Sensex as expected in the aftermath of Bihar Assembly elections witnessed a knee-jerk reaction on Monday and opened 456 points down at 25,809. NSE Nifty opened 166.05 points down at 7,788.25. (Photo: PTI)
10.00 am: All the sectoral indices, led by healthcare, realty and capital goods, were trading in the negative zone with losses up to 2.21 per cent. Sensex was down 402 points, or 1.53 per cent, at 25,862.92.
9.45 am: Sensex was down 387 points at 25,878. Nifty 50 was down 116.10 points at 7,838. Godrej Properties has cut its net debt by 25 per cent to nearly Rs 2,200 crore during the quarter ended September, helped by a big-ticket deal where it sold large office space in Mumbai for Rs 1,479 crore. The Mumbai-based developer plans to further reduce the debt by monetising the commercial assets in Mumbai, Kolkata and Chandigarh. The company has achieved a sales booking of over Rs 3,200 crore in the first half of this fiscal, crossing the Rs 2,681 crore sales booking in the entire 2014-15 fiscal. The share price of Godrej Properties was down 1.06 per cent at Rs 316.40.
9.15 am: Domestic equity market saw a knee-jerk reaction on Monday due to the Bihar state election outcome, where the ruling party in the centre has conceded crushing defeat. Sensex opened 456 points down at 25,809 while Nifty opened 166.05 points down at 7,788.25. Meanwhile, Sensex fell as much as 608 points in opening trade.
Nestle India shares were trading 0.13 per cent up at Rs 6,180. The stocks of the company will be in focus as it informed the bourses before market hours that it has begun rollout of its Maggi noodles from Monday.
Indian rupee was trading 33 paise down in the early trade.
“We could see a knee-jerk reaction on Monday and then a phase of recovery and consolidation over the Diwali-shortened week,” said, K Sandeep Nayak, chief executive officer, Centrum Broking.
Karthik Rangappa, vice president, research & education, Zerodha, said, “We expect the market to stay weak for few more trading sessions. Market’s Friday close of below 8,000 and the election outcome on Sunday are both weighing down on the markets. Long term investors should watch out for stock specific valuations, as they may get attractive if the weakness in the markets persists.”
Asian stocks were mixed, with Japanese and Chinese shares up, while the dollar stood at a 7-month high against peers on Monday after robust US jobs data bolstered expectations of a the Federal Reserve interest rate hike in December.
Data on Friday showed nonfarm payrolls increased 271,000 in October, the largest gain since last December. The US unemployment rate fell to 5 per cent, the lowest since April 2008.
Back home, benchmark indices closed on a flat note on Friday. Sensex closed 38.96 points down at 26,265.24 while Nifty settled the day 1.15 points down at 7,954.30.
(With inputs from agencies)
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