Monday Mayhem! SENSEX cracks over 1,400 pts, NIFTY50 tests 23,850; index heavyweights see big cuts

All the sectors were trading deep in the red. 

On the SENSEX, barring Tech Mahindra, all 29 constituents were trading in negative territory, with names such as Reliance Industries (RIL), Sun Pharma, NTPC, and Tata Motors trading up to over 4% lower. 

At 11:16 AM, the 30-share index of the BSE was trading 1,452.29 points, or 1.82% lower at 78,271.83 levels. 

On the NSE, the broader NIFTY50 index was trading at 23,827.60, down 476.75 points, or 1.96%. 

The top gainers on the NSE were M&M, Tech Mahindra, HCL Tech, Cipl, and Eicher Motors. 

The market breadth was in favour of bears as out of 3,343 stocks traded on the BSE, 1,092 advanced, and 2,090 declined. 161 scrips; however, remained unchanged. 

Buzzing Stocks

"As a result of the court decision, Sun is stopped from launching Leqselvi until a subsequent favorable court decision or until the expiry of the patent in the lawsuit, whichever is earlier," the filing added.

Azad Engineering shares jumped 13.5% to ₹1,659 apiece on the BSE as the company has signed a long-term contract worth ₹700 crore with Mitsubishi Heavy Industries.

Broader Market

The sell-off in the broader market was more intense. The BSE SmallCap index was trading at 54,898.96, down 1.30%, while the BSE MidCap index was trading at 45,844.11, down 0.95%. 

Sector Watch

All the sectoral indices were trading in the red with oil & gas stocks leading the losses. 

The BSE Oil & Gas index was trading 2% lower at 27,153.57 points.

Global Markets

Financial markets began the week on a cautious note on Monday, with shares in Asia subdued while the dollar eased slightly ahead of a busy week headlined by the US presidential race which is set to come down to the wire.

The week will also provide investors with global monetary policy catalysts with rate decisions from the Federal Reserve, the Bank of England (BoE), the Reserve Bank of Australia (RBA), Riksbank, and Norges Bank.

Trading was thinned in Asia on Monday with Japan out for a holiday, but MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%, recovering from its fall to a five-week low on Friday.

In commodities, oil prices rose more than $1 after OPEC+ said on Sunday it would delay a planned December output hike by one month.

Brent futures rose $1.18 per barrel, or 1.61%, to $74.28. US West Texas Intermediate (WTI) crude also gained $1.18 a barrel, or 1.7%, to $70.67.

Spot gold ticked 0.1% higher to $2,737.75 an ounce, though it was some distance away from its recent record peak.