Market Loses Sheen; Sensex Ends Below 25K Mark On Global Rout

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It turns out to be Monday Blues for Indian equities today as domestic bourses hit 15-month low after fresh rout in Chinese market coupled with persistent weakness in rupee dented market sentiments as foreign investors continued to liquidate their investment in the equity market.

Check Gainers and Losers in BSE & NSE Stock Market Today

Market Loses Sheen; Sensex Ends Below 25K Mark On Global Rout
Indices
Sensex26,694.28Sensex Quote457.41 [1.74%]
Nifty8,246.85Nifty Quote144.80 [1.79%]

The 30-benchmark index Sensex ended below the psychological 25,000 mark for the first time since June 4, 2014.

The BSE SENSEX closed at 24893.81, down by 308.09 points or by 1.22 per cent, while the NSE Nifty ended 96.25 points lower at 7558.8.

Traders remained concerned that the monetary policy stimulus by Chinese central bank may not be enough to spur a significant demand and growth revival in the country"s economy as it may fail to address the significant problems plaguing China"s economic system.

Further, lingering uncertainty over the timing of a maiden US interest rate hike, kept traders jittery, souring risk taking appetite.

The rupee also lost its sheen in line with equity market, slipping to two-year low of 66.85 per dollar, down 39 paise or 0.6 per cent from previous close against US dollar.

Outperforming the benchmark indices, the broader market witnessed sharp correction, with the BSE MIDCAP settling 2.19 per cent lower at 10132.58, while the BSE SMLCAP closed at 10418.63, down by 186.61 points or by 1.76 per cent.

In the choppy trade, the BSE Sensex touched an intraday high of 25387.32 and low of 24851.77, while the NSE Nifty touched high and low of 7705.05 and 7545.9, respectively.

Early today, Indian equities opened higher as funds and retail investors resumed buying in selective stocks, mainly in the power, oil & gas, healthcare and IT sector stocks amid recovery in other Asian peers on fresh China stimulus but caution prevailed ahead of the expiry of the August Futures & Options (F&O) contracts on Thursday, restricted gains.

Leading the decline on BSE Sensex pack were Axis Bank Ltd. (Rs. 450.55,-3.90%), Vedanta Ltd. (Rs. 89.95,-3.59%), ICICI Bank Ltd. (Rs. 249.25,-3.34%), Hindalco Industries Ltd. (Rs. 71.60,-3.05%), Lupin Ltd. (Rs. 1804.20,-2.96%), among others.

Meanwhile, Housing Development Finance Corporation Ltd. (Rs. 1149.45,+0.64%), Tata Motors Ltd. (Rs. 323.60,+0.23%), Oil And Natural Gas Corporation Ltd. (Rs. 226.00,+0.18%), Maruti Suzuki India Ltd. (Rs. 4072.05,+0.07%), were among top gainers on BSE.

On the sectoral front, healthcare and metal indices were among top losers, shedding 2.57 per cent and 2.31 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2755, shares advanced were 698 while 1960 shares declined and 97 were unchanged.

On the global front, the Asian equities ended in red today as traders were unsure over the timing of a US interest rate hike.

Shanghai Composite retreated over 2 per cent, while Hang Seng declined and Japan"s Nikkei 225 also ended lower, hit by a stronger yen which curbed the lure for exporter stocks.

Dion Global Solutions

Read more about: sensex, nifty
Story first published: Monday, September 7, 2015, 16:36 [IST]
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