MUMBAI: A overdue sell-off in auto, banking and IT shares pulled again the benchmark BSE Sensex from report prime degree to near down by 244 points, its greatest unmarried loss in past one month, at the first trading day of 2018.
Investors most well-liked to e-book earnings at report highs amid issues over fiscal slippages and emerging crude oil costs and shortage of cues from world markets that have been closed for the New Year holiday.
The benchmark Sensex touched a low of 33,766.15 earlier than settling decrease by 244.08 points, or 0.72 per cent, at 33,812.75. This is the most important single-day fall since December 1 when the index had misplaced 316.41.
The 30-share index had closed at an all-time prime of 34,056.83 in the final session of 2017 on Friday.
Also, the 50-share Nifty cracked under the 10,500-mark to hit a low of 10,423.10 earlier than settling 95.15 points, or 0.90 per cent down at 10,435.55.
Stocks opened on a susceptible word and remained range-bound for the better part of the day however an intense sell-off in the final hour of the business dragged the important thing indices deep down, agents said.
Bouts of buying had been, then again, seen in capital items, realty, healthcare and shopper durables stocks that capped the losses to a point.
In the Sensex kitty, TCS emerged as the highest loser by falling 1.69 per cent, adopted by IndusInd Bank 1.45 per cent and Hindustan Unilever 1.40 per cent.
Other large losers include HDFC Ltd, Tata Steel, ONGC, Adani Ports, ICICI Bank, Reliance Industries, Asian Paint, HDFC Bank, SBI, Kotak Bank and Yes Bank, dropping by up to 1.35 per cent.
Auto stocks equivalent to Tata Motors, Bajaj Auto, M&M, Maruti Suzuki and Hero MotoCorp too got here under pressure and misplaced up to 1.35 per cent after December sales data failed to cheer investors.
Maruti reported a 10 per cent upward push in December sales.
"Despite positive auto sales numbers, market started-off the New Year on a cautious note. Lingering concern on fiscal slippages and a sharp up-move in crude prices dampened investor sentiments. Additionally, an expectation of weak monthly manufacturing data tomorrow is adding to the cautiousness," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.
US oil costs had finished above USD 60 a barrel for the first time since June 2015 whilst Brent North Sea crude for March supply rose to USD 66.87 a barrel on Friday.
The BSE auto index fell 0.78 per cent, adopted by bankex 0.75 per cent, teck 0.65 per cent, IT 0.55 per cent, steel 0.52 per cent, oil & gasoline 0.46 per cent, FMCG 0.29 per cent, PSU 0.15 per cent and infrastructure 0.13 per cent.
The near-absence of in a foreign country cues supposed investors remained directionless, forcing to cut their positions, agents said.
In contrast, investors indulged in widening their portfolios in the second-line stocks which outperformed the important thing indices. Small-cap and mid-cap indices closed with positive aspects of 0.26 per cent and nil.08 per cent, respectively.
Globally, most stock markets, together with the ones in Asia and Europe, had been closed today.
Investors most well-liked to e-book earnings at report highs amid issues over fiscal slippages and emerging crude oil costs and shortage of cues from world markets that have been closed for the New Year holiday.
The benchmark Sensex touched a low of 33,766.15 earlier than settling decrease by 244.08 points, or 0.72 per cent, at 33,812.75. This is the most important single-day fall since December 1 when the index had misplaced 316.41.
The 30-share index had closed at an all-time prime of 34,056.83 in the final session of 2017 on Friday.
Also, the 50-share Nifty cracked under the 10,500-mark to hit a low of 10,423.10 earlier than settling 95.15 points, or 0.90 per cent down at 10,435.55.
Stocks opened on a susceptible word and remained range-bound for the better part of the day however an intense sell-off in the final hour of the business dragged the important thing indices deep down, agents said.
Bouts of buying had been, then again, seen in capital items, realty, healthcare and shopper durables stocks that capped the losses to a point.
In the Sensex kitty, TCS emerged as the highest loser by falling 1.69 per cent, adopted by IndusInd Bank 1.45 per cent and Hindustan Unilever 1.40 per cent.
Other large losers include HDFC Ltd, Tata Steel, ONGC, Adani Ports, ICICI Bank, Reliance Industries, Asian Paint, HDFC Bank, SBI, Kotak Bank and Yes Bank, dropping by up to 1.35 per cent.
Auto stocks equivalent to Tata Motors, Bajaj Auto, M&M, Maruti Suzuki and Hero MotoCorp too got here under pressure and misplaced up to 1.35 per cent after December sales data failed to cheer investors.
Maruti reported a 10 per cent upward push in December sales.
"Despite positive auto sales numbers, market started-off the New Year on a cautious note. Lingering concern on fiscal slippages and a sharp up-move in crude prices dampened investor sentiments. Additionally, an expectation of weak monthly manufacturing data tomorrow is adding to the cautiousness," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.
US oil costs had finished above USD 60 a barrel for the first time since June 2015 whilst Brent North Sea crude for March supply rose to USD 66.87 a barrel on Friday.
The BSE auto index fell 0.78 per cent, adopted by bankex 0.75 per cent, teck 0.65 per cent, IT 0.55 per cent, steel 0.52 per cent, oil & gasoline 0.46 per cent, FMCG 0.29 per cent, PSU 0.15 per cent and infrastructure 0.13 per cent.
The near-absence of in a foreign country cues supposed investors remained directionless, forcing to cut their positions, agents said.
In contrast, investors indulged in widening their portfolios in the second-line stocks which outperformed the important thing indices. Small-cap and mid-cap indices closed with positive aspects of 0.26 per cent and nil.08 per cent, respectively.
Globally, most stock markets, together with the ones in Asia and Europe, had been closed today.
Stocks off to a sombre start in 2018, Sensex drops 244 pts
![Stocks off to a sombre start in 2018, Sensex drops 244 pts]()
Reviewed by Kailash
on
January 02, 2018
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