Selling pressure intensifies

Key equity benchmarks witnessed steep decline in mid-afternoon trade. The Nifty slipped below 11,750 mark. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 333.47 points or 0.84% at 39,268.16. The Nifty 50 index was down 98.15 points or 0.83% at 11,733.60.

Selling was wide spread. The S&P BSE Mid-Cap index was down 0.54%. The S&P BSE Small-Cap index was down 0.04%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1082 shares rose and 1299 shares fell. A total of 135 shares were unchanged.

The yield on 10-year benchmark federal paper, rose 1.36% to 6.873% at 14:20 IST, compared with 6.781% at close in the previous trading session.

Most telecom stocks witnessed selling. Tata Teleservices (down 4.83%), Reliance Communication (down 4.51%), Bharti Airtel (down 0.43%) and MTNL (down 0.38%), declined. While, Vodafone Idea (up 2.10%) was up.

FMCG stocks were mixed. Tata Global Beverages (up 2.34%), Jyothy Laboratories (up 1.64%), Marico (up 1.04%), Dabur India (up 0.84%), Britannia Industires (up 0.75%), Godrej Consumer Products (up 0.35%) and Bajaj Consumer Care (up 0.2%), edged higher.

While, Procter & Gamble Hygiene & Health Care (down 1.12%), Hindustan Unilever (down 1.04%), GlaxoSmithkline Consumer Healthcare (down 0.88%), Nestle India (down 0.67%) and Colgate Palmolive (India) (down 0.35%), edged lower.

Car major Maruti Suzuki India was down 3.4% to Rs 6,411. Bank of Baroda was down 0.46% to Rs 118 after Maruti Suzuki and Bank of Baroda joined hands to support dealer inventory financing.

Meanwhile, in a separate announcement, Maruti Suzuki India announced that Dzire is now compliant with AIS-145 Safety Norms (both petrol and diesel). Dzire Petrol is also now BS-VI compliant. This has led to a price hike across model. The price shall vary from Rs. 5,82,613 to Rs. 9,57,622 (ex-showroom price in Delhi and NCR region). The announcement was made after market hours yesterday, 20 June 2019.

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