  7. The government ruled out reconsidering a plan to issue foreign currency overseas sovereign bonds, despite warnings of long-term risk for the economy.
  8. Meanwhile, equities in other Asian markets drifted lower as markets anxiously counted down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.
  9. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4 per cent in slow trade. Japan's Nikkei dipped 0.5 per cent and Shanghai blue chips fell 0.2 per cent. E-Mini futures for the S&P 500 lost 0.1 per cent.
  10. Any signals of future rate cuts by the US central bank this week will be watched closely, say analysts. Also, US and Chinese trade negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough.

(With inputs from Reuters)





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