Opening Bell: On Monday, Indian stock markets saw a sharp decline at opening. The BSE Sensex fell 2,393 points to 78,588, while the Nifty50 index fell 405 points to 24,302 points.
In early Monday morning trade on the NSE, the biggest losses were Hindalco and Maruti, which fell 4% apiece, and Tata Motors, Tata Steel, and Titan, which fell 3% apiece.
Asia-Pacific markets suffered a significant sell-off on Monday morning, continuing the sell-off that began on Friday. Investors were anticipating important trade data from China and Taiwan this week, as well as impending central bank announcements from Australia and India.
The region’s losses were led by Japan’s markets, where the Nikkei 225 fell 5.77 percent and the Topix fell as much as 7.41 percent due to erratic trading.
The S&P/ASX 200 in Australia declined 2.78 percent, the Kospi in South Korea plummeted 4.32 percent, and the Kosdaq fell 4.78 percent. In the meantime, the Hang Seng index in Hong Kong also saw negative trading and a 1.59 percent decline.
Investors today will also be monitoring service sector activity data for the US, China, and India, among other nations.
A lower-than-expected July jobs report on Friday caused equities in the US to plummet dramatically, sparking fears of a possible recession. The Dow Jones Industrial Average dropped by 610.71 points, or 1.51%, the S&P 500 lost 1.84 percent, and the Nasdaq Composite sank by 2.43 percent.
Stocks to Watch
State Bank of India: SBI’s domestic deposits increased by 8.08 percent during the June quarter, accounting for 8.18 percent of the bank’s total deposit growth. In the first quarter, the bank’s net interest margin (NIM) was 3.22 percent globally and 3.35 percent domestically.
Divi’s Laboratories: The pharmaceutical company announced a net profit of Rs 430 crore, up 21% from Rs 356 crore in the previous year. First-quarter revenue of Rs 2,118 crore represented a 19% increase over Rs 1,778 crore in the corresponding period last year.
Ashoka Buildcon: The business won two projects worth about Rs 1,280.8 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) after coming in with the lowest bid. Two creek bridges are being designed and built as part of these projects: one from Gaimukh to Payegaon and the other from Kolshet to Kalher.
Infosys, the nation’s second-largest exporter of software services, said on Saturday that it has received a notification from the Directorate General of GST Intelligence (DGGI) terminating the pre-show cause notice proceedings. The notice had involved payments totaling Rs 3,898 crore for the fiscal year 2017-2018.