Live: Sensex Down 300 Points, Banking Stocks Under Pressure


10.45 a.m.: Indian markets extend selling pressure after a survey said that India’s manufacturing activity contracted in December for the first time in more than two years, hurt by softening demand. Sensex slumps over 300 points to 25,855 and the Nifty is down nearly 100 points to 7,867.8.

Nikkei’s Manufacturing Purchasing Managers’ Index, compiled by Markit, fell to a 28-month low of 49.1 in December from November’s 50.3.

It was also the first reading below the 50 threshold that separates growth from contraction since October 2013.

Banking shares witness the heat of selling pressure. The Bank Nifty is down 1.63 per cent. ICICI Bank, Kotak Mahindra Bank and Yes Bank were among the top banking losers, down between 1.6-2.2 per cent each.

10.15 a.m.: Sensex falls over 250 points to break below 25,900 and the 50-shares Nifty down over 80 points to 7,878. Banking and telecom stocks came under sharp selling pressure. The Bank Nifty is down 1.54 per cent.

Among the Nifty 50 stocks, Idea Cellular and Bharti Airtel fall over 2 per cent each to be the top two losers in the index. Banking stocks like ICICI Bank, Kotak Mahindra Bank and IndusInd Bank also fall between 1.5-2.2 per cent each. State-owned banks like Bank of Baroda, PNB and SBI fell over 1 per cent each to pressure the Nifty.

9.30 a.m.: After breaking the 26,000 level in the opening trade, the Sensex recover marginally to trade above the 26,000 mark, now down 154 points. The Nifty trades 49 points lower at 7,914. Banking and metal stock witness selling pressure.

Among the Nifty-50 stocks, Idea Cellular, Bharti Airtel, M&M, HDFC and ICICI Bank fall over one per cent each to be the prominent losers in Nifty. Cairn India surged nearly 2 per cent to Rs 141.30 as crude oil rebounded 3 per cent on Monday on Middle East tensions.

IRB Infra shares surged over 11 per cent to Rs 272 after the company bagged its biggest ever order worth Rs 10,000 crore to build South East Asia’s longest tunnel in Jammu and Kashmir. (Read full story here)

9.15 a.m.: Sensex falls over 180 points to 25,970.65 while the 50-share Nifty sheds over 50 points to 7,902.55 in the opening deals. Banking, metal shares fall nearly 1 per cent each.

9.00 a.m.: Rupee opens lower at 66.25 per dollar against Friday’s close of 66.14.

8.15 a.m.: The BSE Sensex and the 50-shares Nifty are likely to open lower on Monday as indicated by Nifty futures traded on Singapore Stock Exchange.

The Singapore Nifty or SGX Nifty is down 37 points or 0.47 per cent indicating a weak start for the Indian markets.

Sentiments are likely to be positive as foreign investors were net buyers of Indian shares on Friday. They bought cash shares worth Rs 228 crore while domestic investors were net sellers to the tune of Rs 81 crore.

Other Asian markets began their first trading session of 2016 on a weak note. Hong Kong’s Hang Seng index falls over 2 per cent while the Japan’s Nikkei sinks over 2.5 per cent. China’s Shanghai Composite index sheds over 3 per cent.

Meanwhile, crude oil prices jumped over 3 per cent on Monday after Saudi Arabia’s execution of a prominent Shi’ite Muslim cleric spurred regional anger and geopolitical tension.

8.00 a.m.: Indian shares began the year 2016 on a positive note, the Sensex ended 43 points higher at 26,160 on Friday while Nifty rose 16 points to 7,963. The gains were led by banking, real estate, auto and capital goods stocks. Strong action was seen in midcap and smallcap space. The BSE midcap and smallcap indices on the BSE rose nearly 0.90 per cent.