Benchmarks slide further ahead of F&O expiry

The Sensex and the Nifty hit fresh intraday low in mid-afternoon trade. Investors locked profits in frontline stocks after recent rally, which propelled key barometers to record high levels. Trading was volatile as December F&O contracts expire today.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 170.21 points or 0.41% at 41,291.05. The Nifty 50 index was down 52.35 points or 0.43% at 12,162.20.

The S&P BSE Mid-Cap index was down 0.08% while the S&P BSE Small-Cap index was up 0.43%.

The market breadth was positive with 1291 shares advancing against 1094 shares declining on the BSE. A total of 173 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.

Stocks in Spotlight:

Eveready Industries India surged 6.58% to Rs 57.50 after Delhi High Court allowed the firm to go ahead with the sale of its property in Hyderabad.

SML Isuzu jumped 8.79% to Rs 596.60. ICRA has revised the long term rating from [ICRA AA] (Stable) to [ICRA AA-] (Negative) and reaffirmed the short term rating of the company at [ICRA A1+]. The rating agency cited slowdown in the commercial vehicle (CV) industry, which is likely to persist in the near-term given the slowing economic growth, surplus capacity in the trucking system and credit crunch as the reason for the said rating.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.584 % at 14:17 IST compared with 6.571% in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was currently trading flat t 71.27.

In the commodities market, Brent crude for February 2020 settlement was up 13 cents at $67.33 a barrel. The contract rose 81 cents or 1.22% to settle at $67.20 a barrel during the previous trading session.

MCX Gold futures for 5 February 2019 settlement rose 0.35% to Rs 38,773.

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