Stock markets, extended losses to a fourth consecutive session, with the Sensex shedding 287 points to close at 33,847 today.
That marked the first closing below 34,000 for the 30-scrip BSE benchmark index since April 11.
The NSE Nifty fell 98 points to close at 10,146. Losses in IT, pharma and FMCG stocks dragged the markets lower.
Top laggards on the 50-scrip Nifty index were Sun Pharma, Asian Paints, Wipro, UltraTech Cement and Grasim, closing with a loss of between 3 per cent and 5 per cent.
Things to know:
1) Market breadth favoured the losses for the overall markets, with 510 stocks closing higher against the 1,241 that finished lower. On the BSE, 798 stocks advanced while 1,790 declined.
2) A string of defaults at a major non-banking financial company (NBFC) has battered the sector amid a liquidity crunch, while higher crude prices and weaker rupee continue to weigh on the trading sentiment.
3) The Nifty IT, comprising technology stocks, finished 2.8 per cent lower. Wipro, HCL Tech, Infibeam and TCS finishing between 2.7 per cent and 4.3 per cent lower led the declines in the sector.
4) HCL Tech post-markets hours reported a 14.8 per cent rise in second-quarter net profit, beating analysts’ estimates.
5) Oil marketing companies dragged following a rating downgrade by Japanese brokerage Nomura, but macro concerns played on overall sentiment. Shares in state-run Hindustan Petroleum, Indian Oil and Bharat Petroleum closed 4.3 per cent, 1 per cent and 0.7 per cent lower respectively.
6) Earnings season is expected to gather steam with index heavyweights ICICI Bank, Wipro Ltd and Dr Reddy’s Laboratories scheduled to report September quarter results later this week.
7) Asian Paints Ltd ended 5.2 per cent weaker, a day after the company’s quarterly earnings missed analysts’ estimates.
8) Equities in other Asian markets also dropped as earnings season nerves in the US dented Wall Street, while a mix of negative drivers from Saudi Arabia’s diplomatic isolation to concerns over Italy’s budget and Brexit talks depressed the sentiment.
9) Net sale of equities by foreign portfolio investors (FPIs) stood at Rs. 511.91 crore on Monday, while net purchase by domestic institutional investors (DIIs) was at Rs. 303.21 crore, according to provisional data from the NSE.
10) The Sensex has lost 1,315 points, or 3.7 per cent, in four consecutive trading sessions.>