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Sensex Falls 200 Points, Nifty Near 8,000

Indian markets fell sharply on amid weak Asian markets. The Sensex fell over 200 points while Nifty hovered close to 8000 levels.
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Sensex Falls 200 Points, Nifty Near 8,000
Indian markets fell sharply on amid weak Asian markets. The Sensex fell over 200 points while Nifty hovered close to 8000 levels.

Here Are Top 10 Developments:

1) Strong selling pressure was seen across the board, barring select auto and consumer durable goods stocks.

2) M&M, Tata Motors and Maruti Suzuki were among the gainers while Bajaj Auto fell 4.5 per cent on weak October sales.

3) Commodity based metal and oil & gas stocks were under pressure with Tata Steel and Hindalco down over 3 per cent while ONGC fell 1.5 per cent. Capital goods stocks underperformed as L&T (down 2.3 per cent) on Friday cut both its revenue and order book guidance for this year.

4) Aviation stocks surged after billionaire investor Rakesh Jhunjhunwala on Friday picked up 1.05 per cent stake in Jet Airways for Rs 50.52 crore through an open market transaction. Jet Airways shares surged nearly 10 per cent while SpiceJet gained over 7 per cent.

5) Coffee Day Enterprises, which runs the Cafe Coffee Day chain, plunged nearly 15 per cent on its first day of listing on the exchanges. Reliance Communications gained nearly 2 per cent after the company announced a merger deal with Sistema Shyam.

6) Market experts remain cautious on their near-term outlook for stocks. They say that Nifty risks falling to below 7,800 levels in the near term on disappointing corporate earnings and caution ahead of the outcome of the Bihar election results.

7) Analysts would be closely watching the buying activity from foreign institutional investors after the US Fed signaled the possibility of a rate hike in December. FIIs sold Indian shares worth Rs 1450 crore on (net) on Friday in the cash market, reducing their overall buying to nearly Rs 3,000 crore last month.

8) Domestic institutional investors had resorted to profit-taking last month, taking their overall sell numbers to nearly Rs 1,500 crore last month. However, they bought Indian shares worth nearly Rs 1,500 crore on Friday

9) The rupee weakened to 65.52/dollar as compared to its Friday close of 65.27.

10) Asian markets were broadly lower today after data showed that activity in China's manufacturing sector shrank in October for the third straight month. Japan's Nikkei fell over 2 per cent while markets in China were down over 1.5 per cent.

 

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