The BSE Sensex and NSE Nifty fell on Monday on account of selling in front line blue chip counters coupled with concerns about the global economy which are mounting after crude fell to its lowest since 2003. Meanwhile, data showed the country‚Äôs exports shrunk for a thirteenth straight month. Sensex closed 266.67 points down at 24,188.37, while NSE Nifty settled 86.80 points down at 7,351.
In the 50-share index, Cairn India, Vedanta, Reliance Industries, BPCL and Asian Paints skid between 3.50 per cent and 7.50 per cent. On the other hand, Tata Steel, BHEL, HCL Tech, Ultratech Cement and Wipro gained between 0.80 per cent and 3.55 per cent.
Sectorwise, the BSE Oil & Gas index fell the most ‚ÄĒ 3.43 per cent, followed by BSE Telecom index (down 2.56 per cent), BSE Capital Goods index (down 2.07) and BSE Healthcare index (down 1.95 per cent). Rest all other sectoral indices also ended in red.
In a scrip specific development, Lincoln Pharmaceuticals shares hit lower circuit limit after the company informed BSE that its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company‚Äôs registration has also been cancelled there.
Shares of Wockhardt continued to remain weak in Monday‚Äôs session as well following nine observations made by USFDA ‚Äď the US drug regulator for the company‚Äôs new facility in Aurangabad. The stock was down by 11 per cent in the early trade. However, the scrip closed 6.22 per cent down at Rs 1,208.30.
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, ‚ÄúThe fall in crude price to a twelve year low coupled with the anxiety in global markets negatively impacted the sensitive markets. Small and mid cap stocks tanked the most revealing that retail investors are cautiously selling their exposure and prefer to stay away from this market.‚ÄĚ The BSE Midcap and Smallcap index fell 2.72 per cent and 4.05 per cent respectively.
Brent crude prices fell to as low to $27.67 a barrel in the early trade on Monday, its lowest since 2003 after international sanctions against Iran were lifted over the weekend, allowing Tehran to return to an already over-supplied oil market.
Domestic data showed India‚Äôs merchandise exports fell 14.75 per cent in December from a year earlier, as orders from the United States and Europe shrank and exporters grappled with a competitively weaker Chinese yuan.
Asian equity markets ended mostly in red on Monday as massive falls in oil prices and weak US economic data on retail sales, industrial production and regional manufacturing activity stoked worries about the health of the world economy. Japanese stocks closed lower amid continued unease over China‚Äôs economic outlook and the slide in crude oil prices to lows not seen since 2003.
However, Chinese shares ended higher, aided by property gains after figures from the National Bureau of Statistics showed China‚Äôs home prices continued to rise in December 2015, adding to signs of improvement in the housing market. The People‚Äôs Bank of China stepped up its fight against currency speculators by unveiling plans to lift the reserve requirement ratio on offshore yuan interbank deposits placed by yuan clearing banks with their head offices in China. The new rules, which will be effective from January 25, are aimed at stopping the shorting of the offshore yuan (traded in Hong Kong), which has been falling as traders bet on more weakness in the onshore yuan.Asian Indices Last Trade Change in Points Change in %
Shanghai Composite 2,913.84 12.87 0.44
Hang Seng 19,237.45 -283.32 -1.45
Jakarta Composite 4,481.28 -42.7 -0.94
KLSE Composite 1,622.64 -5.91 -0.36
Nikkei 225 16,955.57 -191.54 -1.12
Straits Times 2,593.00 -37.76 -1.44
KOSPI Composite 1,878.45 -0.42 -0.02
Taiwan Weighted 7,811.18 49.17 0.63
Data Source: Ace Equity
Markets through the day
3.30 pm: Sensex closed 266.67 points down at 24,188.37, while NSE Nifty settled 86.80 points down at 7,351.
3.05 pm: Bharat Heavy Electricals Limited (BHEL) shares were trading 4.76 per cent up at Rs 143 after the state-run company commissioned the second 660 MW supercritical unit of Lalitpur Super Thermal Power Project (STPP) in Uttar Pradesh. Sensex was trading 263.82 points down at 24,191.22, while NSE Nifty was trading 72.55 points down at 7,365.25.
3.04 pm: Lincoln Pharmaceuticals shares hit lower circuit limit on Monday after the company informed BSE that its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company‚Äôs registration has also been cancelled there. The share price of the company fell 20 per cent to Rs 179.20 on BSE.
2.59 pm: Sensex was down 201.32 points, or 0.82 per cent, at 24253.72. In scrip specific development, Larsen & Toubro was trading under pressure after a foreign brokerage firm downgraded the stock with lower price target.
2.51 pm: Benchmarks indices continued their weak trade in the late afternoon session on account of selling in front line blue chip counters. The sentiments were under pressure on reports that exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75 per cent to $22.2 billion amid a global demand slowdown. Sensex was down 195.65 points at 24,259. Nifty was down 56 points at 7,381.
2.17 pm: Kitchen appliances firm TTK Prestige reported a 32.57 per cent jump in net profit at Rs 37.2 crore for the quarter ended December 2015, on account of higher sales. The company posted a net profit of Rs 28.06 crore during the corresponding period of the previous fiscal. Shares of TTK Prestige were trading 3 per cent down at Rs 4200. Sensex was down 125 points at 24,329.
2.07 pm: Kotak Mahindra Bank reported results for third quarter ended December 2015. The bank registered 36.64 per cent rise in its net profit at Rs 634.72 crore for the quarter under review, as compared to Rs 464.52 crore for the same quarter in the previous year. Total income of the bank has increased 61.77 per cent at Rs 4843.86 crore for Q3FY16 as compared Rs 2,994.2 crore for the corresponding quarter previous year. Shares of Kotak Mahindra were trading 0.50 per cent down at Rs 672.55.
1.45 pm: Sensex was trading 59.32 points down at 24,395.72. NSE Nifty was trading 24.75 points down at 7,413.05. BSE Consumer Discretionary Goods & Services index was down 1.70 per cent, while BSE Telecom index was down 1.57 per cent.
1.25 pm: Shares of Pipavav Defence were trading 8.16 per cent down at Rs 73.15 as the company‚Äôs net loss widened during the quarter ended on December 31, 2015-16. Sensex was trading 163.83 points down at Rs 24,291.21. NSE Nifty was trading 47.45 points down at 7,390.35.
12.50 pm: Shares of TTK Prestige fell over 6 per cent after Q3 results. Sensex was down 70 points at 24,384.
12.34 pm: Reliance Communications shares were trading 0.68 per cent at Rs 73.55 after it has agreed to trade airwaves in nine service areas with the upcoming 4G telecommunications venture of Reliance Industries Ltd. Sensex was trading 104.80 points down at 24,350.24. NSE Nifty was trading 29.65 points down at 7,408.15.
12.14 pm: Wind turbine maker Suzlon Group has bagged two 50.4 megawatt (MW) order from Hindustan Petroleum Corporation Ltd (HPCL) and state-run NALCO for installation additional wind power capacity. Shares of the company were trading 3.03 per cent down at Rs 19.20. Sensex was trading 112.23 points down at Rs 24,342.81. NSE Nifty was trading 38.95 points down at 7,398.85.
11.54 am: Mastek shares were trading 1.40 per cent down at Rs 141.10 after it looking to acquire an established company in the digital space having an annual revenue of up to 20 million pounds in early 2016-17. Sensex was trading 100.86 points down at 24,354.18. NSE Nifty was trading 28.40 points down at 7,409.40.
11.28 am: Wockhardt shares recovered after falling as much as 11 per cent in the early trade on Monday. The scrip pared some losses after the pharma company gave clarification on Shendra facility in Aurangabad. Shares of Wockhardt were trading 3.91 per cent down at Rs 1,238.05. Sensex was down 54.05 points at 24,400.99. ‚ÄúCompany can resolve FDA concerns at Shendra plant in two months,‚ÄĚ Wockhardt executive said in a conference call on Monday.
11.12 am: Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75 per cent to USD 22.2 billion amid a global demand slowdown. Sensex was flat at 24,450.66.
11.00 am: On the sectoral front, most of the sectoral indices on BSE were trading in red, with prominent losers being the stocks from Capital Goods, Realty, Consumer Durables and Auto. On the flip side, stocks from IT and TECK counters were the only gainers.
10.54 am: Oberoi Realty has reported 178.60 per cent rise in its net profit at Rs 186.33 crore for the quarter ended December 2015 as compared to Rs 66.88 crore for the same quarter in the previous year. The company‚Äôs total income has increased by 279.43 per cent to Rs 702.32 crore for the quarter under review from Rs 185.10 crore for the corresponding quarter of the previous year. Shares of Oberoi Realty were trading 1.48 per cent up at Rs 253.80. The BSE Realty index was down 1.29 per cent at 1,201.17.
10.43 am: In the 50-share index, Tata Steel, GAIL, Hindalco, Lupin and Tata Power were up by 3.29 per cent, 2.28 per cent, 1.88 per cent, 1.33 per cent and 1.30 per cent. On the other hand, ZEEL, Cairn India, Bajaj Auto, ONGC and Larsen & Toubro were down by 3.81 per cent, 3.72 per cent, 2.46 per cent, 2.19 per cent and 2.04 per cent, respectively. Nifty was down 12.30 points at 7,425.
10.38 am: Brokers said sentiments remained weak on lower-than-expected earnings by some bluechip companies so far amid sustained capital outflows by foreign funds. Besides, extended last week‚Äôs losses at other Asian markets on worries about tumbling oil prices and the slowing Chinese economy continued to weigh on the sentiments, they added. Sensex was down 40.37 points at 24,414.
10.37 am: Gold imports more than double to $ 3.80 billion in December from $ 1.36 billion in the year-ago period.
10.04 am: Indian Oil Corporation‚Äôs (IOC) latest refinery in Odisha, the first in over a decade for the nation‚Äôs largest fuel major, started production of petrol from the Rs 34,555-crore facility. The refinery will primarily be producing BS-IV fuels and serving the eastern and southeastern markets apart from exports. The commissioning of the refinery comes after 14 years, owing to many flip-flops by the Naveen Patanik government on incentives, withdrawal of its foreign partner Kuwait Petroleum and stiff frequent opposition from locals, state politicians and NGOs apart from two killer cyclones. Shares of IOC were trading almost flat (0.05 per cent down) at Rs 426.10. Sensex was down 136 points at 24318. Nifty was down 39.30 points at 7,398.
9.54 am: LIC Housing Finance registered 21.65 per cent rise in its net profit at Rs 418.90 crore for the quarter ended December 31, 2015 as compared to Rs 344.35 crore for the same quarter in the previous year. Total income of the company increased 15.39 per cent at Rs 3156.70 crore for Q3FY16 as compared Rs 2,735.78 crore for the corresponding quarter previous year. Shares of LIC Housing Finance were trading 1.42 per cent down at Rs 460.4. Sensex was down 0.36 per cent, or 88 points at 24,367. Nifty was down 27.70 points, or 0.37 per cent, at 7,410.
9.48 am: The rupee recovered by seven paise to 67.52 against the dollar at the Interbank Foreign Exchange in early trade on Monday on fresh selling of the US currency by banks and exporters. Sensex was down 49.52 points at 24,405.
9.23 am: Sensex fell over 85 points at 24369. Nifty also fell 14.70 points at 800.05. Aurobindo Pharma shares were trading 2.55 per cent down at Rs 794. Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to manufacture and market Tranexamic Acid Injection, (100 mg/mL) 1000 mg/10 mL single-dose vial and another approval to manufacture and market Paricalcitol Capsules, 1 mcg, 2 mcg, and 4 mcg. While the first product is expected to be launched by the end of Q4 FY15-16, the second one will be launched in Q1 FY16-17. The pharma major now has a total of 232 ANDA approvals (201 final approvals, including 10 from Aurolife Pharma LLC and 31 tentative approvals) from USFDA.
9.17 am: Sensex was up 38.55 points at 24,493.59. Nifty50 index was up 25 points at 7,463. Wirpo was down by 2.19 per cent in the early trade.
9.15 am: Sensex opened 54.26 points down at 24,400.78 tracking weak global cues. Nifty opened 17.45 points down at 7,420.35. Country‚Äôs third largest software services firm Wipro on Monday posted 1.8 per cent rise in its consolidated net profit to Rs 2,234.1 crore for the quarter ended December 31, 2015.
The company had posted a net profit of Rs 2,192.8 crore in the year-ago period. Shares were trading 0.73 per cent down at Rs 539.50.
8.50 am: The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking SGX Nifty and weak global markets.
At 8.26 am (IST), SGX Nifty was down 24 points, or 0.32 per cent, at 7,417.
Asian shares plunged to their lowest levels since late 2011 on Monday after weak US economic data and massive falls in oil prices stoked further worries about a global economic downturn. Oil prices fell as much as 4 per cent on Monday, with international benchmark Brent futures falling below $28 per barrel, touching their lowest level since 2003.