Market turns range bound

Key equity indices were trading in a narrow range with modest losses in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 202.43 points or 0.51% at 39,538.93. The Nifty 50 index was down 62.30 points or 0.52% at 11,851.75.

The market breadth continued to be negative. On BSE, 813 shares advanced and 1558 shares declined. A total of 154 shares were unchanged. The BSE Mid-Cap index was down 0.51%. The BSE Small-Cap index was down 0.39%.

IT major Wipro was up 0.23% to Rs 299.50 after hitting a 52-week high of Rs 301.55 in intraday today. The company announced that it will be opening a new center of excellence for clients in the Minneapolis-St. Paul region in USA. Wipro and client teams will collaborate on digital solutions, with a focus on financial technology, and will add 100 local jobs over the next two years to its already substantial presence in the Twin Cities. The announcement was made after market hours yesterday, 13 June 2019.

Yes Bank was down 1.75% to Rs 115.15, extending recent steep fall. The stock hit a 52-week low of Rs 113 in intraday today. The stock is currently down 22.17% in June so far from its close of Rs 147.95 on 31 May 2019.

Auto shares extended recent losses. Escorts (down 3.03%), Bajaj Auto (down 1.53%), TVS Motor Company (down 1.28%), Hero MotoCorp (down 0.99%), Eicher Motors (down 0.61%), Mahindra & Mahindra (down 0.47%) and Maruti Suzuki India (down 0.33%), edged lower. Ashok Leyland was up 0.11%.

Metal shares were mixed. NMDC (up 1.7%), Vedanta (up 1.16%) and Tata Steel (up 0.51%), all gained. While, Jindal Steel & Power (down 1.51%), Hindustan Copper (down 1.34%), Steel Authority of India (down 0.87%), JSW Steel (down 0.55%), Hindalco Industries (down 0.40%) and Hindustan Zinc (down 0.03%), all declined.

On the economic front, Government announced the WPI numbers for May 2019. The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.45% (provisional) in May 2019 (over May 2018) as compared to 3.07% (provisional) for the previous month and 4.78% during the corresponding month of the previous year.

The yield on India's 10-year benchmark federal paper fell to 6.973%, compared with 7.009% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.625, compared with its close of 69.505 during the previous trading session.

In the commodities market, Brent crude futures for August 2019 settlement was down $0.14 at $61.17 a barrel. The contract increased by $1.34 or 2.23% to settle at $61.31 a barrel during the previous trading session amid reports of tanker explosions in the Gulf of Oman near the Iranian coastline.

Powered by Capital Market - Live News