Following weak global cues and state election results to be announced on Tuesday, the Indian stock market is trading deep into the red this Monday morning with the Nifty50 down 190 points, trading at 10,501 while the Sensex plunged 605 points and is trading at 35,068.
Nifty Energy is the underperforming sector, down over 3 percent dragged by Reliance Industries which fell close to 4 percent followed by HPCL, BPCL, GAIL India, ONGC and Tata Power.
The fall comes after the much-awaited meeting of Organisation of Petroleum Exporting Countries (OPEC), a supply cut was announced. OPEC and other producers said they would cut supply of 1.2 million barrels per day from January.
International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 percent, from their last close.
Realty stocks are also down dragged by Indiabulls Real Estate, Godrej Properties, DLF, Unitech, Sobha and Prestige Estates.
Nifty Metal shed 2 percent with loses from JSPL, Coal India, Hindustan Copper, JSW Steel, NALCO, SAIL and Tata Steel.
Midcap stocks are also down dragged by Ajanta Pharma, Apollo Tyres, Balkrishna Industries, Berger Paints, Dewan Housing Finance, Cholamandalam Investment, JSPL, Jubilant Food, NBCC, PFC, REC and M&M Financial Services.
From the BSE midcap space, the top gainers are Torrent Pharma, Tata Global and ABB while the top losers are NLC India which fell 8 percent followed by Adani Power and NBCC.
From the BSE smallcap space, the top gainers are Texmaco Rail, Moschip Semiconductor and Bombay Rayon Fashions while the top losers are Steel Exchange India which tanked 10 percent followed by Punj Lloyd.
The top gainer from NSE include Tech Mahindra, TCS and IOC while the top losers included Reliance Industries, Indiabulls Housing Finance, UltraTech Cement, Bajaj Finance and Coal India.
The most active stocks were Kotak Mahindra Bank, Reliance Industries, Sun Pharma and YES Bank.
Tube Investments is one of the only two stocks to have hit new 52-week high.
205 stocks have hit new 52-week low including names like Aban Offshore, Amara Raja Batteries, Amtek Auto, Ashok Leyland, Bajaj Corp, Balkrishna Industries, Cipla, Coal India, Deepak Fertilizers and Petrochemicals, Dish TV, IL&FS Transportation Networks, Inox Wind, Jindal Steel & Power, Jain Irrigation Systems, Mcleod Russel India, NBCC, ONGC, Punj Lloyd, Reliance Capital, Sun Pharma Advanced Research, Tata Global Beverages, Texmaco Rail, Vedanta and Tata Motors among others.
The breadth of the market favoured the declines with 223 stocks advancing and 1407 declining while 434 remained unchanged. On the BSE, 343 stocks advanced, 1589 declined and 83 remained unchanged.
Source: moneycontrol.com