Sensex dips more than 250 points, Nifty50 below 10,250

The domestic stock market at the beginning of the week started on a negative note. The S&P BSE Sensex opened flat at 34,412.36 and the Nifty50 index of the National Stock Exchange (NSE) at 10,310.15. In initial few minutes of the session, the 30-share Sensex traded at 34,114.69, dipped 0.76 per cent or 262.30 points and the Nifty was at 10,234.10, with a loss of 0.80 per cent or 82.35 points.

The lost reported in between 1.95 and 6.90 per cent, the top losers among the Sensex index at a time were: Vedanta, Tata Steel, HDFC, Adani Ports and Wipro. On Monday morning, the 30-share Sensex was 275 points or 0.80 per cent, down at 34,102, with 21 stocks declining in the trade.

On Monday, Indian rupee opened 19 paise down against US dollar on account of buying in American currency by banks and importers. According to the Reuters, shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a bid to support growth.

Sensex heavyweights Reliance Industries, HDFC, and ITC led the declines in the BSE index. In the Nifty pack, 37 among 50 stocks reportedly down in trade.

The Nifty Metal — the NSE index of metal stocks — was the top sectoral loser as it lost over 2.5 per cent in trade. Barring the Nifty PSU Bank — the index of public sector banks — all sectoral indices traded in the red.

Last week on Friday, the Sensex had closed at 34,376.99, down 792.17 points or 2.25 per cent and the Nifty50 had settled at 10,316.45, with a loss of 282.80 points or 2.67 per cent. Foreign portfolio investors and domestic institutional investors reportedly sold and purchased net equities of Rs 3,370.14 crore and Rs 1,902.07 crore respectively, according to provisional data from NSE.

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