Indian markets edged lower on Monday amid weak Asian markets. The Nifty fell 25 points to 8,040, amid broad selling pressure while Sensex declined over 100 points.
Here Are Top 10 Developments:
1) Adani Enterprises and Adani Power were lower ahead of their earnings announcement later in the day.
2) Aviation stocks surged after billionaire investor Rakesh Jhunjhunwala on Friday picked up 1.05 per cent stake in Jet Airways for Rs 50.52 crore through an open market transaction. Jet Airways shares surged over 5 per cent while SpiceJet gained over 3 per cent.
3) Auto stocks were in the limelight as manufacturers came out with the October sales numbers. Tata Motors and M&M gained were higher. But Bajaj Auto fell over 2 per cent as October sales were below estimates.
4) Coffee Day Enterprises shares will get listed on the bourses today. The company, which runs the Cafe Coffee Day chain, had raised Rs 1,150 crore through the initial public offering, which was subscribed 1.6 times and the issue price was fixed at Rs 328.
5) IDFC fell over 4 per cent as it posted a larger-than-estimated loss of Rs 1,468 crore, driven by one-time provision worth Rs.2,638.72.
6) Market experts remain cautious on their near-term outlook for stocks. They say that Nifty risks falling to below 7,800 levels in the near term on disappointing corporate earnings and caution ahead of the outcome of the Bihar election results.
7) Analysts would be closely watching the buying activity from foreign institutional investors after the US Fed signaled the possibility of a rate hike in December. FIIs sold Indian shares worth Rs 1450 crore on (net) on Friday in the cash market, reducing their overall buying to nearly Rs 3,000 crore last month.
8) Domestic institutional investors had resorted to profit-taking last month, taking their overall sell numbers to nearly Rs 1,500 crore last month. However, they bought Indian shares worth nearly Rs 1,500 crore on Friday
9) The rupee weakened to 65.43/dollar as compared to its Friday close of 65.27.
10) Asian markets were broadly lower today after data showed that activity in China’s manufacturing sector shrank in October for the third straight month. Japan’s Nikkei fell over 1.8 per cent while markets in Hong Kong and China were down nearly 0.50 per cent.