Economy

Sensex Tumbles Over 400 Points; Metal Stocks Lead Losses


The domestic stock markets have crashed nearly a per cent in early trading, snapping a 4-day winning spree, on the back of negative global cues. At 9:17 am, the BSE Sensex was trading at 49,043.65, weaker by 440.31 points or 0.90 per cent and the NSE Nifty was at 14,798.55, down 124.75 points or 0.96 per cent. The broader markets are out-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index edging higher. 

Asian markets are trading lower following a sell-off in tech stocks that weighed down major U.S. indexes overnight. Japan’s Nikkei 225 led declines in early trade, shedding around 2.2 per cent and Topix moved 1.7 per cent lower.

Overnight, the Dow Jones hit a record high on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks. The Dow Jones was up 0.86 per cent, while the S&P 500 was down 0.01 per cent and Nasdaq Composite was down 1.50 per cent .

Meanwhile, oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyber-attack forced its shutdown.

Brent crude settled up 4 cents, or 0.1 per cent, at $68.32 a barrel. U.S. West Texas Intermediate (WTI) crude settled up 2 cents, or 0.03 per cent at $64.92. Both benchmarks rose more than 1 per cent last week, their second consecutive weekly gain.

On the earnings front, Siemens, BASF India and Godrej Consumer Products will declare their earnings during the day.

On the stock-specific front, metal shares are trading weak this morning. Tata Steel, Hindalco and JSW Steel have shed more than 2 per cent on the BSE. Select financials are also trading weak, with HDFC, IndusInd Bank and Kotak Mahindra Bank losing between 1 and 2 per Cent each on the BSE.

On the other hand, Coal India, UPL and Sun Pharma have gained around one per cent each on the BSE.

The BSE market breadth is strong. Out of 2,299 stocks traded on the BSE, there are 1250 advancing stocks as against 956 declines.



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