It was a heart breaking start to the week as the Indian markets extended losing streak to the second straight trading session on Monday. The BSE Sensex lost over 700 points in the last couple of trading days.
The 6% plunge in the Chinese markets was the major sentiment dampener on Monday as the Shanghai Composite index in China witnessed the biggest down fall for the first time since November. Cues from the rest of the world were also not that encouraging. Sell off was seen in the equity marets across Asia, Europe and also the US Futures markets.
The 6% plunge in the Chinese markets was the major sentiment dampener on Monday as the Shanghai Composite index in China witnessed the biggest down fall for the first time since November. Cues from the rest of the world were also not that encouraging. Sell off was seen in the equity marets across Asia, Europe and also the US Futures markets.
Coming back to India, it was all round selling on the Indian bourses led by the BSE Realty index which was the top loser, down over 7% followed by BSE Metal and BSE Oil & Gas index which fell over 6% and 4.5% respectively. Even the Mid-Cap and the Small-indices ended in deep red.
The BSE Mid-Cap index fell 3.7% and the Small-Cap index declined 3%. Indian markets may witness a decline as of much as 15% on concern of lower monsoon which would cut farm output and slash consumer spending, according to Bank of America Merrill Lynch. Merrill Lynch forecasts earnings downgrades for automobile and consumer companies in India, a report said.
The BSE Mid-Cap index fell 3.7% and the Small-Cap index declined 3%. Indian markets may witness a decline as of much as 15% on concern of lower monsoon which would cut farm output and slash consumer spending, according to Bank of America Merrill Lynch. Merrill Lynch forecasts earnings downgrades for automobile and consumer companies in India, a report said.
The BSE Sensex slipped by 626 points at 14,785. The index opened at 15,284 it hit an intra-day high of 15,284 and a low of 14,740. On the other hand, the NSE Nifty lost 192 points at 4,388. All the 30-components of Sensex ended in the red. The major laggards were Reliance Industries, ICICI Bank, L&T, ITC, Infosys and SBI. Market breath was negative, 1,929 stocks declined against 674 advances, while, 73 stocks remained unchanged.In the broader market, major losers included,IFCI, United Phosphorous, LITL, Videocon Industries and Jet Airways.Bucking the negative trend in the broader indices were, Marico, Bajaj Holdings, Jain Fortis Healthcare and Nestle.
No comments:
Post a Comment