The 30-share BSE Sensex fell more than 100 points on Monday as the market seems worried about monsoon, though the inflation eased in June compared to previous month.
The BSE benchmark was completely rangebound around its Friday's closing value since early trade, but it extended losses in last one hour of trade. Index fell 110.39 points to close at 17,103.31. Meanwhile, the NSE benchmark dropped below the 5200 to 5,197.25, down 30 points.
The Indian rupee, which recovered to 54.78 a dollar in early trade, depreciated 12 paise to 55.26 against the US dollar towards closing hours of equity market.
Met Department says monsoon may miss forecast in July and may be deficient in September. It said that the El Nino effect, a phenomenon that causes temperature variations, may emerge in August and September.
Ambareesh Baliga, COO, Way2Wealth says the inflation surely was slightly better than expectations, but all eyes are more on monsoon than the immediate inflation figures. "In case we have the monsoon still playing truant over the next two to three weeks then I suppose we are staring at difficult situation and that will make the inflation shoot up in the coming months," he reasoned.
Headline inflation declined to 7.25% for June as against 7.55% in May while April inflation has been revised upwards to 7.5% versus 7.23% (provisional).
Country's largest software services exporters TCS and Infosys tanked 3% and 2.5%, respectively. Infosys has been falling (lost 12% in three days) since Thursday after it disappointed the street with results on every count.
Top commercial vehicle maker Tata Motors tumbled 2.6% after lower than expected sales numbers by Jaguar & Land Rover in June whereas top car maker Maruti Suzuki gained 1.6%.
Engineering and construction major by sales Larsen & Toubro slipped 1.5%. Private power producer Tata Power tumbled over2%.
Among metals stocks, Tata Steel crashed 4% and Jindal Steel lost 2.7%. Sterlite Industries and Hindalco Industries were down over 1.7%.
Country's largest private sector lender ICICI Bank and HDFC Bank fell 0.7% each whereas their rival State Bank of India gained 0.7%. The BSE Bankex was up more than 0.6% after inflation eased, but these stocks shed gains in second half of trade.
Top telecom operator Bharti Airtel topped the buying list throughout the session, rising 4%. Housing finance company HDFC rose 0.5%.
Healthcare stocks were on buyers' radar today since early trade - Dr Reddy's Labs jumped 1.8% while Cipla gained 1.2%.
Oil & gas producers Reliance Industries and ONGC were up 0.22% and 0.77%, respectively.
In the second line shares, Exide Industries was down 1.5% ahead of results today after market hours. DCB lost 3%, even after strong net profit in Q1.
Kingfisher, Lanco Infratech and TVS Motor Company were down 3-4%.
After results: MindTree declined over 2% and AP Paper Mills tanked 5.5%.
On the global front, China's main stock index ended down 1.7%, the lowest close since March 2009, as profit warnings from market heavyweights caused concerns that the slowdown in China growth may have a greater-than-expected impact on earnings. (With inputs from CNBC.com)
France's CAC, Germany's DAX and Britain's FTSE were flat, even after a rally in US markets last Friday.
At 14:59 hours IST: Choppy Sensex trades lower; metals, IT stocks extend losses
The BSE Sensex and NSE Nifty slipped further amid volatility due to further fall in technology and metals stocks. Decline in private banks too added pressure on the market. The Indian rupee, which appreciated 30 paise in early trade today, declined 4 paise to 55.18 against the US dollar while Euro fell 0.53% to 1.2192 against the US dollar.
The BSE benchmark fell 66.43points to 17,147.27 and the NSE benchmark was down 16 points to 5,211.35.
Country's largest software services exporters TCS and Infosys were down 2.7% and 2.2%, respectively.
Engineering and construction major by sales Larsen & Toubro declined 1.7%. Private sector lenders ICICI Bank and HDFC Bank dropped 0.4% each while rival State Bank of India gained 0.9%.
Top commercial vehicle maker Tata Motors tumbled over 2% after less than expected global sales numbers of Jaguar and Land Rover.
Power major NTPC and Tata Power were down 0.5% and 2%, respectively.
Metal stocks continued to melt down - Tata Steel topped the selling list, losing 3.7%. Jindal Steel tanked 2.6% while Sterlite and Hindalco moved down over 1%.
However, top telecom operator Bharti Airtel remained top gainer among largecaps, rising 4%.
Healthcare stocks like Sun Pharma and Cipla gained 1% each while Dr Reddy's Labs rallied 2%. Housing finance company HDFC rose 0.6%.
On the global front, European markets were trading marginally lower.
At 14:01 hours IST: Nifty, Sensex in tight range; Bharti Airtel tops buy list
Indian equity benchmarks continued to move around their Friday's closing value due to lack of global and local cues. The market is waiting for government's action over diesel price as sources says the government may hike diesel price after presidential election (that will be on July 19).
Banks, healthcare, oil & gas and auto (barring Tata Motors) stocks were trading higher whereas technology, infrastructure and metals stocks were down.
The BSE benchmark was down just 7 points to 17,206.52 while the NSE benchmark rose 3 points to 5,230.10.
The Indian rupee, which hit a fresh one-week high of 54.78 intraday, appreciated by just 6 paise to 55.08 against the US dollar.
Jayesh Mehta, managing director and country treasurer at Bank of America says, it's is a technical bounce. "There is a lot of expectationfrom the new finance minister, government to do something. GAAR also has helped," he adds.
According to him, the rupee is trapped in 54-56 range in the near-term. "I think ultimately, at 54-54.50 levels, there is not much comfort. So, range is 54.50 maybe 56," he adds.
Top telecom operator Bharti Airtel toppped the buying list, rising nearly 4%. Among healthcare stocks, Dr Reddy's Labs rallied 2.5% while Ranbaxy Labs, Sun Pharma and Cipla gained 1% each.
India's largest lender State Bank of India rose 1.3% while its rival HDFC Bank was up 0.4%. Oil & gas producers Reliance Industries and ONGC were up 0.4% & 0.8%, respectively.
Top car maker Maruti Suzuki jumped over 2% while two-wheeler major Hero Motocorp was up 1%.
However, Infosys, country's No. 2 software services exporter, dropped more than 2%. In three days, the stock fell nearly 12% especially after weak numbers in the quarter ended June 2012. TCS was down 1.5% and Wipro declined 0.5%.
Private steel manufacturer Tata Motors crashed 3.5% and Jindal Steel lost 2.4%. Top commercial vehicle maker Tata Motors went down 1%.
Engineering and construction major by sales Larsen & Toubro slipped 0.77%.
At 12:48 hours IST: Nifty lacklustre: TCS, Infosys, Tata Steel under pressure
The BSE Sensex and NSE Nifty remained lacklustre in afternoon trade. Banks, auto and pharma stocks were on buyers' radar whereas technology and steel stocks were under pressure.
The BSE benchmark was up 39 points at 17,252.85 and the NSE benchmark gained 13 points at 5,240.35. The Indian rupee was quite volatile; it hit the 55 against the US dollar, rising just 13 paise over Friday's close.
10-year bond yields declined 0.93% to 8.0213% after inflation numbers. Inflation for June slipped to 7.25% as against 7.55% in previous month.
State Bank of India, country's largest lender, gained 1.3% while its rivals ICICI Bank and HDFC Bank gained 0.4% and 0.8%,respectively.
Auto stocks too stayed higher. Top car maker Maruti Suzuki jumped over 2% while Tata Motors, Bajaj Auto and M&M moved up 0.5% each.
Top telecom operator Bharti Airtel was the top loser among largecaps, shooting up 4%. Oil & gas producers Reliance Industries and ONGC were up 0.5% each.
Healthcare stocks too extended gains - Dr Reddy's Labs rallied 2.6%. Sun Pharma and Cipla were up over 1.5%.
However, software services exporters TCS and Infosys remained lower, falling 1.4% and 2%, respectively. Wipro was down 0.5%.
Among metals stocks, Tata Steel and Jindal Steel tanked 2-3% while Hindalco and Sterlite Industries were down over 0.5%.
At 11:51 hours IST: Volatile Sensex recovers as June inflation eases; SBI gains
The BSE Sensex and NSE Nifty recovered from day's low after lower than expected inflation for June, but remained in a tight range. According to Central Statistics Office, inflation for June declined to 7.25% as against 7.55% in May. CNBC-TV18 poll had expected at 7.61%. Inflation for April has been revised to 7.5% as against 7.23% (provisional).
The BSE benchmark gained 26.54 points at 17,240 and the NSE benchmark rose 8 points to 5,235.30. Even the Indian rupee recovered to 54.88 from 54.98 against the US dollar during the day. It was up by 26 paise over Friday's closing.
Country's largest lender State Bank of India extended gains, rising 1.4% on hopes that the Reserve Bank of India may consider rate cut in its quarterly monetary policy review on July 31. ICICI Bank moved up 0.66% and HDFC Bank gained 0.4%.
Top telecom operator Bharti Airtel extended gains, rising 3% and index heavyweight Reliance Industries was up 0.44%.
Healthcare stocks continued to rally since early trade - Dr Reddy's Labs, Sun Pharma and Cipla gained between 1.5% and 1.8%.
However, software services exporter Infosys has been falling for the third consecutive session today, losing 1.5%especially since after its disappointing results for the quarter ended June 2012. Its rival TCS and Wipro were down 1% and 0.5%, respectively.
Metal stocks extended losses - Tata Steel crashed over 3% and Jindal Steel lost 2% while Hindalco and Sterlite Industries were down 0.7%.
Engineering and construction major by sales Larsen & Toubro slipped over 0.5%.
At 10:31 hours IST: Sensex listless; JSPL, Tata Steel tank, inflation data eyed
Indian equity benchmarks were completely listless in trade today as it is waiting for inflation numbers because that will decide the RBI's move in quarterly monetary policy review on July 31. Market experts on average expect inflation around 7.61% for June and core inflation in the range of 4.9-5.5%.
But, analysts feel the Reserve Bank of India will not cut interest rates in near term. Deutsche Bank does not see any triggers for RBI to ease on July 31. According to them, role of policy will be crucial in containing food inflation.
The BSE benchmark went up just 11.35 points to 17,225.05 and the NSE benchmark gained 2.85 points at 5,230.10. The broader markets too were flat.
Top telecom operator Bharti Airtel topped the buying list, rising 1.85%. Even pharma stocks like Dr Reddy's Labs and Cipla, and car maker Maruti Suzuki gained more than 1.5%.
Commercial vehicle manufacturer Tata Motors and utility vehicle maker Mahindra & Mahindra moved up 1% each.
Housing finance company HDFC and FMCG major Hindustan Unilever rose over 0.7%.
Country's largest lenders State Bank of India and ICICI Bank were trading marginally higher.
However, the fall in TCS and Infosys (losing for third consecutive session today after bad earnings in Q1) capped the upside; both lost around 1% while their rival Wipro was down 0.6%.
Engineering and construction major by sales Larsen & Toubro declined 0.55% and state-owned oil & gas producer ONGC slipped 0.34%.
Steel stockstook huge beating - Tata Steel tanked 2.5% and Jindal Steel tanked over 2%. Sterlite Industries was down 0.7%.
At 9:20 hours IST: Sensex, Nifty flat; Rupee rises to 54.80/$
The BSE Sensex and NSE Nifty opened marginally higher amid choppy trade on Monday due to lack of global and local cues last weekend. Globally the markets are waiting for Fed statement and locally the government's action on diesel price after presidential election this week. The Indian rupee appreciated by 34 paise to 54.80 against the US dollar.
The BSE benchmark rose 45.85 points to 17,259.55 and the NSE benchmark went up 12.25 points to 5,239.50.
Bharti Airtel, JP Associates, BHEL, Siemens, L&T, DLF, SBI, PNB, Axis Bank, ICICI Bank, IDFC, Hindalco, HCL Tech, Reliance Industries, Maruti, Cairn and ACC led the markets hgiher in early trade.
However, Tata Steel, Reliance Infrastructure, JPSL, Kotak Mahindra Bank, ONGC, NTPC and SAIL were in red.
The CNX Midcap Index rose 23 7455 About two shares advanced for every share declining on the National Stock Exchange.
In the second line shares, DCB rose 1.5% after company's net profit increased by 115% YoY to Rs 18.9 crore in the first quarter of FY13.
South Indian Bank was up 1.5% ahead of quarterly earnings today.
TVS Motor, which was the top gainer among midcaps last week, gained 1%. Sintex Industries gained further by 1.5%.
MindTree shot up 3.3% after better than expected net profit during the June quarter. Software services exporter's net profit grew by 30.9% quarter-on-quarter to Rs 89 crore.
Ballarpur Industries was up just 0.7% on talks of Avantha Power IPO.
Tree House Education surged 2.7% on large volumes.
Exide Industries declined 0.7% ahead Q1 numbers. Indraprastha Gas was down nearly 1%.
Lloyds Steel surged 5% after Miglani Group made open offer to shareholders for buying 26% stake in the company at Rs 11.65, which is premium to the currentprice.