The benchmark indices continue to drop with auto and banking stocks leading the pack. The India Vix went up by 7%. Nifty sectoral indices are trading in red and Auto, Bank, and Media dropped by over 1.5%.
The European market kicked off on a mixed note. Industry eagerly awaits another rate decision from the US Federal Reserve Monetary Policy announcement will be made this week. Post the OPEC development, where OPEC and non-OPEC members over the weekend reached their first deal since 2001 to jointly reduce output in order to control the supply and boost the market. Following this, the oil prices shot up by 5% to their highest level since 2015.
As the downtrend continues, another trigger is the GST, wherein the committee were unable to reach a consensus on the roll out. There is a possibility that government might fail to meet its April 1, 2017 deadline. In addition, weak INDEX OF INDUSTRIAL PRODUCTION DATA which was released last Friday, stated the overall industrial output has reduced by 1.9% yoy in October. Another factor is the US Federal Reserve's Monetary Policy which is due this week. The meeting is to be held on December 13-14. Industry is expecting that the US Fed will raise rates with the hike estimated to be around 25 bps
At 02:43 AM, the S&P BSE Sensex is trading at 26485 down 261 points, while NSE Nifty is trading at 8,163 down 98 points. A total of 33 stocks registered a fresh 52-week high in trade today, while 14 stocks touched a new 52-week low on the NSE.
Out of 1892 stocks traded on the NSE, 1060 declined, 512 advanced and 320 remained unchanged today.
The BSE Mid-cap Index is trading down 1.34% at 12366.79, whereas BSE Small-cap Index is trading down 0.81% at 12220.23.
Auto, Bank, Consumer Durables, Oil & Gas are showing weakness on BSE.
ONGC, NTPC, Sun Pharma, LT, TCS, PowerGrid, Reliance are among the gainers, whereas BPCL, Ultratech Cement, Asian Paint, Eicher Motors, Tata Motor DVR, Bajaj Auto are losing sheen on NSE.
The INDIA VIX is up 7.49% at 16.1975.
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