Share Market on Monday: IT stocks, were however, positive with a gain of 0.36% on weak rupee.The domestic stock markets extended their weakness even after the government announced measures to address the fall in the rupee amid high crude oil prices.
At 9:32 am, the 30-share Sensex traded at 37,751.92, with a loss of 338.72 points, or 0.89 per cent.
The 50-share Nifty was at 11,415.15, down 100.05 points or 0.87 per cent.
The top five Sensex losers were Axis Bank, Asian Paints, State Bank of India, Tata Motors, and HDFC Bank which lost between 1.42 and 1.87 per cent.
Banks and financial stocks led the declines.The Nifty PSU Bank index was down 1.87 per cent, Nifty Bank 1.32 per cent and Nifty Financial Services 1.39 per cent.IT stocks, were however, positive with a gain of 0.36 per cent on weak rupee.Technical experts expect weakness in the markets to stay.
"The key benchmark index Nifty is unfolded into the corrective pattern where 11,200 can be seen as first line of defence in the proximity of intermediate trend line," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.Most Asian share markets slipped amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing, reported news agency Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1 per cent, snapping three straight sessions of gains.In commodities market, Brent crude oil futures pulled back on reports of additional tariffs, dropping 9 cents a barrel to settle at $78.09.Over the weekend, the government decided to cut down non-essential imports, increase exports and put restrictions on masala bonds.
Finance Minister Arun Jaitley was also confident that the government will meet its fiscal deficit target for financial year 2019.On Friday, the Sensex had closed 372 points higher at 38,090 and the Nifty had risen 145 points to settle at 11,515.According to provisional data available on the NSE, foreign portfolio investors and domestic institutional investors purchased net equities of Rs 1,090.56 crore and Rs 115.14 crore respectively on Friday.
(With agencies inputs)