Stock Market Today: Sensex, Nifty Close Near Four-Month Low, FPIs Turn Net Sellers

Overseas investors turn net sellers of Indian equities on Wednesday

Foreign portfolio investors off loaded stocks worth Rs 4,236.60 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned out to be net buyers and mopped up equities worth 3,569.36 crore, the NSE data showed.

 Foreign institutions have been net buyers of Rs 110584 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The S&P BSE Sensex closed down 523 points, or 0.81%, at 64,049.06, while the NSE Nifty 50 was 160 points or 0.83% lower at 19,122.15.

The yield on the 10-year bond closed 4 bps lower at 7.34% on Wednesday.

Source: Bloomberg

• The local currency closed flat at 83.19 against the U.S dollar on Wednesday.

Source: Bloomberg

India's benchmark stock indices declined for the fifth day on Wednesday following a Dusshera holiday as the uncertainties associated with the Israel-Hamas conflict continue to weigh on markets.

Metal sector advanced, whereas media, I.T. realty and healthcare shares were under pressure. Intraday, Nifty hit 19,074.15, the lowest level since June 30, whereas Sensex fell to 63,912.16, lowest since June 28. Both indices ended the trading day at the lowest level since June 28.

"To make a comeback, Nifty and Nifty Bank must cross 19,350 and 43,430, respectively, to hold a reversal for tomorrow's session," said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox.

The S&P BSE Sensex closed down 523 points, or 0.81%, at 64,049.06, while the NSE Nifty 50 was 160 points or 0.83% lower at 19,122.15.

NSE Nifty 50 Index has fallen 3.48% in the last five session, whereas S&P BSE Sensex corrected 3.58% in the same period. Sensex closed over 700 points from day's high, whereas Nifty 50 slipped over 200 points. On the other hand, Nifty Bank corrected over 500 points from day's high.

"Investors may opt for a cautious approach to the market till some clarity emerges on the geopolitical situation," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Broader markets mirrored the larger peers as Nifty Midcap 150 and Nifty Smallcap 250 ended over 0.5% lower. "Since the valuations in mid and small cap space is higher than that of large caps, this weakness is likely to persist. Safety is now in large caps particularly in banking majors which are fairly valued," said Vijayakumar added.

U.S. equity-index futures dropped after Microsoft Corp. and Google’s parent Alphabet Inc. delivered a mixed picture of big tech earnings. Contracts on the Nasdaq 100 sank 0.6% and those on the S&P 500 were down 0.4%. Alphabet fell more than 7% in premarket trading.

The Treasury 10-year yield rose four basis points and a gauge of the dollar was steady. "Given the positive bond-equity correlation, a spike in U.S. bonds might well feed through into equity markets in the short term," said Steve Brice, Group Chief Investment Officer at Standard Chartered Wealth Management.

There is a strong connection between the U.S. stock market and other global markets, and that is a positive factor, Brice said. So a short-term positive rally in U.S. equities would also feed domestic stocks, he said.

On Wednesday, the shares in Asia pushed higher after the government stepped up support for China’s economy and stock trading. The Hang Seng Tech Index gained 2.2%.

Infosys Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, State Bank of India, Tata Steel Ltd., Coal India Ltd., Hindalco Industries Ltd. and Maruti Suzuki India Ltd. were positively contributing to the change.

The broader market indices mirrored larger peers; the S&P BSE MidCap Index was down 0.52%, whereas S&P BSE SmallCap Index was 0.77% lower.

Nineteen the 20 sectors compiled by BSE declined, while S&P BSE Metal advanced. S&P BSE Metal, S&P BSE Telecommunication and S&P BSE Utilities fell the most.

The market breadth was skewed in the favour of the sellers. About 1,235 stocks rose, 2,453 declined, while 107 remained unchanged on the BSE.

As market selloff intensifies, analysts see an upside if Nifty crosses 19,500 level in Thursday's session. "Technically, the next major support zone lies near 18,850 levels and 18,600 zone of the significant 200 period DMA where one can expect for some consolidation. So as of now, it’s a wait and watch scenario and for the overall bias to improve, would need a decisive move past the 19,500 zone to establish some conviction and anticipate for further rise." said Vaishali Parekh, Vice President- Technical Research, Prabhudas Lilladher Pvt.

• 97.3 lakh shares changed hands in a large trade

• 1.03% equity changed hands at Rs 212.50 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Revenue up 64.96% at Rs 282.49 crore vs Rs 171.24 crore

• Ebitda up 21.75% at Rs 24.29 crore vs Rs 19.95 crore

• Margin at 8.59% vs 11.65% down 305 bps

• Reported profit for the period up 19.24% at Rs 17.66 crore vs Rs 14.81 crore

• Revenue up 18.71% at Rs 2,509.08 crore vs Rs 2,113.46 crore

• Ebitda up 178.55% at Rs 358 crore vs Rs 128.52 crore

• Margin at 14.26% vs 6.08%

• Reported profit for the period at Rs 200.41 crore vs Rs 8.33 crore

• Nifty Smallcap 250 declined 1.90% intraday to 11,703.65 points, the lowest level since Aug. 29, 2023.

• Nifty Midcap 150 fell 1.58% intraday to 14,326.50 points, the lowest level since Aug. 21, 2023.

(As of 1:15 p.m.)

Source: Bloomberg

• Revenue up 20.4% at Rs 1866 crore vs Rs 1549 crore

• Ebitda loss at Rs 218 crore vs Ebitda of Rs 32 crore

• Loss for the period at Rs 111.2 crore vs loss of Rs 28.8 crore

• Nifty 50 falls 0.51% intraday

• Sensex falls 0.49% intraday

• Nifty Bank slips 0.24% intraday

• Sensex falls over 500 points from day's high

• Nifty 50 slips over 150 points from day's high

• Nifty Bank declines over 300 points from day's high

• Nifty, Sensex at lowest level in nearly four months since June 30

• Infosys, ICIC Bank drag both indices.

• Media, healthcare, realty top sectoral losers on NSE.

• S&P BSE Teck and S&P BSE Power top sectoral losers on BSE.

• Market breadth skewed in the favour of sellers by 57.94%.

• 22.2 lakh shares changed hands in a large trade.

• 0.01% equity changed hands at Rs 153.25 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

India's benchmark stock indices declined after a higher opening on Wednesday after a day's break for Dusshera on Tuesday. "Good quarterly results by corporates, rally in the global markets and fall in oil price will be positive for the market sentiment" said Vikas Jain, Senior Research Analyst at Reliance Securities.

Metals and PSU banking sectors advanced, whereas media and healthcare shares were under pressure. Intraday, Nifty hit 19,209.80, and Sensex fell to 64,341.99 level, lowest levels in nearly four months since June 30.

"Long term will be big positive in the domestic market after the global rating agency S&P global says that the India to exceed Japan to become world’s third largest economy by 2030. We expect positive upside for metal stocks after China announced further stimulus. Traders focus on mid-cap and small cap stocks like NBFC, pharma, I.T., Banks on account of attractive valuation after a correction of 10-20% from the recent high," said Vikas Jain, Senior Research Analyst at Reliance Securities.

"The uptrend remains under pressure, however, with price action trading in the oversold territory on the intraday timeframe, it is anticipated to recoil towards 100 DMA currently trading near 19,408," said Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.

As of 12:09 p.m., the S&P BSE Sensex was down 192 points, or 0.30%, at 64,380.21, while the NSE Nifty 50 was 59 points or 0.31% lower at 19,222.65.

Infosys Ltd., ICICI Bank Ltd., ITC Ltd., Bharti Airtel Ltd., and NTPC Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, State Bank of India, Kotak Mahindra Bank Ltd., IndusInd Bank Ltd., HDFC Bank Ltd., and Hindalco Industries Ltd. were positively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was down 0.02%, whereas S&P BSE SmallCap Index was 0.07% higher.

Nine the 20 sectors compiled by BSE declined, while 11 sectors advanced. S&P BSE Metal rose the most and S&P BSE Power fell the most.

The market breadth was split between the buyers and sellers. About 1,700 stocks rose, 1,797 declined, while 154 remained unchanged on the BSE.

• In strategic collaboration with Viamericas for remittance platform.

• Viamericas to offer Digital inward remittance services on Bank’s IFR platform.

Source: Exchange Filing

• Revenue up 21.8% at Rs 1,794 crore vs Rs 1,473 crore

• Ebitda loss of Rs 198.05 crore vs Ebitda of Rs 40.65 crore

• Loss for the period of Rs 65 crore vs profit for the period of Rs 10.28 crore

• Unit Sobek to shut down C2B auto operations, reduce human resource.

• Operations shutdown due to challenges faced with units economics.

• Operations to shut down for nearly 3-4 months.

Source: Exchange Filing

• Collaboration with with ION Mobility to enter sports scooter market in Indonesia.

• To unveil Project Dynamo at the Indonesia Motorcycle Show 2023.

Source: Exchange Filing

Titagarh Rail Systems Ltd. as the largest wagon manufacturer and an emerging leader in passenger coaches, is benefiting from the government’s thrust to put more freight onto rails as well as the modernisation of passenger rail transportation, according to HSBC Global Research note.

The wagon manufacturer already has a very strong order backlog (8x trailing four quarter sales), which provides strong visibility to the growth outlook, the research firm said in Oct 23 note. "Q2 results improve our confidence in Titagarh’s execution capabilities".

The research firm retain a 'buy' rating and raising the target price to Rs 970 from Rs 900, implying 15% upside return potential.

Shares of rose as much as 4.27%. The scrip pared the early gains and is trading 0.20% higher at 770 at 10:23 a.m. This compares to a 0.15% advance in the NSE Nifty 50.

The stock has risen 242.6% on a year-to-date basis. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 48.22, as of 10:12 a.m.

The seven analysts tracking the company, maintain a 'buy' rating on the stock according to Bloomberg data. The average 12-month consensus price target implies an upside of 29.6%.

Shares of Delta Corp Ltd. advanced after the Bombay High Court directed the Directorate General of GST Intelligence, Hyderabad, not to pass orders in the alleged tax shortfall of Rs 16,194 crore without prior permission of the court, according to an exchange filing on Tuesday.

The company also said that the dates have been fixed for the completion of pleadings, and the hearing and final disposal of writ petition.

The casino operator had received an intimation for payment of shortfall tax under the Central GST Act and the Goa GST Act from the Directorate General of GST Intelligence on Sept. 22, which comprised of the demand amount, along with interest and penalties for the period of July 2017 to March 2022.

The company received an intimation to pay an alleged tax liability of Rs 11,140 crore, while three of its subsidiaries, Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises, received tax notices totaling Rs 5,682 crore.

The company had explained that the amount mentioned in the notice is calculated based on the gross bet value of all games played at the casinos during the specified period.

The scrip rose as much as 8.19% to Rs 140.65 apiece, the highest level since Oct. 13, 2023. It pared gains to trade 4.19% higher at Rs 135.45 apiece as of 10:21 a.m. This compares to a 0.13% advance in the NSE Nifty 50.

It has fallen 36.3% on a year-to-date basis. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 37.

One analyst tracking the company, maintains a 'buy' rating, according to Bloomberg data.

• Gets battery energy storage project from BRPL.

• Project for 20 MW/40MWh Delhi battery storage project.

• Project for design, supply, testing, installation, commissioning, operation and maintenance.

Source: Exchange Filing

Shares of Mahindra Logistics Ltd. fell over 5% after its net loss widened in the July to September quarter of the fiscal 2024.

The company reported a net loss of Rs 15.93 crore on a year-over-year basis in the July to September quarter, according to an exchange filing. This compares to a net profit of Rs 12.19 crore in the same quarter of the previous financial year. Net loss in the quarter was aided by an exceptional item loss and tax of Rs 8.17 crore.

Additionally, Ruchie Khanna resigned as Company Secretary and Compliance Officer with effect from close of Nov. 30, 2023, on

account of her transfer within the Mahindra group. Consequently, r. Jignesh Parikh will be appointed in her place with effect from Dec. 1, 2023.

Mahindra Logistics Q2 FY24 (Consolidated, YoY)

• Revenue is up 2.89% at Rs 1,364.76 crore vs. Rs 1,326.33 crore.

• Ebitda is down 20.75% at Rs 53.57 crore vs. Rs 67.58 crore.

• Margin at 3.92% vs. 5.09%

• Net loss of Rs 15.93 crore vs. profit of Rs 12.19 crore

The scrip fell as much as 5.27% to Rs 349.50 apiece, the lowest level since Oct. 11, 2023. It pared losses to trade 4.35% lower at Rs 352.90 apiece, as of 10:05 a.m. This compares to a 0.04% advance in the NSE Nifty 50.

It has fallen 29.57% on a year-to-date basis. Total traded volume so far in the day stood at 7.9 times its 30-day average. The relative strength index was at 35.6.

Out of the 14 analysts tracking the company, seven maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.7%.

• Starts Phase II clinical trial of ZYIL1, a novel oral NLRP3 inflammasome inhibitor in patients with Amyotrophic Lateral Sclerosis.

• Phase II clinical trial to assess safety, efficacy of ZYIL1 in Amyotrophic Lateral Sclerosis patients.

Source: Exchange Filing

• 10.1 lakh shares changed hands in a large trade

• 0.01% equity changed hands at Rs 235.75 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Gets order for 62 MWAC Solar PV project worth Rs 301.5 crore from Mahagenco.

Source: Exchange Filing

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.64%, whereas S&P BSE SmallCap Index was also 1.19% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Metal and S&P BSE Utilities rose the most.

The market breadth was skewed in the favour of the buyers. About 1,869 stocks rose, 549 declined, while 109 remained unchanged on the BSE.

India's benchmark stock indices opened higher on Wednesday after declining for the fourth session on Monday.

"The 50 index witnessed a carnage in the previous trading session owning to hefty selling pressure in the mid and smallcaps that led to 4th consecutive lower closing," said Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.

"The uptrend remains under pressure, however, with price action trading in the oversold territory on the intraday timeframe, it is anticipated to recoil towards 100 DMA currently trading near 19,408," he added.

At pre-open, the S&P BSE Sensex was up 34 points, or 0.05%, at 64,605.68, while the NSE Nifty 50 was 7 points or 0.02% higher at 19,286.45.

Asian markets advanced after President Xi Jinping stepped up support for China’s economy, buoying optimism.

Benchmark indexes traded higher in South Korea and Australia reversed early gains. Meanwhile, Hong Kong’s equity benchmark rose over 2% and mainland shares were north of 1% after an index of Chinese companies listed in the U.S. advanced the most in almost three months on China’s support plans that include issuing additional sovereign debt and raising the budget deficit ratio.

Nasdaq 100 futures edged lower following mixed earnings that saw Microsoft Corp. climb and Alphabet Inc. drop in late U.S. trading. On Tuesday, The S&P 500 rose 0.7% and Nasdaq 100 rose 1%.

• At pre-open, the S&P BSE Sensex was up 34 points, or 0.05%, at 64,605.68, while the NSE Nifty 50 was 7 points or 0.02% higher at 19,286.45.

Source: Bloomberg

• The yield on the 10-year bond opened 4 bps lower at 7.34% on Wednesday.

• It closed at 7.38% on Monday.

Source: Bloomberg

• The local currency strengthened 13 paise to open at 83.06 against the U.S dollar on Wednesday.

• It closed at 83.19 on Monday.

Source: Bloomberg

• U.S. Dollar Index at 106.2

• U.S. 10-year bond yield at 4.81%

• Brent crude down 0.03% at $88.04 per barrel

• Nymex crude down 0.18% at $83.59 per barrel

• GIFT Nifty was down 18 points of 0.09% at 19,306.5 as of 8:15 a.m.

• Bitcoin was up 1.96% at $34,309.73

• Price band revised from 10% to 5%: MMTC, Pearl Global Industries

• Price band revised from 20% to 10%: Newgen Software Technologies

• Ex/record date dividend: Infosys

• Ex/record date bonus issue: Krishana Phoschem

• Move out of the short-term ASM framework: Manoj Vaibhav Gems N Jewellers, Oriental Hotels.

• Amber Enterprises: Franklin Templeton Mutual Fund bought 2 lakh shares (0.59%) at Rs 2,820 apiece.

• Supreme Petrochem: To meet analysts and investors on Oct. 31.

• Bajaj Finserv: To meet analysts and investors on Oct. 30.

• RailTel Corporation of India: To meet analysts and investors on Oct. 27.

• Vimta Labs: To meet analysts and investors on Oct. 30.

• State Bank of India: To meet analysts and investors on Nov. 4.

• Shriram Finance: To meet analysts and investors on Oct. 26.

• Steel Strips Wheels: To meet analysts and investors on Oct. 30.

• Agi Greenpac: To meet analysts and investors on Oct. 27.

• Macrotech Developers: To meet analysts and investors on Oct. 30.

• SBI Life Insurance Company: To meet analysts and investors on Oct. 27.

• Venus Pipes & Tubes: To meet analysts and investors on Oct. 27.

• Mankind Pharma: To meet analysts and investors on Nov. 1.

• Nuvama Wealth Management: To meet analysts and investors on Oct. 30.

• UPL: To meet analysts and investors on Oct. 30.

• Inox Wind: To meet analysts and investors on Oct. 27.

• Fino Payments Bank: To meet analysts and investors on Nov. 2.

• Gujarat Gas: To meet analysts and investors on Nov. 3.

• Satin Creditcare Network: To meet analysts and investors on Oct. 27.

• Mahindra & Mahindra Financial Services: To meet analysts and investors on Oct. 27.

Axis Bank, Tech Mahindra, Indus Towers, Jubilant Foodworks, Sona BLW Precision Forgings, Sonata Software, Lakshmi Machine Works, Welspun India, Chalet Hotels, Chennai Petroleum Corp, Responsive Industries, CMS Info Systems, Share India Securities, Rallis India, Shanthi Gears, Bannari Amman Sugars, Gulf Oil Lubricants India, Swaraj Engines, TV18 Broadcast, Network18 Media & Investments

Mahindra Logistics Q2 FY24 (Consolidated, YoY)

• Revenue is up 2.89% at Rs 1,364.76 crore vs. Rs 1,326.33 crore.

• Ebitda is down 20.75% at Rs 53.57 crore vs. Rs 67.58 crore.

• Margin at 3.92% vs. 5.09%

• Net loss of Rs 15.93 crore vs. profit of Rs 12.19 crore

PNB Housing Q2 FY24 (Standalone, YoY)

• Interest income rises 6.26% at Rs 1,691.31 crore vs Rs 1,591.71 crore (YoY)

• Net profit rises 46.2% to Rs 384.4 crore vs. Rs 262.91 crore (YoY)

• GNPA ratio at 1.78% vs 3.76% (QoQ)

• NNPA ratio at 1.19% vs 2.59% (QoQ)

Lloyds Metal and Energy Q2 FY24 (Consolidated, YoY)

• Revenue is up 61.97% at Rs 1,091.31 crore vs. Rs 673.76 crore.

• Ebitda is up 82.45% at Rs 286.31 crore vs. Rs 156.92 crore.

• Margin at 26.23% vs. 23.29%

• Net profit is up 62.04% at Rs 231.25 crore vs. Rs 142.71 crore.

Alok Industries Q2 FY24 (Consolidated, YoY)

• Revenue is down 20% to Rs 1,359.02 crore vs. Rs 1,698.58 crore.

• Ebitda at Rs 35.94 crore vs. Ebitda loss of Rs 11.25 crore

• Net loss of Rs 174.83 crore vs. loss of Rs 191.5 crore

Torrent Pharmaceuticals Q2 FY24 (Consolidated, YoY)

• Revenue is up 16.1% at Rs 2,660 crore vs. Rs 2,291 crore.

• Ebitda rises 21.5% to Rs 825 crore vs. Rs 679 crore.

• Margin at 31.01% vs. 29.63%

• Net profit is up 23.71% at Rs 386 crore vs. Rs 312 crore.

Kewal Kiran Clothing Q2 FY24 (Consolidated, YoY)

• Revenue is up 15.96% at Rs 262.48 crore vs. Rs 226.34 crore.

• Ebitda is up 23.43% at Rs 61.73 crore vs. Rs 50.01 crore.

• Margin at 23.51% vs. 22.09%

• Net profit is up 27.04% at Rs 49.66 crore vs. Rs 39.09 crore.

• Tech Mahindra: The company's U.S.A. unit approved divesting 30% of Avion Networks Inc. The stake is to be divested for a consideration of $50,000, and the divestment is to be completed by Oct. 31.

• Llyods Metals and Energy: Mahendra Singh Mehta was appointed as an additional independent director of the company for a term of five years.

• Lupin: The company received approval from the U.S. FDA for its abbreviated new drug application for Fluconazole Tablets, USP.

• Krishna Institute of Medical Sciences: The company's subsidiary, KIMS Hospital Enterprises Pvt., acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. The company's total equity stake in Kondapur Healthcare now stands at 37.18%.

• LTIMindtree: The company won the prestigious Golden Peacock Award in 2023 for its sustainability efforts.

• Power Mech Projects: The company's fund-raising committee approved raising up to Rs 350 crore via QIP. The company will allot 9.02 lakh equity shares at an issue price of Rs 3,881.17 apiece, which is at a discount of Rs 204.27 per equity share.

• KPI Green Energy: The company received an order from Sustainable Spinning and Commodities Pvt. for executing the Wind-Solar Hybrid Power Project for 4.20 MW capacity, comprising 4.20 MW wind and 3.60 MW solar capacity.

• Adani Ports and SEZ: The company incorporated a wholly owned subsidiary company, Udanvat Leasing IFSC, for Rs 2.5 crore. Udanvat will carry out the business of owning and leasing aircraft.

• Trident: Vinod Kumar Goyal was appointed as the CEO of the company's yarn business.

• Signatureglobal (India): The company entered into a sale deed for acquiring a land parcel measuring approximately 25.75 acres in Gurugram, Haryana, for the development of a group housing project.

• Shoppers Stop: The company has invested an additional Rs 5 crore in the preference share capital of its wholly-owned subsidiary, Global SS Beauty Brands. The investment was made by way of subscription to the rights issue of an additional 500 non-cumulative optionally convertible preference shares of Rs 1 lakh.

Asian markets advanced after President Xi Jinping stepped up support for China’s economy, buoying optimism.

Benchmark indexes traded higher in South Korea and Japan, where shares of semiconductor-equipment company Kokusai Electric Corp. opened 15% above their initial public offering price. Meanwhile, Hong Kong’s equity benchmark rose over 2% and mainland shares were north of 1% after an index of Chinese companies listed in the U.S. advanced the most in almost three months on China’s support plans that include issuing additional sovereign debt and raising the budget deficit ratio.

Nasdaq 100 futures edged lower following mixed earnings that saw Microsoft Corp. climb and Alphabet Inc. drop in late U.S. trading. On Tuesday, the S&P 500 rose 0.7% and the Nasdaq 100 rose 1%.

The yield on the 10-year U.S. bond was trading at 4.81%, and Bitcoin was above $34,000 level. Brent crude was trading above $88 a barrel, whereas WTI crude was above $83 mark.

At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 18 points or 0.09% to 19,306.5.

India's benchmark stock indices declined through Monday as broader indices dragged the market. Media, metal, banks and real estate sectors corrected the most. The Sensex ended at its lowest level since June 30, while the Nifty slipped to its lowest level since Sept. 1.

Overseas investors were net buyers of Indian equities for the second session in a row on Monday. Foreign portfolio investors mopped up stocks worth Rs 252.3 crore, while domestic institutional investors also turned net buyers and mopped up equities worth Rs 1,111.8 crore, the NSE data showed.

The Indian rupee weakened 7 paise to close at 83.19 against the U.S. dollar on Monday.