look news india
MUMBAI: With China's mega stimulus package last week to revive the economy, signs of foreign fund diversion and election upsets in Jammu and Kashmir and Haryana, big buying at attractive valuations boosted funds in the Shanghai stock market. Today, industrial, banking-finance, auto stocks fell with the rise in Indian stock markets. Correction-down was inevitable in the Indian stock markets for the past several days, with Sensex, Nifty continuously hitting new record highs and becoming overbought, which started today. Today there was a stir due to huge selling of shares worth Rs 9792 crore by foreign funds. Sensex lost the 85500 level to close at 84257.14 as funds cut off sudden selling in Reliance Industries and State Bank of India, ICICI Bank, Axis Bank as well as auto giants Mahindra & Mahindra, Maruti Suzuki, Tata Motors in sharp trade. Closed 1272.07 points lower at 84299.78. Nifty 50 spot index also lost the level of 25800 and fell to 25794.10 and finally fell by 368.10 points and closed at 25810.85.
Reliance Industries fell by Rs 99 to Rs 2953
Overall funds remained low in oil-gas stocks today except Reliance. Bonus shares in Reliance Industries, a record date that has not been declared yet, saw the stock close at Rs 2,953.80, down Rs 98.60, before shareholders came home. Rights issue of shares worth Rs 22,000 crore in Indian Oil Corporation remained flat at Rs 180.05 after the company canceled it, indicating the government will not participate in the issue. Indraprastha Gas increased by Rs 8.70 to Rs 557.90, GAIL India increased by Rs 3.30 to Rs 240.25, HPCL increased by Rs 3.60 to Rs 440.55, BPCL increased by Rs 2.50 to Rs 369.80, Petronet LNG increased by Rs 2.25 to Rs 341.40.
rise in metal shares
Funds were bullish on metal-mining stocks today on expectations of strong demand in the metal-mining sector as China offers a mega stimulus package. NMDC rose by Rs 9.75 to Rs 244.85, APL Apollo rose by Rs 51.15 to Rs 1584, JSW Steel rose by Rs 28.25 to Rs 1030, Jindal Stainless rose by Rs 9.20 to Rs 789.60, Tata Steel rose by Rs 1.95. Hindalco rose by Rs 168.45, Hindalco rose by Rs 8.55 to Rs 755.95, Jindal Steel rose by Rs 9.30 to Rs 1035.55, APL Apollo rose by Rs 51.15 to Rs 1584. BSE Metal Index closed 362.59 points higher at 34608.57.
auto shares fell
Funds reduced largely overbought positions in automobile stocks today. Hero MotoCorp fell by Rs 242.70 to Rs 5711.45, TVS Motor fell by Rs 90.90 to Rs 2855, Mahindra & Mahindra fell by Rs 85.85 to Rs 3096.20, Bajaj Auto fell by Rs 338.65 to Rs 12,344.05. Maruti Suzuki fell by Rs 269.15 to Rs 13,228.20, MRF fell by Rs 2629.25, Bosch fell by Rs 381.15 to Rs 37,595.10, Cummins India fell by Rs 54.35 to Rs 3810.70. While tube investment increased by Rs 205.35 to Rs 4349.90. BSE Auto Index closed at 61050.69, down 1186.69 points.
Bankex scored 1114 points
The situation of excessive buying of funds in banking stocks also saw a decrease today. Axis Bank fell by Rs 39.70 to Rs 1232.45, ICICI Bank fell by Rs 33.65 to Rs 1272.85, Canara Bank fell by Rs 1.60 to Rs 111.45, HDFC Bank fell by Rs 20.85 to Rs 1732. BSE Bankex index fell 1113.94 points to close at 60038.09.
FII sales worth Rs 9792 crore
Foreign portfolio investors – FPI, FII saw huge net selling of Rs 9,791.93 crore in cash shares today. There were total sales of Rs 26,412.70 crore against total purchases of Rs 16,620.77 crore. While DII-Domestic Institutional Investors made huge net purchases of Rs 6645.80 crore in cash today. There were sales of Rs 11,234.73 crore against total purchases of Rs 17,880.53 crore.
2223 shares closed with decline
Sensex, Nifty hit record highs, market breadth remained negative today despite attraction in select smaller stocks with selling in many mid-cap stocks. Of the total 4193 shares traded on BSE today, the number of gainers decreased from 1979 to 1819 and the number of decliners increased from 1957 to 2223.
Investors' wealth decreased
As Sensex, Nifty fell, investors' wealth in Frontline and A group, midcap stocks, i.e. total market capitalization of BSE listed companies fell by Rs 3.58 lakh crore to Rs 474.35 lakh crore in a day.
Japan's Nikkei breaks 1910 points
Due to China's mega stimulus package, the CSI 300 index of China's Shanghai Stock Market jumped 314.17 points to close at 4017.85, Hong Kong's Hang Seng jumped 501.38 points to close at 21133.68. While the Nikkei 225 index of Japan's Tokyo Stock Market fell by 1910.01 points to 37919.55. A decline was seen in the markets of European countries in the evening. The London Stock Market's FTSE was down 57 points, Germany's DAX was down 155 points and France's CAKE 40 index was down 136 points.