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China concerns dent markets
After a relief rally, the markets closed on Monday despite sharp recovery after major loss in early trade, as growth concerns in China led to a sell-off in Chinese equities. Markets are depressed owing to negative global trends beside the upcoming third-quarter results.
Mumbai: After a relief rally, the markets closed on Monday despite sharp recovery after major loss in early trade, as growth concerns in China led to a sell-off in Chinese equities. Markets are depressed owing to negative global trends beside the upcoming third-quarter results. The investors are seen value buying and short covering although thin volumes in the morning relief rally.
Sensex closed 109 points at 24,825 and Nifty down 37 points at 7,564, four month closing low. On sectoral front, healthcare, banking and information technology indices came under selling pressure, on the other hand, energy, auto and utility indices gained. Interestingly, Reliance Industries outperformed in the dull market, the stock ended nearly 3 per cent up, another stock Tata Motors also gained closed 2.1 per cent.
Metal stocks ended mixed with Vedanta and Hindalco closed higher reporting between 1 per cent and 5 per cent each, while JindalSteel, NMDC and Tata Steel closed down up to 2 per cent. IT stocks closed lower as the companies are expected to report quarter results from this week. Wipro was down 3 per cent, Tech Mahindra down 3 per cent and HCL Technology down 1.5 per cent.
The gainers: Reliance Industries, up 2.69 per cent at Rs 1,051.55; Tata Motors, up 2.04 per cent at Rs 360.65; Maruti Suzuki, up 1.51 per cent at Rs 4,279.45; NTPC, up 1.47 per cent at Rs 141.65; and ITC, up 0.85 per cent at Rs 316.
The losers: Wipro, down 3.27 per cent at Rs 537.80; Adani Ports, down 3.13 per cent at Rs 234; Mahindra and Mahindra (M&M), down 2.77 per cent at Rs 1,163.60; BHEL, down 2.57 per cent at Rs 149.75; and Dr Reddy's Lab, down 2.26 per cent at Rs 2,942.50.
