Equity markets ended the session sharply lower on Monday amid selling in index heavyweights such as Tata Steel, HDFC Twins, Reliance Industries and ITC, eroding gains and ending flat with negative bias. At close, the Sensex was down 37.78 points or 0.07 per cent at 54,288.61, and nifty It had closed at 16,214.70, down 51.50 points or 0.32 per cent. About 1390 shares rose, 1932 shares declined and 158 shares remained unchanged.
M&M, Maruti Suzuki, HUL, Asian Paints and Larsen & Toubro were the top losers while losers included JSW Steel, Tata Steel, Divis Labs, ONGC and Hindalco Industries.
Among the sectors, auto, capital goods and IT indices rose 0.5-1 per cent, while metal indices fell 8 per cent and realty, pharma and oil and gas indexes declined 1 per cent.
JSW Steel and Tata Steel were the worst hit today, as they posted a decline of 13 per cent and 12 per cent, respectively. The sharp knock came after the government imposed export duties on 11 iron and steel intermediates and key steel products. The government imposed an export duty of 15 per cent on almost all major steel products (including stainless steel).
Vinod Nair, Head of Research, Geojit Financial Services, said: “The government and RBI are making consistent efforts to reduce future inflation. Government fiscal measures like hike in customs duty on steel and similar moves on other products in future will help in controlling inflation. However, the swift monetary and fiscal measures adopted by the RBI and the government will have a cascading effect on the market and the economy in the short to medium term.
global signal
Bearish fears prompted the S&P500 briefly in a bear market on Friday before closing flat. The Dow closed unchanged on some correction, while the Nasdaq fell 0.3 percent. However, US stock futures rose more than 1 per cent on Monday.
There was a mixed trend in Asian markets this morning. Asian stocks came under pressure on Monday as persistent concerns about inflation and rising interest rates weighed on the global economic outlook and fresh selling in technology stocks weighed on Chinese markets. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, with US stocks ending the previous session with negligible gains for the day. The index is down 3.6 per cent so far this month. A negative tone was evident as the Hang Seng index dropped 0.38 percent and the mainland’s CSI300 0.37 percent. Japan’s Nikkei stock index rose 0.8 percent.
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