The Indian market tumbled in early trading on Monday, weighed by mixed Asian cues on continuing fears over Greece's debt crisis. A spate of concerns on the domestic front such as sticky inflation and interest rate hikes also also weighing on investor sentiment.
Most Asian stocks drifted lower after a firm start, with uncertainty over Greek and rising contagion keeping investors cautious.
The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.
The 30-share BSE Sensex is currently trading near the day's low at 17,547, down 323 points or 1.81 percent, while the broader Nifty index is falling by 103 points or 1.92 percent to 5,263.
Second-line stocks are also coming under significant selling pressure and the market breadth is extremely negative, with declining shares outpacing gaining ones in the ratio of about 3:1 on the BSE. IT, realty, metal, power and oil/gas stocks are among the prominent decliners.
Reliance Infrastructure is down almost 5 percent and Reliance Communications is tumbling 5.6 percent after the Bombay Stock Exchange removed both stocks controlled by billionaire Anil Ambani from the barometer index BSE Sensex. State-run Coal India (up 1.8 percent) and pharma major Sun Pharmaceutical Industries (up a percent) will replace R-Infra and RCom in Sensex effective from August 8.
ONGC is losing 0.6 percent after the government reportedly approved the merger of ONGC's Russian assets with Sistema-promoted Bashneft and RussNeft. Bank of India is down half a percent on reports that it will make a foray into the mutual fund business. Punjab National Bank, which is finalizing a partner for its life insurance business, is declining 1.1 percent.
Wipro is losing 2.5 percent after Rishad Premji, chief strategy officer of Wipro and son of chairman Azim Premji, sold 27.4 percent of his total holding in the company for a little over Rs.11 crore. Max India is down 2.3 percent after it received board approval to acquire Warburg Pincus Group's 16.4 percent stake in Max Healthcare Institute for Rs.140 crore.
Moser Baer is tumbling 3 percent after the community development arm of the company said it would implement a healthcare development service program in rural villages of Greater Noida. Axis Bank is edging down marginally on receiving board approval to raise funds via a bond issue.
Great Eastern Shipping Company is down over 2 percent after the company sold its 1989 built Suezmax crude carrier 'Jag Lakshya'.
Essel Propack is adding a percent after the packing firm expanded its facility in Goa at an investment of Rs.40 crore. Cadila Healthcare is up 0.8 percent after its U.S. unit agreed to acquire the assets of U.S.- based Nesher Pharmaceuticals Inc. for an undisclosed amount. Power Finance Corporation is posting a modest 0.3 percent gain ahead of a board meet today to declare a final dividend.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.