Nifty closes below 10,900, Sensex loses 151 points; midcaps underperform

CNBC

Market Closing

Benchmark indices continued to reel under selling pressure for third consecutive session on Monday. The 30-share BSE Sensex fell 151.45 points to 36,395.03 and the Nifty50 plunged 54.80 points to 10,888.80.
The broader markets also caught in bear trap with the Nifty Midcap index falling 1.7 percent and Smallcap shedding 1.8 percent, underperforming frontliners.
The market breadth was largely in favour of bears as about two shares declined for every share rising on the NSE.
Reliance Industries and ICICI Bank were leading contributors to the Nifty's fall.
Dr Reddy's Labs and M&M were biggest losers among Nifty50 stocks, down more than 5 percent each. ONGC, Hindalco Industries and UltraTech Cement were down 4-5 percent.
However, Tata Steel, Cipla, IOC, Tata Motors and HCL Technologies gained 1-2.5 percent.
Eicher Motors Q3 profit rises 0.4% to Rs 533 cr
Royal Enfield maker Eicher Motors' third quarter (October-December) consolidated profit grew by 0.4 percent year-on-year to Rs 533 crore with low revenue growth and weak operating income.
Revenue from operations in Q3 increased 3.2 percent to Rs 2,341 crore year-on-year, but Royal Enfield sales volume declined 6 percent YoY against 3.6 percent rise in Q2.
The company sold 1.94 lakh units during the quarter ended December 2018.
Management Interview
V C Sehgal, Chairman? of Motherson Sumi Systems told CNBC-TV18 that December quarter was very tough & challenging and March quarter (Q4FY19) would continue to be challenging but he expects pick up in FY20.
Tariff issues & Brexit continued to be the hurdles for industry, he said, adding the company set up 33 new plants in last 4 years which would help in additional volumes.
He has maintained company's guidance for 2020 and expects Q2FY20 to be the quarter when SMP picks up.
"We will make every effort to reduce debt further and cross 40 percent return on capital employed," Sehgal said.
Crude Oil Prices Fall
Oil prices fell as drilling activity in the United States picked up and a refinery fire in the US state of Illinois resulted in the shutdown of a large crude distillation unit.
Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said.
US West Texas Intermediate (WTI) crude futures were at $52.43 per barrel, down 0.55 percent, from their last settlement. 
Earnings
State-run Power Finance Corporation's third quarter profit grew by 70.6 percent year-on-year to Rs 2,075.8 crore, driven by one-time gain of Rs 641 crore.
Revenue from operations during the quarter increased 18 percent to Rs 7,362 crore compared to Rs 6,246 crore in same period last year.
Provision write-back for the quarter stood at Rs 296 crore against provisions of Rs 59 crore in same period last year, the company said, adding exchange gain during the quarter was at Rs 347.2 crore against Rs 12 crore in corresponding period last fiscal.
Also there was dividend income of Rs 102 crore for the quarter against Rs 10 crore in year-ago. 
Market Update
Benchmark indices remained under pressure with the Sensex falling 226.75 points to 36,319.73, dragged by Reliance Industries, ICICI Bank, L&T and Bajaj Finance.
The Nifty50 fell 71.10 points to 10,872.50, but there was sharp decline in broader markets. The Nifty Midcap and Smallcap indices dipped more than 1.5 percent.
Nearly three shares declined for every share rising on the NSE.
Buzzing: Sun TV Network climbs 7% as analysts remain positive on the stock. They see 38-54% return after stellar Q3 earnings. 
Market Update: Equity benchmarks have extended their fall from the opening mark. The Nifty is now below 10,900.
The Sensex fell 121.44 points or 0.33% at 36425.04, and the Nifty declined 53.20 points or 0.49% at 10890.40. The market breadth is negative as 469 shares advanced, against a decline of 980 shares, while 68 shares were unchanged.
Shares of Tata Steel, Kotak Mahindra Bank and Cipla have gained the most, while M&M, Hero MotoCorp, and Indiabulls Housing lost the most. 
Market opens: Equity benchmarks have opened marginally lower, with the Nifty trading around 10,900.
The Sensex is down 53.26 points or 0.15% at 36493.22, while the Nifty is down 36.90 points or 0.34% at 10906.70. The market breadth is narrow as 211 shares advanced, against a decline of 169 shares, while 62 shares were unchanged.
Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 percent. 
Bharti Airtel, Yes Bank, Tata Steel and Titan are the top gainers, while M&M, Power Grid, Dr Reddy’s and Tata Motors lost the most. 
Rupee opens: The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.
On Friday, the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.
Market at pre-open: Pre-opening rates indicate a flat start for equity benchmarks on Monday morning. 
The Sensex is up 39.31 points or 0.11% at 36585.79, and the Nifty up 7.10 points or 0.06% at 10950.70.
The rupee has opened at 71.23 per US dollar against Friday’s close of 71.31 per US dollar.