Indian Indices extend losses on Monday - Standard Chartered Securities

Key benchmark indices extended Friday's steep losses as a sharp setback in Indian Rupee (INR) which hit record low against the US Dollar (USD) and a surge in bond yields spooked investors.

Realty stocks declined in volatile trade. IT stocks were mixed. PSU OMCs were mostly lower due to weak INR. Pharma stocks edged lower. Shares of two wheeler makers dropped. Bank stocks declined across the board, with ICICI Bank, State Bank of India, HDFC Bank and Bank of Baroda hitting 52-week low. Capital Goods pivotals edged lower on worries the ongoing slowdown in the economy could restrict new orders.

Markets expected to open lower after a fourth straight day of losses on Wall Street. Signs Asian economies are struggling to ignite growth are fueling pessimism among investors already concerned that the Federal Reserve, which publishes minutes of its July meeting tomorrow, will start reducing bond purchases in September.

Source : Equity Bulls

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