Market Live: Sensex falls 200 pts, Nifty breaks 9900; Capacit'e debuts at Rs 399
Nifty Midcap was down 0.8 percent as about 596 shares declined against advancing 423 shares on the BSE.
Moneycontrol News
10:25 am Market Check: Equity benchmarks fell sharply in morning as the Sensex plunged 312.61 points or 0.98 percent to 31,609.83 on likely increase in fiscal deficit target of the company due to fiscal stimulus.
The 50-share NSE Nifty fell 116 points or 1.16 percent to 9,848.40, dragged by infra, metals and banks stocks.
The BSE Midcap index was up 2.6 percent and Smallcap lost 3.5 percent as about 7.5 shares declined for every share rising on the BSE.
10:15 am Fiscal stimulus: D-Street is abuzz with news of a big stimulus package which could be as big as USD 7.7 billion, Reuters reported last week.
The extra spending was estimated to widen the fiscal deficit for the financial year ending next March to 3.7 percent of GDP from a budgeted target of 3.2 percent.
“Stimulus can potentially increase the central government’s fiscal deficit to 3.5-3.7 percent of GDP in FY18, from the budgeted 3.2 percent target (3.5 percent of GDP achieved in FY17), depending on the size of the stimulus (0.3-0.5 percent of GDP),” Deutsche Bank said in a report.
This would be a setback to the fiscal consolidation momentum that was endured through the past few years. To counter any pessimism on D-Street, the government should clarify that this is a just one-off measure to counter slowdown cause by demonetisation and GST.
The extra money will be spent more on bank recapitalisations, rural jobs programme and rural housing to boost growth in Asia’s third-largest economy.
10:00 am Listing: Shares of Capacit'e Infraprojects had a stellar listing today on investors' demand.
The stock listed with gains of 59.6 percent on its debut at Rs 399 on the exchanges.
The company had a stellar response to its initial public offering, getting oversubscribed 183.03 times.
9:55 am Reforms: All eyes will be on Prime Minister Narendra Modi as he will address the extended national executive of the Bharatiya Janta Party today. Modi is expected to allay fears of economic slowdown and make some key announcement of welfare schemes.
Expect a big bang announcement from the Prime Minister Narendra Modi on Monday about the power sector-that's the word from new Power Minister RK Singh, reports CNBC-TV18. The minister also promised to open up the sector further to private players.
9:50 am Pre-opening: Capacit'e Infraprojects share price settled at Rs 399 in pre-opening trade, a whopping premium of 59.6 percent over its issue price of Rs 250.
9:48 am Nifty Midcap breaches 18,000 level in morning as well known names - L&T Finance Holdings, DHFL, Reliance Capital, Bajaj Finserv, Just Dial, Indiabulls Housing, M&M Financial and Bajaj Finance were down 3-5 percent.
9:45 am Buzzing: Shoppers Stop share price rallied 16 percent after the subsidiary of e-commerce company Amazon has purchased 5 percent stake in company at Rs 408 per share.
9:40 am I-T Raid: The Income Tax Department on Sunday concluded raids on premises linked to former Union minister S. M. Krishna's businessman son-in-law VG Siddhartha, who is also founder-owner of Café Coffee Day, the country's largest coffee retail chain, reports The Times of India.
A senior public relations official of the I-T department in Bengaluru confirmed that the department has detected over Rs 650 crore of undisclosed income linked to Siddhartha, after four days of raids.
9:35 am FIIs outflow: Foreign institutional investors continued to be sellers in the market since August. They have sold nearly Rs 20,000 crore worth of shares from August 1 to September 22.
9:30 am Market Check: Equity benchmarks extended losses in early trade as the 30-share BSE Sensex was down 197.75 points at 31,724.69,
The 50-share NSE Nifty breached psychological 9,900 level, down 70.25 points at 9,894.15.
The broader markets also fell further as the BSE Midcap and Smallcap indices were down nearly 2 percent each. About four shares declined for every share rising on the BSE.
9:25 am Movers and Shakers: Reliance Industries, HDFC Bank, IOC, Adani Ports, L&T, HDFC, Kotak Mahindra Bank, Axis Bank and Yes Bank were top negative contributors to Sensex' fall, down 0.7-3 percent.
However, TCS, Power Grid, Bharti Infratel, ICICI Bank, ITC, Vedanta and Infosys outperformed.
9:15 am Market check: Equity benchmarks started off the week on a negative note, with the Sensex falling more than 100 points, weighed by HDFC twins.
The 30-share BSE Sensex was down 156.59 points at 31,765.85 and the 50-share NSE Nifty fell 41.35 points to 9,923.
Nifty Midcap was down 0.8 percent as about 596 shares declined against advancing 423 shares on the BSE.
The Indian rupee opened lower by 5 paise at 64.84 per dollar today versus Friday's closing value of 64.79 per dollar.
