The US five-year Treasury yield also fell to around 1.1144 percent in Asia trading hours, its lowest since June 2013, when markets convulsed during the taper tantrum after the US Federal Reserve first broached the idea that it would be tapering its quantitative easing program.
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Biggest losers in the 30-share index were Tata Motors (2.08%), Tata Consultancy Services (1.48%), Infosys (1.42%), Cipla (0.92%), Hindustan Unilever (0.88%), and I T C (0.74%). Thirty of the Nifty shares were trading in the red. To make matters worse for investors globally, crude oil prices too plunged over 3% to below the psychologically important $30 per barrel level on NYMEX, which also aggravated the already prevailing bearish sentiment among investors, reports said. The BSE Sensex slipped below 24,000 and the Nifty broke 7,300 at day’s low.
Australian and Japanese markets were sharply lower, after another sell-off in USA and European stocks overnight.
The S&P BSE market breadth favoured the bulls – with 1,499 advances and 987 declines.
The Indian equity markets traded flat during a choppy session all throughout the day’s trade.
“Indian markets opened on a tentative footing on the back of U.S. markets’ decline on last Friday. European market has reacted negatively on disinflation concerns”, said Vinod Nair, Head-Fundamental Research of Geojit BNP Paribas.
In the broader market, the BSE Midcap and Smallcap indices were down almost 1% each.
“We have a slew of economic data coming out over the coming days with the GDP figure expected today”.
The falls came late in the session, and more than offset earlier gains when metal firms such as Tata Steel and lenders rallied after the country set minimum import prices for steel products.
The BSE IT index and BSE TECK index slid 3.1% and 2.8%, respectively.
The data with stock exchanges showed that FIIs divested Rs.84.56 crore, while the DIIs’ bought stocks worth Rs.279.49 crore.
Major gainers were, SBI 3.66 per cent, GAIL 3.32 per cent, Axis Bank 3.26 per cent, ICICI Bank 2.06 per cent, BHEL 1.47 per cent, Adani Ports 1.33 per cent and Bharti Airtel 1.32 per cent.
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The Dow Jones Industrial Average ended 1.10 per cent lower in Monday’s trade.
