Benchmark indices free fall, drag down most stocks
Investors treaded cautiously today amid lack of cues from the global markets
- Nifty closed below 10,450 points
- RCom stock fell over 2%
- Auto stocks fell even as Marti posted better sales
The Sensex and benchmark Nifty saw a major fall today amid lack of cues from the global markets, dragging down almost all the sectoral indices.
Nifty closed at 10,435.55 or down 0.90%, while Sensex closed 0.72% lower at 33,812.75. Bank, finance, tech and auto stocks were major losers.
Auto stocks, which were in focus as auto firms start disclosing monthly sales numbers for December 2017, too fell even as Maruti Suzuki India today reported a 10.3% rise in its monthly sales for December.
Overseas investors have pulled out close to Rs 5,900 crore from domestic equities in December. With widening fiscal deficit and higher crude prices making market participants cautious on macro-economic front.
Reliance Communications (RCom) stock fell over 2% today after rising continuously over the last two weeks. Other Anil Dhirubhai Ambani Group (ADAG) companies rose substantially on the exchanges.
The group's shares started rising after Anil announced debt reduction plan over a week ago. The shares further found favour with the investors after Mukesh Ambani's Reliance Jio announced that it will buy RCom's wireless business. RCom shares recovered over 202% in the last two weeks.
Anil Ambani group firm Reliance Naval was up 32.28% at 1.34 pm on the BSE. The company's stock has gone up 74.43% in the last two weeks.
Reliance Power's stock was up over 20% at today's close, rising over 66% in the past two weeks.
Reliance Infrastructure stock rose over 3% today. The stock rose over 27% in the past two weeks.
While Reliance Capital's share closed 3.48% up, Reliance Home Finance rose over9% on the BSE.
The ADAG's shares also seeing volume on the exchanges.
Investors on Dalal Street treaded cautiouslyy today.
Sensex opened 0.03% or 8.69 points higher at 34,065.52 points while the benchmark Nifty opened 0.06% or 5.80 points lower at 10,524.90 points.
In the pre-market trading session, BSE Sensex and Nifty were trading flat at 34,059.99 points and 10,530.70 points, respectively.
The NSE Nifty 50 Index rose 0.5% to 10,530.70 points on Friday, capping its best annual gain in three years.
The month of January is always a ‘mixed month’ of returns, according to a Bloomberg report. It added that the gauge has dropped six times in the month in the last ten years.
Indian rupee opened stronger against the US dollar at Rs 63.92, was at 63.68 against dollar. It had touched its four-month peak of Rs 63.87 on Friday.