Nifty holds 11,200; IndusInd tumbles after Q2 results

Key benchmark indices were trading near the day's low in mid-afternoon trade. At 14:32 IST, the barometer index, the S&P BSE Sensex, was down 344.78 points or 0.9% at 37,963.06. The Nifty 50 index was down 86.25 points or 0.76% at 11,227.05. Mixed global cues dented investors' sentiment.

The broader market witnessed selling pressure. The S&P BSE Mid-Cap index was down 0.82%. The S&P BSE Small-Cap index was down 0.42%.

The market breadth, indicating the overall health of the market, remained weak. On the BSE, 823 shares rose and 1496 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, 12 stocks advanced and 37 stocks declined.

IndusInd Bank tumbled 4.87% to Rs 1245.70 after the bank announced its Q2 September 2019 result today. Net profit jumped 50.33% to Rs 1383.37 crore in Q2 2019 as against Q2 2018. Total income rose 31.40% to Rs 8877.02 crore in Q2 September 2019 over Q2 September 2018.

Jaypee Infratech was locked in 5% upper circuit at Rs 1.22 after media reports suggested the government could waive off the tax claims against the company. As per reports, the government is likely to waive off the tax claims of Rs 33,000 crore against Jaypee Infratech as the tax department's claims of pending tax dues is not tenable.

DHFL was locked in a lower circuit of 10% on reports that Edelweiss Asset Management has approached the Bombay High Court to recover its dues of around Rs 70 crore from DHFL.

NBFC stocks took a beating. Indiabulls Housing Finance (down 19.06%), Cholamandalam Investment and Finance Company (down 3.97%), Shriram Transport Finance Corporation (down 3.48%), IIFL Finance (down 2.82%), LIC Housing Finance (down 2.78%), Muthoot Finance (down 2.7%), Mahindra & Mahindra Financial Services (down 2.17%), Bajaj Finance (down 1.96%), Manappuram Finance (down 1.21%) and Bajaj Finserv (down 1.02%) tumbled.

Meanwhile, the yield on 10-year benchmark federal paper rose to 6.672% at 14:12 IST compared with 6.655% at close in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 71.0750, compared with its close of 71.0725, during the previous trading session.

In the commodities market, Brent crude for December 2019 settlement was up 7 cents at $58.39 a barrel. The contract edged 0.14% higher to settle at $ 58.32 a barrel in the previous trading session.

MCX Gold futures for 5 December 2019 settlement fell 0.08% at Rs 38,467.

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