Sharemasterindia.com: Indian equity markets struggled on Monday, tracking weakness in global markets. The Sensex fell as much as 180 points to 26,588.70 and the 50-shares Nifty fell over 60 points to 8,053.
Sentiment continued to remain weak, with foreign investors continuing to sell Indian equities. On Friday, they had sold shares worth Rs 550 crore in the cash market.
Cairn India was the top loser in the Nifty, falling over 3 per cent followed by Bank of Baroda and Punjab National Bank, which were down nearly 3 per cent each.
Tata Motors extended loss for the seventh straight day. The stock was down over 2 per cent as analysts believe that a slowdown in Chinese markets will hit its revenue from its luxury brand JLR.
Coal India was the top gainer in the Nifty, up around 2 per cent. The company had reported nearly 12 per cent increase in its coal production for the month of April and May. Sanjeev Prasad, senior executive director & co-head of Kotak Institutional Equities, told NDTV that 9 per cent of the incremental earnings in FY16 of Nifty companies is going to come from Coal India.
Tata Power, Axis Bank, L&T and Zee Entertainment were the other major gainers on the Nifty.
Among the sectoral indices, NSE's sub-index for public sector banks was down over 2 per cent, followed by the auto index, which was down nearly 1 per cent. The BSE metal index and the capital goods index were the only gainers among sectoral indices today.
Selling was also visible in the broader indices. The BSE midcap index fell 0.7 per cent and the BSE small cap index was down 0.46 per cent.
Sun TV fell as much as 28 per cent after the Home Ministry reportedly declined security clearances for renewal of licences of all its 33 TV channels.
Out of the 50 stocks in Nifty, only 13 shares gained while, 37 shares traded in red.
As of 10.53 a.m. Nifty traded 40 points lower at 8,075 and the Sensex was down 108 points at 26,661
