Market breadth favoured the declines Domestic stock markets started Monday's session on a weak note, with the Sensex falling nearly 200 points.
The opening of the markets on Monday marked the first since presentation of the Interim Budget 2019-20 in Parliament last week.
In early trade, the Sensex shed as much as 195 points to hit 36,469 and the Nifty dropped 63 points to touch 10,829 on the downside.
Analysts awaited the outcome of a bi-monthly policy meeting of the central bank due later this week.
Here are 10 things to know:At 10:21 am, the Sensex was down 113 points at 36,356 and the Nifty traded at 10,862, 31 points weaker from the previous close.Top laggards on the 50-scrip index were Tata Steel, Hindalco, Hindustan Petroleum, Zee and Mahindra Mahindra, trading between 2.2 per cent and 3.5 per cent lower.The market breadth favoured the declines with an advance-decline ratio of 1:2.5.
On the NSE, 473 stocks traded with gains against 1,169 that traded lower.The Nifty Metal index, comprising metal stocks, declined as much as1.7 per cent in morning.Other than Tata Steel, other prominent losers on the metals pack included Hindalco, SAIL and Jindal Stainless Hisar.Reliance Communications shares plunged by more than half to a record low, after the telecom company said it will seek a fast-track resolution through the bankruptcy court National Company Law Tribunal to resolve its indebtedness.Dewan Housing Finance Corp shares plunged their lowest since December 23, 2013, as claims of financial mismanagement and broader sectoral woes continue to plague the home loan provider, reported news agency Reuters.
DHFC shares declined as much as 13 per cent to hit an intraday low of Rs 96.80 on the NSE.The weakness in the domestic stock markets came despite strength in Asian peers, where equitieshovered near four-month highs, after a mixed performance on Wall Street at the close of last week, while the dollar firmed against the yen following strong US job and manufacturing data.MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat.
It had scaled a four-month peak on Friday along with a surge in its global peers.The rupee depreciated by as much as 48 paise to 71.73 against the dollar, reported news agency Press Trust of India.Analysts will monitor the outcome of the Reserve Bank of India's bi-monthly policy review meeting due this week.(With agency inputs)Find LIVE Budget 2019, updates, latest news, videos, key highlights, reactions, tax and policy changes here.
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