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Sensex plunges 445 pts, Nifty tests 10,760; Metal, Auto stocks lose shine

Share Source By

Dion Global

02 Jan 2019

The Indian benchmark indices extended their fall in late afternoon trade and fell over one percent, hit by concerns over slowing growth in China, fresh fall in the rupee and India’s weak macro data. Stocks fell across Europe and Asia and US futures turned lower after evidence of slowing Chinese growth dashed investor hopes for an upbeat start to 2019, Bloomberg reported. China's factory activity contracted for the first time in over two years in December. Depreciation in Indian rupee hit market mood. The rupee was trading 61 paise down at 70.04 against the greenback in later afternoon session. Market sentiment also took a hit after India’s manufacturing sector slowed down December. The growth was hit because of competitive pressures, labour affairs and challenging public policies. As per the survey, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) eased to 53.2 in December from 54 in the month of November. The Auto stocks plummeted after major companies, including Eicher Motors, Mahindra and Mahindra, Tata Motors and Maruti Suzuki India, reported lower-than-expected sales numbers for December. Royal Enfield on Tuesday reported a 13 per cent decline in total sales to 58,278 units in December. On the other hand, Tata Motors reported an 8 per cent decline in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year. The shares of Jet Airways plunged over 5% after default on payment, rating downgrade. ICRA downgraded long term rating of Jet Airways to D from C. The short-term rating has been revised to D from A4.

At 14:17 hours, the BSE SENSEX was trading at 35809.24 down by -445.33 points or by -1.23 per cent and then NSE Nifty was at 10760.65 down by -149.45 points or by -1.37 per cent. The BSE Sensex touched intraday high of 36236.7 and intraday low of 35734.01 The NSE Nifty touched intraday high of 10895.35 and intraday low of 10735.05.

The top gainers of the BSE Sensex pack Tata Consultancy Services Ltd. (Rs. 1915.50,+0.69%), Infosys Ltd. (Rs. 666.75,+0.32%), Sun Pharmaceutical Industries Ltd. (Rs. 434.00,+0.21%). The top losers of the BSE Sensex were Mahindra & Mahindra Ltd. (Rs. 739.85,-4.36%), Vedanta Ltd. (Rs. 194.45,-3.81%), Tata Steel Ltd. (Rs. 496.40,-3.71%), Tata Motors Ltd. (Rs. 90.40,-2.85%), Tata Motors Ltd. (Rs. 168.90,-2.71%).

Sectorilly, BSETECk index was trading at 7085.9 up by -14.22 points or by -0.2%. NIIT Technologies Ltd. (Rs. 1160.20,+0.75%), Tata Communications Ltd. (Rs. 525.65,+0.71%), Tata Consultancy Services Ltd. (Rs. 1915.50,+0.69%), MindTree Ltd. (Rs. 867.00,+0.42%), Cyient Ltd. (Rs. 620.70,+0.40%). On the flip side, BSE Auto index was trading at 20126.8 down by -599.53 points or by -2.89%. Eicher Motors Ltd. (Rs. 21392.50,-7.73%), TVS Motor Company Ltd. (Rs. 535.05,-5.33%), Mahindra & Mahindra Ltd. (Rs. 739.85,-4.36%), Ashok Leyland Ltd. (Rs. 99.40,-3.07%), Tata Motors Ltd. (Rs. 168.90,-2.71%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2712 , shares advanced were 891 while 1658 shares declined and 163 were unchanged.