AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

BENGALURU: Indian shares posted their sharpest drop in two months on Monday as investors locked in profits, especially in financial heavyweights and Reliance Industries, while China captured the region’s attention with newly announced stimulus measures.

The NSE Nifty 50 index ended 1.41% lower at 25,810.85 points, while BSE Sensex ended 1.5% lower at 84,299.78. Both indexes logged their worst day since Aug. 5.

An outsized U.S. rate cut earlier in the month helped the Indian benchmarks – which have been rallying at record levels for most of the year – achieve their fourth consecutive monthly gain.

However, a lack of major domestic triggers led some investors to start selling the rally on Friday.

Stimulus measures announced by China over the weekend added to the selloff on Monday as traders shifted some of their focus from India to its bigger neighbour.

Twelve of 13 major sectors closed in the red.

Indian shares seen opening marginally higher

“The excitement has shifted to China”, said Aishvarya Dadheech, CEO of Fident Asset Management, where investors rushed into equities, galvanized by Beijing’s policy bonanza and driven by fear of missing out on what some see as a rally of historic intensity.

At home, heavyweight financial services stocks, dropped 1.7%, while IT stocks, which have the second-heaviest weightage, fell 0.9%.

The oil-to-chemicals conglomerate Reliance also fell 3.3%, reversing gains from its prior two sessions.

The metals index, though, rose 1.3%, rallying for the seventh straight session buoyed by higher global prices, especially after China’s planned stimulus to boost its economy.

“Structurally, the profit margins for metal companies look promising than before, largely because of the fact that the oil commodity and the energy prices are under control,” Deven Choksey, managing director of KR Choksey Group said.

The index has surged more than 8% since China announced the stimulus measures on Sept. 24.

Comments

Comments are closed.