Live: Sensex Falls Over 300 Points, Nifty Slips Below 8,500

10:03 a.m.: The Sensex recouped some losses but was still down over 200 points. The Sensex fell 244 points to 27,823 and the Nifty fell 60 points to 8,458.

9:54 a.m.: Bank of Baroda shares gained as much as 17 per cent, while Canara Bank advanced over 5 per cent on Monday on account of a series of reforms announced by the government on Friday.

The government on Friday named private bankers to lead Bank of Baroda and Canara Bank, the first such appointments in a broad reform plan to shake up the country’s banking system. (Click here for full report)

9:50 a.m.: The overall breadth was negative as 1,058 stocks were declining while 740 were advancing.

9:40 a.m.: The broader markets were also facing the heat of selling pressure. The BSE mid-cap index fell 0.42 per cent and the small-cap index slipped 0.61 per cent.

From the mid-cap space, Unitech, J P Associates, J P Power Ventures, Reliance Capital, MRPL, United Breweries, Oberoi Realty and Essar Oil among the prominent losers.

9:35 a.m.: From the Nifty-50 basket of stocks, 42 were declining while 8 were advancing.

Cipla was the top Nifty loser, the stock fell 4 per cent to Rs 709. Vedanta, Hindalco, Zee Entertainment, NMDC, Tata Motors, ONGC, Tata Power, Ambuja Cements, Reliance Industries, Larsen & Toubro and BHEL were also among the laggards.

On the other hand, Bank of Baroda was the top Nifty gainer the stock advanced over 10 per cent to Rs 216. Punjab National Bank, SBI, BPCL, Asian Paints and Idea Cellular also advanced 0.6-3.2 per cent each.

9:30 a.m.: Selling pressure was visible across the board. Metal, oil & gas, realty, power, pharma, auto and capital goods indices were down around 1 per cent each.

Meanwhile, buying was visible in PSU bank shares after the government on Friday announced a seven step strategy as part of its plan to revamp the public sector banks. Government has decided to split the role of Chairman and MD & CEO of PSU banks. Government has also infused Rs 70,000 crore into PSBs.

The CNX PSU bank index advanced 3.6 per cent.

9:25 a.m.: The Sensex fell over 300 points to hit intraday low of 27,739.13 and the Nifty fell 90 points to 8,428 on the back of selling pressure on account of profit-booking after Friday’s sharp up move.

9:09 a.m.: Sensex jumps 26 points to 28,093 and Nifty advances 12 points to 8,530 in the pre-market session.

9:00 a.m.: Rupee opens lower at 65.10 per dollar against Friday’s close of 65.00.

8:15 a.m.: Below are the stocks which will be in focus today:

HDFC: HDFC plans to sell its 9 per cent stake in HDFC Life to Standard Life at Rs 95 per share subject and the deal is to regulatory approvals. The deal will help HDFC garner Rs 1,700 crore.

PSU Banking Stocks: Shares of PSU banks such as Punjab National Bank, Bank of Baroda, State Bank of India etc. will be in focus today after the government on Friday announced a seven step strategy as part of its plan to revamp the public sector banks. Government has decided to split the role of Chairman and MD & CEO of PSU banks. Government has also infused Rs 70,000 crore into PSBs.

Cipla: Cipla reported strong set of first quarter numbers on Friday. The company reported profit of Rs 650.60 crore compared to Rs 294 crore during the same quarter last year. Its sales came in at Rs 3,776 crore versus Rs 2,647 crore (YoY). 

Tata Motors: Tata Motors’ wholesale numbers for month of July on an annual basis came 17.5 per cent lower at 32,568 units. JLR sales were impacted by slower ramp-up at China.

Oil marketing companies: State run oil marketing companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum will be in focus today after they decided to cut petrol and Diesel prices by over Rs 1 each.

Jet Airways: Jet Airways has said that there is no plan by Etihad to raise its stake and Jet Airways plans to increase its capacity by 10 per cent in the current financial year.

M&M: Mahindra & Mahindra plans to launch SUV TUV300 next month.

DLF: DLF plans to invest Rs 900 crore on construction of new office complex.

8:00 a.m.: Foreign institutional investors on Friday purchased Indian shares worth Rs 403.7 crore and the domestic institutional investors bought shares worth Rs 179.2 crore. 

In the F&O segment, FIIs bought index futures worth 435 crore and sold stock futures worth Rs 71 crore.

7:50 a.m.: The Sensex and Nifty are likely to edge lower in trades on Monday tracking subdued trading of the Nifty futures on the Singapore Stock Exchange. The Nifty which is traded on the Singapore Stock Exchange also known as the SGX NIfty was down 0.22 per cent or 19 points at 8,527.

Meanwhile, other Asian markets were also trading on a subdued note. Hong Kong’s Hang Seng index fell 1 per cent, Shanghai Composite index was down 1 per cent, Taiwan Weighted slipped 0.8 per cent and KOSPI was down 0.45 per cent. While, Japan’s Nikkei advanced 0.34 per cent.