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Indian indices opened with a downtrend on Monday morning with auto and banking stocks becoming the losing stocks. One key trigger is the GST meeting unable to reach a consensus on the roll out. There is a possibility that government might fail to meet its April 1, 2017 deadline. In addition, weak Index of Industrial Production (IIP) data, which was released last Friday, stated the overall industrial output has reduced by 1.9% yoy in October.
Another factor is the US Federal Reserve's Monetary Policy which is due this week. The meeting is to be held on December 13-14. Industry is expecting that the US Fed will raise rates. The expectation is that the hike will be around 25 bps.
The S&P BSE Sensex is trading at 26600 down 146 points, while NSE Nifty is trading at 8,212 down 50 points. A total of 22 stocks registered a fresh 52-week high in trade today, while 810 stocks touched a new 52-week low on the NSE.
Out of 1874 stocks traded on the NSE, 910 declined, 540 advanced and 424 remained unchanged today. The BSE Mid-cap Index is trading down 0.61% at 12459.00, whereas BSE Small-cap Index is trading down 0.24% at 12290.11.
In the first phase of trading, Auto, Bank, Information Technology, FMCG are showing weakness on BSE. ONGC, Zee, Bosch, Infratel, HDFC, Reliance are among the gainers, whereas Infosys, Idea, Tata Motors, BPCL, Tata Power, Maruti, Axis Bank are losing sheen on NSE.
The INDIA VIX is up 5.34% at 15.8725. Bata India stocks up 1.1%, LIC intends to increase stake in the company.
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