WERE TODAYS GAINERS 
MARKET ENDED 07.03.2010 MONDAY
SENSEX 18222.67 -263.78
NIFTY 5463.15 -75.60
NASDAQ 2780.13 -04.54
| S&P 500 1322.68 +01.53
UPDATEDTIME 09.28 PM 07 MARCH 2011 |
Indian markets dropped 1.4 percent on Monday, with rate sensitive sectors contributing the most to the losses, hit by political worries on the domestic front and surging crude oil prices.
The banking sector index, auto sector index and realty index fell between 1.6 percent and 2.6 percent, as firm oil prices kept the focus on inflation concerns and more monetary tightening.
The 30-share BSE index declined 1.43 percent, or 263.78 points, to 18,222.67 points, with 25 of its components declining.
Foreign funds have pulled out around $2 billion from Indian equities from the start of the year to March 3, with the main index declining more than 11 percent in 2011.
U.S. crude rose to a 30-month high above $106 on Monday as civil war brewed in Libya, while investors kept a close eye on top exporter Saudi Arabia, home to most of OPEC's spare capacity and where clerics at the weekend warned against protests.
No one can say with certainty that crude has peaked out over here. That's a risk which remains out there.
A key southern ally of the ruling coalition plans to formally quit its ministerial posts over a local election row, a move that will make it more difficult for Prime Minister Manmohan Singh to push through his agenda, including economic reforms.
The Congress-led coalition government is not in danger of collapse though because the Dravinda Munnetra Kazhagam (DMK) party has said it will offer the coalition conditional support after its two cabinet level ministers and four junior ministers quit.
DMK's pullout will add to the already weak investor sentiment
The uncertainty over the political scene will lead to a volatile market.
DB Realty stock tumbled as much as 15 percent to its all-time low of 100 rupees after the developer's board accepted the resignation of Managing Director Shahid Balwa, who has been embroiled in a widening corruption investigation that has battered the government.
Balwa, vice chairman of Etisalat's Indian joint venture, was arrested in February after his firm was accused of being among two firms that were given undue preference in licence grants in 2008.
DB Realty shares erased some of their early losses and closed 3.7 percent lower.
Financials tumbled, with the central bank widely expected to raise key interest rates by 25 basis points when it reviews policy on March 1 as inflation has stayed well above the comfort zone.
Top lender State Bank of India shed 2.9 percent, while rivals ICICI Bank and HDFC Bank dropped 0.9 percent and 1.9 percent, respectively.
Mortgage lender Housing Development Finance Corp ended down 2.4 percent.
Vehicle majors Tata Motors , Maruti Suzuki and Mahindra & Mahindra pulled back between 2.4 percent and 3.7 percent.
Oil explorer Cairn India rose 1.8 percent, helped by rising world crude prices.
More than two shares declined for every share that advanced in the broader market, while 207 million shares changed hands on the BSE, lower than their 30-day daily average of 285 million shares.
The 50-share NSE index closed down 1.7 percent at 5,446.50.
The MSCI all-country world stock index was barely changed at 1025 GMT, while its emerging markets index was down 0.5 percent.
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