Sensex falls over 300 points; L&T, ICICI Bank dip 2%
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Benchmark indices have extended losses and are trading near day’s low with Sensex and Nifty slipping over 1% weighed down by metal, auto and financials shares.
By 10:15, the Sensex was lower by 341 points at 28,377 whereas the Nifty has slipped by 100 points at 8,561 levels.
The main losers on the Sensex are GAIL, Tata Power, Tata Steel, ICICI Bank, L&T and M&M.
Markets have started the session lower, after exit polls on Saturday said the Aam Aadmi Party (AAP) would form the government in Delhi.
Most exit polls have predicted a majority for the AAP with one of them giving it as high as 53 seats in the 70-member House.
By 9:25, the Sensex was lower by 216 points at 28,502 whereas the Nifty has slipped by 68 points at 8,593 levels.
Among broader markets, BSE Midcap and Smallcap indices are down 0.6-1.1%. Markets breadth in BSE is weak with 1,035 shares declining and 486 shares advancing.
On the macro economic front, the government will issue the gross domestic product (GDP) data for the financial year's third quarter (Q3, October-December) today.
The government will release index of industrial production (IIP) data for December 2014 on Thursday. On the same day, the government will release data for the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India in January 2015.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 96.45 crore on Friday, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 115.49 crore on Friday.
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Shares of YES Bank climbed as much as 8.98 per cent to hit an intraday high of Rs 28.50 apiece on Monday, after the private lender announced a strong set of March quarter results (Q4FY24).
YES Bank’s profit jumped over 123 per cent to Rs 452 crore in Q4FY24, as opposed to Rs 202.43 crore reported in Q4FY23.
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The Congress on Monday attacked the BJP over the alleged sex scandal involving the grandson of JD(S) supremo H D Deve Gowda, with party leader Priyanka Gandhi Vadra asking whether Prime Minister Narendra Modi will remain silent on the matter.
The opposition party also asked why the BJP went ahead with its alliance with the JD(S) when a BJP leader had written to the party's Karnataka unit president, exposing the presence of a pen drive full of "sleaze videos of Prajwal Revanna".
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China is gearing up to launch a robotic spacecraft on a mission to bring back samples from the dark side of the moon. This mission is prelude to three challenging missions aimed at achieving a Chinese crewed landing and establishing a base on the lunar South pole. And it will also be the world's first attempt at collecting samples from the other side of the moon.
Since the inaugural Chang’s mission in 2007, named after the legendary Chinese moon goddess, China has made substantial strides in its lunar exploration efforts, narrowing the technological divide with the United States and Russia.
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The Japanese yen hit its weakest levels since April 1990 on Monday, in trading thinned by a holiday in Japan and attempts by traders to test key levels and stop-loss orders in a nervous, illiquid market.
The dollar rose as far as 160.245 yen in a sudden move after the yen traded in a narrow 158.05-158.15 range in early deals.
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Veteran politician, BJP MP and former Union Minister V Sreenivasa Prasad died on Monday, family sources said.
The 76-year-old Lok Sabha member from Chamarajnagar was ailing for some time and being treated at a private hospital, where he passed away early today.
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