BackLive: Sensex closes down 1,625 points as China jolts world markets
Shanghai composite index closes 8.5% lower, Hong Kong's Hang Seng index falls 7.6%, Brent crude slips below $45
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4pm: Sensex closes at 25,741.56 points, down 1,624.51, or 5.94%; Nifty closes down 490.95 points, or 5.92%, at 7,809. The indices recorded their biggest single-day fall in absolute terms. In intra-day trade, the 30-share S&P BSE Sensex fell as much 1,741.35 points, or 6.36%, to 25,624.72, while the 50-share Nifty slumped 530.55 points, or 6.4%, to 7,769.40.
Among the Sensex stocks, Vedanta Ltd fell 15.3%, Tata Steel Ltd fell 13.1%, Gail India Ltd 12.8%, ONGC 11.2%, Bajaj Auto Ltd 9.1%, Cipla Ltd 9%, ICICI Bank Ltd 8.9%, Reliance Industries Ltd 8.6% and Hindalco Industries Ltd 8.4%.
Among the sectoral indices, the BSE Realty index was the top sectoral loser, down 10.9%, followed by BSE Oil and Gas which was down 9.2%. BSE Power was down 8.1% while BSE Metal, auto, capital goods and consumer durables indices were down 7.2% each. BSE Bankex fell 7% and BSE Healthcare index 6.8%. The BSE IT, FMCG and Teck indices were down 5% each.
2:20pm: Indian benchmark stock indices nosedived 5.2%, after the China’s Shanghai Composite Index closed 8.5% lower on Monday, while US equity-index futures signalled a fifth straight day of losses.
2:15pm: In intra-day trade, the 30-share S&P BSE Sensex fell as much 1,415.10 points, or 5.17%, to 25,950.97, while the 50-share Nifty slumped 443.05 points, or 5.34%, to 7,852.10. The Sensex had fallen 1,408 points in January 2008.
1:30pm: Among the Sensex stocks, ONGC falls 9.3%, Gail India Ltd is down 7.8%, Bajaj Auto Ltd 7.7%, Tata Steel Ltd 7.5%, Bharat Heavy Electricals Ltd 7%, Vendanta Ltd 6.9%, Tata Motors Ltd 6.2% and Axis Bank Ltd fell 5.7%.
1:20pm: Among the sectoral indices, the BSE Realty index is the top sectoral loser, down 7.5%, followed by BSE Oil and Gas and Power, which are down 6.2% each. The BSE Capital goods, Auto, Bankex and Healthcare are down 5% each. The BSE Teck is down 3.2%, while BSE IT and FMCG are down 3% each.
1:00pm: The Indian rupee weakens 1.3% in intra-day trade against the US dollar, the steepest fall since 3 September 2013, as a sharp fall in Chinese equity markets hurt sentiment in emerging markets, including India. The home currency is trading at 66.62, down 1.24% from its previous close of 65.83. The local unit opened at 66.39 per dollar and touched a low of 66.68—a level last seen on 4 September 2013.
12:40pm: Chinese shares plummeted on Monday, wiping out the year’s gains and leading a slump across Asian equities as Beijing’s latest market intervention failed to restore confidence, with concern mounting about the stalling economy.
The benchmark Shanghai Composite Index closed down 8.49%, or 297.83 points, at 3,209.91—below its closing level on 31 December last year, wiping out all its 2015 gains. It was its biggest fall for more than eight years, since February 2007, and it dropped as much as 9% during trading.
12:25pm: European stock markets slump further in opening deals in a fierce global selloff on mounting worries over the impact of China’s slowing economy. London’s benchmark FTSE 100 index of top blue-chip companies dived 2.62% to 6,025.27 points at the open, driven also by low volumes. Frankfurt’s DAX 30 sank 3.15% to 9,805.72 points, sliding under 10,000 for the first time since January, and the Paris CAC 40 shed 3.57% to 4,465.48.
11:55am: Commodities sank to the lowest level in 16 years, joining a rout in global equities and emerging-market currencies on concern that China’s economic slowdown will exacerbate gluts of everything from oil to metals. The Bloomberg Commodity Index of 22 raw materials lost as much 1.7% to 86.3542 points, the lowest level since August 1999.
11:40am: The overall investors’ wealth in India, measured in terms of total valuation of all listed stocks, was also down nearly ₹ 3.5 trillion as it crashed below ₹ 100 trillion mark and stood at ₹ 97.64 trillion in early afternoon trade. The loss suffered by the 10 biggest companies in terms of market capitalization was itself close to ₹ 2 trillion.
11:10am: Indian Oil Corp. (IOC) plunged to its lowest in more than 10 weeks as the government started selling part of its holding in the nation’s biggest refiner amid a global selloff. The shares fell as much as 4.3% to ₹ 378, the lowest since 18 June.
10:45am: The yield on India’s 10-year benchmark bond is trading at 7.822% compared with its Friday’s close of 7.787%. Bond yields and prices move in opposite directions.
10:35am: The BSE market capitalisation falls below ₹ 100 trillion mark—first time since 18 June.
10:25am: The India VIX—measure of near-term volatility—gained 41%, the most since October 2008 to 25.5.
10:10am: Shares of Amtek Auto Ltd crash 14% to ₹ 55.50 ahead of its annual general meeting. Last week, shares of Amtek Auto fell 57% in response to the stand-off between the company and its bondholders and on fears of a liquidity crunch at the Delhi-based auto component firm.
9:45am: Dr Reddy’s Laboratories Ltd falls 1.9% to ₹ 4162.10 after the company said in a notice to BSE that it has recalled one batch of USP 1.5mg Rivastigmine Tartarate capsule from US market. This is a batch specific voluntary recall in conformance with our quality assurance norms practiced. The business impact from this will not be substantial.
9:40am: United Spirits Ltd drops 2.8% to ₹ 3,278.55 after the company was found in non-compliance to the provision related to reconciliation of share capital audit report.
9:35am: Indian Oil Corp. Ltd (IOC) slips 2.9% to ₹ 383.10. The government will on Monday sell a 10% stake in nation’s largest oil firm to raise about ₹ 9,500 crore.
9:25am: Astra Microwave Products Ltd climbs 6.2% to ₹ 118.05 after the company said in a notice to BSE that it will form joint venture with Rafael Advanced Defence Systems Ltd for joint production and supply of tactical radio communication systems, electronic war-fare systems and signal intelligence systems. The JV will operate from Hyderabad and is expected to start business development activities in the first half of 2016.
9:15am: The Shanghai composite index tumbles 8% to 3,228.57 in early trading; Hong Kong’s Hang Seng index falls 4.2% to 21,475.15 and Japan’s Nikkei 225 stock index drops 2.7% to 18,918.42. Australia slides 2.5% to 5,084.30, while South Korea’s Kospi loses 0.5%.
9:10am: The dollar falls to 121.13 yen in Asia, down from 122.06 yen in New York Friday. The euro stands at 1.1447 dollar and 138.66 yen, mixed from its previous close of 1.1386 dollar and 138.97 yen.
9:05am: Oil prices fall on concerns about waning demand in China, the world’s top energy importer. US benchmark West Texas Intermediate for October delivery fell 87 cents to $39.58, while Brent crude for October eased 81 cents to $44.65.
9:00am: Stocks fall in early trading in Asia as investors shaken by the sell-off last week on Wall Street unloaded shares in many sectors.
8:55am: Wall Street saw heavy falls on Friday, with the Dow Jones Industrial Average posting its worst single-day sessions in four years, after data showing Chinese manufacturing activity slowed to a 77-month low added to the gloomy picture.
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