Sensex, Nifty crash 1.6% on 3rd qtr earnings growth concerns

Mumbai: Benchmark equity indices Sensex and Nifty crashed 1.6 per cent on Monday due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.

Besides, traders said that the new HMPV scare, depreciating rupee and weak trend in Asian markets further weighed on sentiment.

Extending loss for the second straight session, the 30-share BSE benchmark Sensex tanked 1,258.12 points or 1.59 per cent to close below the 78,000 level at 77,964.99.

As many as 3,474 stocks declined, 656 advanced and 114 remained unchanged on the BSE.

The NSE Nifty slumped 388.70 points or 1.62 per cent to 23,616.05.

The market capitalisation of BSE-listed firms dived Rs 10,98,723.54 crore to Rs 4,38,79,406.58 crore ($5.11 trillion).

From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, IndusInd Bank, Power Grid, Zomato, Adani Ports, Asian Paints, Mahindra & Mahindra and Reliance Industries were among the biggest laggards.

Titan and Sun Pharma were the only gainers.

The BSE smallcap gauge cracked 3.17 per cent and the midcap index fell by 2.44 per cent.

All BSE sectoral indices ended lower, with utilities tumbling 4.16 per cent, power (3.73 per cent), services (3.45 per cent), metal (3.15 per cent), oil & gas (3.15 per cent), energy (3.03 per cent), industrials (2.97 per cent) and commodities (2.74 per cent).

The Indian Council of Medical Research has detected two cases of Human Metapneumovirus (HMPV) in Karnataka through routine surveillance for multiple respiratory viral pathogens, the Union health ministry said on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,227.25 crore on Friday after a day’s breather, according to exchange data.

In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading on a mixed note. US markets ended in positive territory on Friday.

Global oil benchmark Brent crude dipped 0.25 per cent to $76.32 a barrel.

The rupee pared its intraday losses and settled for the day on a positive note higher by 11 paise at 85.68 against the US dollar on Monday.

Meanwhile, India’s services sector growth touched a four-month high in December, supported by new business inflows on strong demand conditions and easing inflationary pressures, a monthly survey said on Monday.

The seasonally adjusted HSBC India Services Business Activity Index, rose from 58.4 in November to 59.3 in December, highlighting the strongest rate of expansion in four months.

In the previous session, the BSE benchmark tumbled 720.60 points or 0.90 per cent to close at 79,223.11 on Friday.

The Nifty tanked 183.90 points or 0.76 per cent to 24,004.75.