Sensex drops over 400 points

Finally, the BSE Sensex ended with a loss of 444 points at 28,354. The BSE Sensex opened at 28,481 touched an intra-day high of 28,481.11 and low of 28,251.

The NSE Nifty closed with a loss of 151 points at 8,716. The NSE Nifty opened at 8,733 hitting a high of 8,747 and low of 8,699.

The BSE Sensex tanked over 500 points to 28,251 on weak global cues.  The Indian stock market declined most since Britain voted to leave the European Union on June 24. The equity market opened lower on Monday tracking weakness in Asia and a plunge in US stocks on Friday on rising prospects that the US Federal Reserve could hike interest rates soon.

 The S&P BSE Sensex is trading at 28,378 down 418 points, while NSE Nifty is trading at 8,726 down 141 points.

The BSE Mid-cap Index is trading down 2.47% at 13,016 whereas BSE Small-cap Index is trading down 1.65% at 12,649.

Infosys, Delta Corp, Balkrishna Industries, ICRA, Tech Mahindra and Redington are among the gainers, whereas ICICI Bank, Tata Motors, Axis Bank, Tata Steel and M&M are losing sheen on BSE.

Some buying activity is seen in IT and teck sectors, while realty, metal, auto, capital goods, banking power and finance sectors are showing weakness on BSE.

The INDIA VIX is up 14.30% at 15.1225. Out of 1,861 stocks traded on the NSE, 1,303 declined, 283 advanced and 275 remained unchanged today.

A total of 27 stocks registered a fresh 52-week high in trades today, while 19 stocks touched a new 52-week low on the NSE.

Nifty holds 8700 amid pressure, Sensex down 360pts; Europe sinks

Paving the way for stake sale in its commercial finance unit with a loan portfolio of about Rs 16,500 crore, Reliance Capital has got shareholders' approval for the transfer of this business to a separate company.

 Post the transfer, Reliance Capital would be applying to the RBI for registering itself as a Core Investment Company (CIC) and this would also facilitate the application of a banking licence, as and when the apex bank's policy permits.

 The transfer was approved by an overwhelming majority of 99.99 per cent votes in favour of the scheme of arrangement at the court-convened general shareholders meeting held on September 10, Reliance Capital said in a statement today. Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner Nippon Life Insurance - with 49 per cent stake.

 The Nifty going below 8500 levels will be surprising in case of a prolonged uncertainty on the global front, said Sanjay Sinha, Founder, Citrus Advisors. "If we have this uncertainty evaporating in the short-term somewhere around 8,700 points, we should see the markets take a support and then move up," he added. The current phase of correction is brining strength in the market and may take the markets higher than the current position. Adding to it, expectations of a double-digit earnings growth in the third and fourth quarter will keep the market going, Sinha said. 

The Cabinet today cleared the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime. The Council, to be headed by Finance Minister Arun Jaitley and comprising of representative of all 29 states and two union territories, will have to be set up by November 11. It will decide on the tax rate, exemptions and threshold limits in the new indirect tax regime, which is expected to kick in from April 1, 2017. The government has notified September 12, as the date from which the procedure for setting up of the GST Council will be initiated and which will be completed within 60 days. 

Equity benchmarks fell more than a percent in afternoon trade as Federal Reserve officials’ comments on rate hike spooked markets globally. 

The 30-share BSE Sensex was down 364.09 points or 1.26 percent at 28433.16 and the 50-share NSE Nifty declined 123.45 points or 1.39 percent to 8743.25. 

European stocks were sharply lower as investor sentiment was rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike. The pan-European STOXX 600 was down 1.89 percent. Crude prices fell a percent after US oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises. Brent crude futures were trading at USD 47.54 per barrel, down 1 percent, from their last settlement. US West Texas Intermediate futures were down 1.31 percent, at USD 45.28 a barrel.

Live Stock Market Updates - Sensex slips over 400 points; Nifty hovers around 8700

The BSE Sensex tanked over 500 points to 28,251 on weak global cues.  The Indian stock market declined most since Britain voted to leave the European Union on June 24. The equity market opened lower on Monday tracking weakness in Asia and a plunge in US stocks on Friday on rising prospects that the US Federal Reserve could hike interest rates soon.

At 10:37 AM, the S&P BSE Sensex is trading at 28,370 down 427 points, while NSE Nifty is trading at 8,732 down 135 points.

The BSE Mid-cap Index is trading down 1.96% at 13,083 whereas BSE Small-cap Index is trading down 1.38% at 12,684.

Infosys, Delta Corp, Balkrishna Industries, ICRA, Tech Mahindra and Redington are among the gainers, whereas ICICI Bank, Tata Motors, Axis Bank, Tata Steel and M&M are losing sheen on BSE.

Some buying activity is seen in IT and teck sectors, while auto, capital goods, metal, banking, realty, power and finance sectors are showing weakness on BSE.

The INDIA VIX is up 12.16% at 14.8400. Out of 1,858 stocks traded on the NSE, 1,270 declined, 280 advanced and 308 remained unchanged today.

A total of 10 stocks registered a fresh 52-week high in trades today, while 12 stocks touched a new 52-week low on the NSE.

The rupee opened lower by 21 paise at 66.88/$ against US Dollar Monday as against the previous close of 66.67/$.

Asian markets opened lower on Monday. Shanghai Composite and Nikkei 225 slippeed over 1.5% each, while Hang Seng tumbled 2.5%.

Wall Street closed lower on Friday after Boston Fed President Eric Rosengren, a historically dovish policymaker, said the US central bank faced increasing risks if it waited too long to raise interest rates. The Dow Jones Industrial Average tanked 2.13% to 18,085, the S&P500 lost 2.45% to 2,127.

European stocks closed sharply lower after Wall Street stock indexes dropped and data showed Germany's exports fell in July.

Global markets are experiencing a free fall after worries of a rate hike by the US Fed were reignited when Boston Fed president Eric Rosengren warned of increasing risks if Fed waited too much longer to raise interest rates. North Korea meanwhile is in a defiant mode and ready to conduct yet another nuclear test.

The monsoon has disappointed towards the end with most parts of the country seeing below normal rainfall. Key macro data namely IIP and CPI inflation are scheduled to be released on Monday.

Announcements of ICICI Prudential Life Insurance IPO plans and Indiabulls Housing Finance public issue of NCDs are expected today. L&T Technology Services (LTTS) IPO is set to open today.

Four of the 10 most valued Indian companies together lost Rs.40,779.97 crore in market valuation last week.  The market valuation of TCS plummeted by Rs.31,723.89 crore to Rs 4,63,543.17 crore, taking the steepest hit among the top-10 firms.

India's forex reserves increased by $989.5 million to an all-time high of $367.76, the Reserve Bank said on Friday. According to the bulletin, the reserves had touched an all-time high of $367.16 billion previously. Foreign currency assets (FCAs) swelled by $952.2 million to $342.23 billion for the week ended September 2.