Sensex, Nifty Rebound From Day's Lows; ITC, Hindustan Unilever Top Gainers

Asian shares slid on Monday with Hong Kong's Hang Seng dropping 4 per cent, Straits Times declining 0.35 per cent and Australia's S&P ASX 200 falling nearly 2 per cent ahead of a week packed with a dozen central bank meetings

Sensex, Nifty Rebound From Day's Lows; ITC, Hindustan Unilever Top Gainers

ITC, HCL Technologies and Hindustan Unilever have gained 1.3 per cent each on the BSE

The benchmark indices have rebounded from the day's lows, post a gap-down opening, on the back of strength in index heavyweights such as ITC and Hindustan Unilever. The Sensex, which fell as much as 490 points to hit an intraday low of 58,525.89, has erased all its early losses and is currently trading at 59,024.50, higher by 20.88 points and the NSE Nifty is at 17,578.75, down eight points. 

Asian shares slid on Monday with Hong Kong's Hang Seng dropping 4 per cent, Straits Times declining 0.35 per cent and Australia's S&P ASX 200 falling nearly 2 per cent ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

MSCI's broadest index of Asia-Pacific shares outside Japan slid another 1.4 per cent, after shedding 2.5 per cent last week, with Australia down 1.5 per cent.

Japan's Nikkei was shut, but futures were 400 points below the Friday cash close. The market could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.

Back home, twelve of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Metal index's 3.5 per cent fall. Nifty Bank, Auto, PSU Bank, Private Bank and Realty sector gauges also fell between 0.7-1.2 per cent.

On the other hand, FMCG, information technology and media indices were trading lower.

Mid- and small-cap shares were also witnessing selling pressure as Nifty Midcap 100 index fell 0.6 per cent and Nifty Smallcap 100 index declined 0.3 per cent.

Among the individual shares, Lupin fell as much as 3.23 per cent to hit an intraday low of Rs 913 after the company informed exchanges that US drug regulator US Food and Drug Administration (US FDA) conducted inspection at its Goa facility with seven observations.

Tata Steel was the top Nifty loser, the stock fell nearly 5 per cent to Rs 1,321. Eicher Motors, JSW Steel, Hindalco, UPL, HDFC, hero MotoCorp, Bajaj Auto, Bharat Petroleum, Indian Oil, Power Grid, Mahindra & Mahindra, Maruti Suzuki, Coal India and Adani Ports also fell 1-3 per cent.

On the flipside, ITC, HCL Technologies, Hindustan Unilever, Tech Mahindra, Tata Consultancy Services, Divi's Labs, Infosys, Britannia Industries and Nestle India were among the gainers.

The overall market breadth was negative as 1,536 shares were declining while 1,195 were advancing on the BSE.