Indian equity benchmarks continued to trade lower due to fall in metals, pharma, capital goods, power and telecom stocks. Indian rupee touched the 56 level that depreciated by 61 paise to 56.01 against the US dollar.
The BSE benchmark declined 69.18 points to 17,451.94 and the NSE benchmark was down 27 points at 5,289.95.
Housing finance company HDFC and private sector lender HDFC Bank tanked 1.5% each. State Bank of India was down 0.4% whereas ICICI Bank gained 0.3%.
Telecom operators Bharti Airtel and Reliance Communications tumbled 2% each. Engineering and construction major by sales Larsen & Toubro was down 1.3%.
Metals stocks were under pressure as copper fell over 2.5% on Friday. Jindal Steel and Tata Steel plunged 2.5-3%. Hindalco, Coal India and Sterlite Industries were down 0.8-1.4%.
However, software services exporters TCS and Infosys gained 1.3% and 0.2%, respectively. Cigarette major ITC and top commercial vehicle maker Tata Motors rose 0.7% each.
About two shares declined for every share advancing on the National Stock Exchange.
Crude rebounded after a sharp downtrend on Friday. Brent crude rose rose 0.5% to USD 98.70 a barrel and NYMEX crude went up 0.44% to USD 84.82 a barrel today; both tanked 2.5-3% on Friday.
Asian markets extended losses; Hang Seng tanked 1.5% while Shanghai, Nikkei, Straits Times and Kospi were down over 1.1%. Taiwan Weighted declined 0.7%
The BSE Sensex and NSE Nifty pared half of losses led by buying interest in TCS and Infosys. ICICI Bank, ONGC, Tata Motors and ITC too were quite supportive. However, the selling in metals, power, healthcare stocks, and Bharti, L&T, HDFC and HDFC Bank has limited the recovery.
The BSE benchmark fell 53.22 points to 17,467.90 and the NSE benchmark was down 21.4 points to 5,295.55. Asian markets remained under pressure; Shanghai, Hang Seng, Straits Times, Nikkei and Kospi were down 1% each while Taiwan Weighted went down 0.8%.
Country’s largest software services exporters TCS and Infosys rose 1.2% and 0.5%, respectively ahead of their earnings for quarter ended June 2012 that scheduled for July 12.
FMCG majors ITC and HUL were trading marginally higher. Top private sector lender ICICI Bank went up 0.3% while State Bank of India too recovered, but HDFC and HDFC Bank lost 1.25% each.
Utility vehicle maker M&M and commercial vehicle manufacturer Tata Motors gained 0.5% whereas Maruti Suzuki, Bajaj Auto and Hero Motocorp were down 0.6-1.8%.
Engineering and construction major by sales Larsen & Toubro and top telecom operator Bharti Airtel declined 1% each.
Among metals and mining stocks, Tata Steel, Jindal Steel, Coal India, Hindalco and Sterlite Industries dropped 0.5-1%.
The Indian rupee depreciated by 44 paise to 55.84 against the US dollar.
At 9:21 hours IST: Sensex falls 100 pts on weak Asia cues; Re slips to 56/$
The BSE Sensex opened with a 100 points gap down on Monday after trading in a consolidation phase last week. Global markets were down because of no signs of further monetary easing by central banks. Asian markets were down 1%.
Indian rupee, which showed smart recovery after EU summit, was moving down towards 56 level. It was down by 47 paise to 55.87 against the US dollar today.
The BSE benchmark declined 100.43 points to 17,420.69 and the NSE benchmark was down 31.75 points to 5,285.20.
Ahead of Q1 earnings this week: Infosys slipped 1.7% while TCS gained 0.6%.
Reliance Infrastructure, JSPL, Ambuja Cements, Tata Steel, Hindalco, JP Associates, Reliance Industries, ONGC, BHEL, Wipro, HCL Tech, Sterlite Industries, HDFC Bank, Kotak Mahindra Bank, PNB, Bank of Baroda and SBI were under pressure in early trade.
However, DLF rose 0.7% as MCA inspection found no account faults.
The CNX Midcap Index fell 42 points to 7,470. About two shares declined for every share advancing on the National Stock Exchange.
GMR Infra, IVRCL, NCC, Lanco Infratech, Shree Renuka and Bajaj Hindusthan tumbled 1-3%.
JSW Steel tanked 2% after Credit Suisse report. Company denied reports (by Credit Suisse) of company understated debt by Rs 11,900 crore in FY12 misleading.
Orchid Chemical plunged 4% and Pantaloon Retail slipped 2.5% after India Today reported about Intelligence Bureau report on Ketan Parekh’s stock market scam.
Textile stocks like Alok Industries, S Kumars and Arvind were down 1.5-2%.
However, Indraprastha Gas was up 3.35% as the company increased CNG price in Delhi by Rs 2.90/kg and Rs 3.30/kg in Noida & Ghaziabad.
Subex went up 2.5% as on extension of date for FCCB.
TVS Motor, UB Holdings and Kingfisher Airlines were up 2%.