RTTNews - With global markets tumbling on the back of dampening U.S. consumer confidence data, the Indian market is trading lower on Monday. Reports about an improvement in the monsoon situation had little impact on sentiment.
After opening significantly lower at 15,284, the BSE Sensex has slipped further in early trading and is now trading near the day's low at 15,101, down 310 points or 2.01%, while the S&P CNX Nifty is trading at 4,480, down 2.18%.
The BSE small-cap index is down 0.64% and the mid-cap index is losing 1.31%. Stocks across the sectors are trading in the red, with realty, metal,auto and banking stocks taking the brunt of the selling.
Hero Honda Motors(down 4.51%), Sterlite(down 3.98%), Hindalco(down 3.60%), Jaiprakash Associates(down 3.47%), Tata Steel(down 2.97%), Mahidnra & Mahindra(down 2.96%), DLF(down 2.95%) and ACC(down 2.81%) are some of the prominent decliners.
Aviation stocks are trading mixed after state-run oil firms on Saturday hiked jet fuel prices by 4.5 percent in line with firming international oil prices. Kingfisher Airlines is losing nearly 3% and Jet Airways is down 3.71%, but Spice Jet is up over 3%. Oil-marketing companies HPCL, BPCL and IOC are up over 1% each.
Religare Enterprises is rising 2.82% on reports that it has submitted a non-indicative bid to buy the Asian private banking assets of Dutch insurance and banking major ING. Whirlpool of India is gaining 2.69% following reports that it is looking at a 25-30 percent increase in sales during the festive season.
Tata Motors is losing around 2% on reports that it could buy its Thailand partner Thonburi Automotive's 20 percent stake in Tata Motors, in case the Thailand joint venture is unable to raise fresh equity for its operations.
HCL Infosystems is up 2.57% after it proposed to raise Rs.825 crore through the issue of securities in domestic or international markets and by way of a preferential allotment of shares to the company's promoters.
Axis Bank is losing 2.34% on reports that state-owned Special Undertaking of UTI (SUUTI), which holds a 27.02% stake in the private sector lender, is holding discussions with investment bankers for offloading around 17% stake in the bank.
Oil explorer Reliance Industries and Cairn India are down over 2% and ONGC is down a modest 0.59% after crude oil prices slipped below $67 a barrel in Asian trading on Monday.
Provogue India is up 2.76% after its board approved a buyback proposal of its own shares at a price not exceeding Rs.100 per share. Berger Paints India is down 1.15% after its board approved the issue of 72 lakh shares to Nalanda India Fund.
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