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Sensex drops nearly 150 points, Nifty slips below 10,900; DRL tanks 3%.
NEW DELHI: Benchmark
indices open on a weak note on Monday, tracking tepid cues from other Asian
markets. Weak technical charts added to the weakness.
At 9.23 am, the BSE Sensex was trading 119.28 points, or 0.33 per cent, low ear 36427.20. Nifty50 fell 56 points or 0.51 per cent, to trade at 10,887.30.
Among Sensex stocks, M&M declined 2.83 per cent to Rs 663.70.
At 9.23 am, the BSE Sensex was trading 119.28 points, or 0.33 per cent, low ear 36427.20. Nifty50 fell 56 points or 0.51 per cent, to trade at 10,887.30.
Among Sensex stocks, M&M declined 2.83 per cent to Rs 663.70.
It as followed by Hero Moto Corp, ONGC and Tata Motors NSE
-1.96 %, which fell 2.11 per cent, 2.06 per cent and 1.65 per cent,
respectively.
L&T, Coal India and ITC dropped up to 1 per cent. Out of
30, 25 Sensex stocks were trading lower.
Asian shares were on the back foot on Monday as worries about global growth, US politics and the ongoing Sino-US tariff war kept investors cautious, while the safe-haven greenback held near a six-week top against major currencies, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares out side Japan was a tad weaker after it was toppled from a four-month top on Friday, the report added.
At home, technical chart's were signalling a weak outlook.
Asian shares were on the back foot on Monday as worries about global growth, US politics and the ongoing Sino-US tariff war kept investors cautious, while the safe-haven greenback held near a six-week top against major currencies, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares out side Japan was a tad weaker after it was toppled from a four-month top on Friday, the report added.
At home, technical chart's were signalling a weak outlook.
On the weekly scale, the index formed a ‘High Wave’ pattern, suggesting selling pressure at higher levels. Besides, the candle pattern of last three sessions indicates a crucial top reversal pattern, called 'Evening Doji Star'. This pattern indicates a downward trend reversal in the market.
Nifty futures on the
Singapore Exchange were trading 30 points, or 0.27 per cent, lower at
10,916.50, indicating a negative start for the Nifty 50. Here are a few stocks,
which may buzz the most in Monday’s trade:
Tata Motors: The stock, which is at a crucial support level, could
witness a further round of selling on Monday, going by the almost 8 per cent
fall in its ADR price ($10.5) at close on Nasdaq Friday. The ADR trades post
Indian markets’ closure.
Spice jet, Escher Motors: India Cements, Escher Motors, Spice Jet, Mother son Sumi, Hindustan Copper, Max India, Jaypee Infratech, Andhra Bank, Care Ratings, Armtek Auto are among 313 companies set to announce their December quarter results on Monday.
Tata Steel: The Tata group company reported 54.30 per cent year-on-year rise in profit at Rs 1,753 crore for December quarter, which fell short of Rs 2,289 crore net estimated.
Spice jet, Escher Motors: India Cements, Escher Motors, Spice Jet, Mother son Sumi, Hindustan Copper, Max India, Jaypee Infratech, Andhra Bank, Care Ratings, Armtek Auto are among 313 companies set to announce their December quarter results on Monday.
Tata Steel: The Tata group company reported 54.30 per cent year-on-year rise in profit at Rs 1,753 crore for December quarter, which fell short of Rs 2,289 crore net estimated.
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