Indian stocks plunged sharply in early trades Monday as investors indulged in some heavy selling almost across the board, tracking weak global cues.
With key economic data and second quarter earnings reports due today and tomorrow, the undertone is quite cautious at present. On the economic front, the data on industrial produciton, consumer price inflation and wholesale price inflation are due. On the results front, IT majors Tata Consultancy Services and Infosys are scheduled to announce their results today and tomorrow, respectively.
The Sensex, which plunged nearly 270 points to 27,815.32, is now down 225.50 points or 0.8% at 27,856.84. The Nifty50 of the National Stock Exchange is down 71 points or 0.81% at 8637.80.
Among Sensex stocks, Infosys, ONGC and GAIL India are up 1.2% - 2%. Asian Paints is up marginally. Cipla jumped nearly 2.5% in early trades after the company said that it has received Establishment Inspection Report from the US drug regulator for its Indore facility indicating formal closure of inspection conducted in July/August 2015.
Nifty stocks BPCL, GAIL India,Tech Mahindra, UltraTech Cements and Eicher Motors are also up in positive territory.
IndusInd Bank is up 1.3% on reporting a 25.75% jump in net profit in the July - September 2016 quarter, over the year-ago quarter.
Bank of Baroda, HDFC, ICICI Bank, Tata Motors, Adani Ports, Hindalco, Bharti Infratel, Tata Motor DVR, Aurobindo Pharma, State Bank of India, Grasim Industries, Ambuja Cements, Bharti Airtel and Zee Entertainment Enterprises are down 1.5% - 3%.
Bajaj Auto, Reliance Industries, Sun Pharmaceutical Industries, BHEL, Bosch, ACC, Tata Steel, Tata Consultancy Services, Lupin and Dr Reddy's Laboratories are also notably lower.