Sensex was down 104 points or 0.8% to end at 13,400 while, Nifty slipped 27 points or 0.7% to shut shop at 3,976.

Indian markets extended its losing streak to third straight trading session on Monday with the NSE Nifty index ending below the 4,000 mark for the first time post election outcome. The index has corrected 15% or has lost ~700 points from its high of 4,693 touched in mid June.

It was a rollercoaster ride for the Indian markets on Monday. With the global picture turned pale and the monsoon jitters not yet vanished, bears had an upper hand throughout the trading session.

However, sentiment was slightly boosted after Axis Bank came in with its quarterly numbers beating markets estimates by a margin. But the steroid soon lost its effect as profit taking once again dragged markets lower.

The Sensex finally ended lower by 104 points or 0.8% to end at 13,400 after touching a high of 13,462 and a low of 13,220. The index had opened at 13,406 against the previous close of 13,504.

The NSE Nifty slipped 27 points or 0.7% to shut shop at 3,976.

Among the BSE Sectoral indices BSE Consumer Durables index was the top loser losing 5.3%, followed by the BSE Metal index down 4%, BSE Realty index down 3.7% and BSE Auto index down 2.6%.

Even the broader indices ended in the red, the BSE Mid-Cap index slipped 2.6% and the BSE Small-Cap index fell 3.2%.

On the other hand, the BSE IT index was the top gainer, up 1.7% and BSE Bankex index ended higher by 0.3%.

In the Sensex, the major gainers were Sun Pharma, Infosys, Grasim, Sterlite, ICICI Bank, TCS and Wipro.

On the other hand, Reliance Infra, JP Associates, Tata Steel, Maruti, DLF, Hindalco and Hero Honda were among the top losers.

Outside the frontline indices, the top losers included Hind Copper, Balrampur Chini, Century Tex, Jai Corp, Renuka Sugar and Biocon.

Among the big gainers in the broader market were Tulip Tele, HCL Tech, Ashok Leyland, Bank of India and REI Agro.

Axis Bank reported first quarter profit of Rs5.62bn as against Rs3.3bn in the same period previous year. This translates into a growth of 70% YoY.

The stock bounced back sharply and ended higher by 2.2% at Rs755. The total quantity traded on the counter was 2.3mn shares on the BSE.

Shares of Gammon India shot up over 12% from its day’s low in the late trades.

The stock had slipped sharply in the morning trades after a part of an under construction Delhi Metro line collapsed on Sunday morning which was being constructed by Gammon India. This was the second accident involving Gammon India.

The first incident was when Gammon was held responsible for the collapse incident in Panjagutta Hyderabad which claimed two lives in September 2007. Eight pre-fabricated segments of the flyover collapsed after scaffolding caved in on September 9, 2007.

The government may give subsidies on domestic fuel sales to private oil companies, stated reports.

This move would put private firms on par with oil marketing companies owned by government that are compensated for selling petroleum products to consumers at below cost.

Shares of Essar Oil erased early gains and ended lower by 1% to Rs119 after hitting an intra-day Rs124 and a low of Rs117 and recorded volumes of over 2.2mn shares on NSE.

On the other hand, shares of Reliance Industries slipped by 1.7% to Rs1747 after hitting an intra-day high of Rs1765 and a low of Rs1718 and recorded volumes of over 1mn shares on BSE.

Sterlite Technologies announced that it won a contract from BSNL, worth Rs3.72bn for enabling a Fiber-to-the-Home Network based on Gigabit Passive Optical Network technology.

The stock was down 4.5% to Rs163 after it hit an intra-day high of Rs168 and a low of Rs162 and recorded volumes of over 0.1mn shares on BSE.

Shares of Pantaloon Retail bounced by sharply from its day’s low and ended 1.2% higher at Rs269 after the company announced that June total sales rose by 18.5% at Rs6.65bn YoY.

Shares of Sun Pharma gained by 2.5% to Rs1149 after reports stated that the company along with its subsidiary, Caraco reached a settlement agreement with Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute. The scrip touched an intra-day high of Rs1158 and a low of Rs1103 and recorded volumes of over 22,000 shares on BSE.

Shares of BGR Energy gained by 5% to Rs278 after the company announced that it secured a turnkey EPC of Balance of Plant contract worth Rs16.31bn from Maharashtra Power Generation Corporation for execution of the 2X500 MW Chandrapur Super Thermal Power Station Expansion Project at Chandrapur, Maharashtra.

The contract will be completed over 33 months. The BOP contract scope includes Design, Engineering, Supply, Erection, Testing and Commissioning of all Balance of Plant Mechanical, Electrical and Civil and structural works for the Main plant and BOP.

source: Indiainfoline

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