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Bear stranglehold became stronger at the fag end of today's session in the Indian equity market. Key indices were largely dragged by private bank stocks, where IndusInd Bank slumped over 10%, and Axis Bank and HDFC sinked more than 7% each.
Unlike the pre-opening and SGX Nifty trends, domestic equities had started on a weak note and continued to extend losses through the day as announcements under the government's ₹20 trillion economic stimulus package failed to cheer investors.
While Sensex dropped 1,068.75 points, or 3.4%, to 30,028.98, Nifty 50 plunged 313.60 points, or 3.4%, to 8,823.25.
India's largest vehicle maker resume manufacturing at its Gurugram plant today. It had restarted operations at the Manesar plant on 12 May. Shares of the carmaker fell 7.5% to ₹4,720 on the BSE.
Cipla, Tata Consultancy Services, Bharti Infratel, Infosys and Vedanta were among the top performers on Nifty 50, while shares of IndusInd Bank, Zee Entertainment, Eicher Motors, UltraTech Cement and Axis Bank fell the most.
Major Asian shares pared early gains but managed to end in the green. Japan's Nikkei 225 rose 0.5%, while Hang Seng index in Hong Kong increased 0.6%. Shanghai Composite index in China settled 0.2% higher.
The Indian rupee ended 34 paise lower at 75.91 against the US dollar, compared to Friday's close of 75.57.
Shares of hotels and hospitality chains traded lower as the government did not announce any measure for the sector in its ₹20-trillion economic stimulus package and prohibited hotels and restaurants from resuming operations in the fourth phase of the national lockdown that ends on 31 May.
Gold advanced 1% on Monday to its highest in more than seven years as dismal US data underscored how badly the covid-19 pandemic has damaged the world's top economy, while palladium soared over 9% on better-than-expected demand outlook. Spot gold was up 1% at $1,759.13 per ounce by 0708 GMT, after rising to its highest since October 12, 2012, at $1,764.46 earlier. US gold futures gained 0.9% to $1,772.70.
Praj Industries and Sekab E-Technology AB, Sweden, have signed a cooperation agreement to upgrade and commercialise base technology that will help produce feedstock from advanced biofuels and biochemicals found in forest residue.
European shares bounced on Monday after their worst week in two months, as investors hoped for a gradual economic recovery with many countries easing coronavirus-led lockdowns. London's FTSE, France's CAC and DAX index in Germany gained over 2%.
Bharti Airtel will offer its B2B customers a special work-from-home plan, which includes broadband and 4G, collaboration tools and virtual private network (VPN) connections. The company will include Google Meet, Zoom and Cisco WebX as options for collaboration tools.
Shares of Coal India declined 4.8% to ₹123.25 on the BSE as the government on Saturday said it will allow the commercialisation of coal, and let private entities participate in all sectors.
Shares of defence companies gained in the morning trade as the government on Saturday increased the foreign direct investment (FDI) limit in defence production to 74% from 49% earlier, to promote indigenisation under its 'Make In India' initiative.
Crisil has reaffirmed the long-term rating of Motherson Sumi at CRISIL AA+ but revised its outlook to negative from stable. The short-term and commercial paper (CP) ratings have been retained at CRISIL A1+.
Cipla, Infosys, Bharti Infratel, ITC and Vedanta were the best performers on Nifty 50, while IndusInd Bank, Axis Bank, Zee Entertainment, ICICI Bank and Maruti Suzuki led the losses.
Shriram Transport Finance plans to raise ₹3000-4000 crore via a qualified institutional placement (QIP) or preferential allotment to augment liquidity, according to a Mint report. Two persons with direct knowledge of the matter said the company has met more than a dozen potential investors for the planned QIP. Shares of the firm tumbled 9.5% to ₹580.95 on the BSE.
Shares of Mahindra & Mahindra Financial Services slumped 12.1% to ₹148 on the BSE as the non-bank's profit fell to ₹234.8 crore in the March quarter from ₹686.4 crore in the year-ago period. However, revenue was at ₹3,101 cr during the reporting quarter, as against ₹2,880 cr in the same period last year.
The Indian rupee fell at open, at 75.84 against the US dollar compared to Friday's close of 75.57.
Shares of InterGlobe Aviation, which owns and operates IndiGo, declined 6.3% to ₹922.35 as the government, in its relief package announced on Saturday, proposed privatising six airports and freeing up more airspace, failing to extend the much-needed monetary support to the cash-strapped industry.
Cipla jumped 2.5% to ₹584.55 on the NSE in early deals even as the pharmaceutical major posted a 33% year-on-year (YoY) decline in its consolidated net profit for the March quarter to ₹246 crore.
Shares of Reliance Industries rose over 1% to ₹1,476.10 on the NSE as the company said New York-based private equity giant, General Atlantic, will invest ₹6,598.38 crore in its digital assets subsidiary, Jio Platforms Ltd. This is fourth such announcement by the company in recent weeks.
Indian equity market opened lower, bucking the the pre-opening and SGX Nifty trend. The benchmark Sensex fell 62.26 points, or 0.2%, to 31,035.47, while the Nifty 50 index tumbled 22.40 points, or 0.3%, to 9,114.45.
Asian shares were led higher by S&P 500 futures on Monday and oil prices hit a five-week peak as countries' efforts to re-open their economies stirred hopes the world was nearer to emerging from recession. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.4%, while Japan's Nikkei 225 rose 0.6% and Chinese blue chips rose a marginal 0.3%.
Reliance Industries said New York-based private equity giant, General Atlantic, will invest ₹6,598.38 crore in its digital assets subsidiary, Jio Platforms Ltd. Bharti Airtel, Cipla, M&M Finance, Maruti Suzuki and ITC will be other stocks in focus.
Oil prices rose over $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to contain the spread of coronavirus. Brent crude was up $1.19, or 3.7%, at $33.69 a barrel by 0240 GMT. The US West Texas Intermediate (WTI) crude gained $1.26, or 4.3%, at $30.69 a barrel, after rising to its highest since March 16.
The Dow Jones Industrial Average rose 60.08 points, or 0.3%, to 23,685.42, the S&P 500 climbed 11.2 points, or 0.4%, to 2,863.7 and the Nasdaq Composite added 70.84 points, or 0.8%, to 9,014.56.
Wall Street's three major indices closed higher on Friday after swinging between gains and losses as investors weighed worries about Sino-US trade relations and weaker-than-expected US economic data against growing optimism that easing coronavirus restrictions would boost activity this month. US retail sales and manufacturing output showed record declines in April due to virus-related stay-at-home orders. The data came after US President Donald Trump ratcheted up trade tensions with China by moving to block semiconductor shipments to China's Huawei Technologies from global chipmakers.
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