SBI, Axis Bank, ICICI Bank, L&T, BHEL hit 52-week lows
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Shares of State Bank of India (SBI), Axis Bank, ICICI Bank, Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) are among five Sensex stocks to hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after the benchmark index dropped more than 1% today.
The NSE Nifty 50 index and the BSE Sensex have fallen more than 1% in early morning trade after China's regulators halted trading for the day following a sharp plunge in Chinese shares. Indian markets continued to post losses for four consecutive trading sessions mainly on concerns of global weakness and correction in oil prices.
BHEL (Rs 160), PNB (Rs 107), Axis Bank (Rs 418) L&T (Rs 1,213) and SBI (Rs 212) were down 2%-3% on the NSE.
Allahabad Bank, Bank of India, Canara Bank, Punjab National Bank (PNB), Indian Bank, Alstom T&D India and Sunrise Asian from the BSE500 index have touched 52-week lows today.
Meanwhile, Tata Consultancy Services (TCS), ACC, Dr Reddy’s Laboratories, Bajaj Electricals, Bank of Maharashtra, Vijaya Bank, SKF India, Federal Bank, Indian Overseas Bank, Orient Cement, Bayer Crop Sciences, Container Corporation of India and Procter & Gamble Hygiene and Health Care from the BSE500 index are trading nears to their 52-week lows.
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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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Concerned over slow progress, the lenders of debt-ridden Reliance Capital (RCAP) have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan deadline of May 27.
In a meeting held in Mumbai on Friday with the senior officials of IndusInd International Holdings' (IIHL), the lenders of RCAP said the company has to make a payment of Rs 9,650 crore to them by the said date, a source said.
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The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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