MARKET WRAP: Sensex plunges 560 pts; sees third biggest fall in 2019
In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels.
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Markets saw the third-worst fall of 2019 on Friday as benchmark indices S&P BSE Sensex and Nifty50, both, fell to two-month low. The indices touched intra-day lows of 38,271 level at Sensex and 11,399 mark at Nifty. 'Super-rich tax' concerns on FPI, trade war tenions and weak corporate earnings contributed to the fall.
The Sensex tanked 560 points, or 1.44 per cent, to close at 38,337 levels with 26 of the 30 stocks listed at the index ending in the red. IndusInd Bank, Bajaj Finance, M&M, and YES Bank were the top laggards while only NTPC, TCS, PowerGrid and ONGC ended in the green. The Nifty50, too, lost 178 points, or 1.53 per cent, to settle at 11,419 mark. Of the 50 stocks listed at the index, only 7 stocks advanced while the remaining 43 declined.
In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels.
Sectorally, all the indices ended in the red. Nifty Auto index, too, tanked to two-month low to end 3.31 per cent lower. This was followed by losses in Nifty Private Bank index and Nifty Pharma index, down 2.45 per cent and 2.23 per cent respectively.
The Nifty Auto index hitting a three-year low on Friday. Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index. M&M, Motherson Sumi Systems, TVS Motor Company, Exide Industries, Escorts, MSIL, Eicher Motors, Hero MotoCorp, Bosch and Ashok Leyland have seen market value erosion of more than 22 per cent during the period. READ MORE HERE
GLOBAL CUES
Global stocks rose on Friday as investors firmed up bets on a U.S. interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.
Japan's Nikkei ended 2 per cent higher while South Korea's Kospi gained 1.35 per cent.
(With inputs from Reuters)
(With inputs from Reuters)
3:37 PM
Sectoral losers and gainers on the NSE
3:36 PM
Top losers and gainers on the S&P BSE Sensex
3:34 PM
CLOSING BELL
The S&P BSE Sensex plunged 560 points or 1.44 per cent to settle at 38,337 levels while NSE's Nifty50 index ended at 11,419, down 178 points or 1.53 per cent.
3:22 PM
RBL Bank tumbles nearly 14% post Q1 nos as lender signals challenges ahead
Shares of RBL Bank tanked as much as 13.75 per cent in the afternoon session on Friday after releasing June quarter results for the financial year 2019-20 (FY20). The lender reported healthy set of numbers for the period under review but said it expects to face some challenges on some of its exposures in the near term.
Reacting to it, investor sentiment took a hit, thus dragging the stock nearly 14 per cent lower during the trade. READ MORE
3:19 PM
MARKET CHECK | Nifty at 2-month low
3:11 PM
Market check
3:10 PM
Market check
3:10 PM
MARKET ALERT | Nifty Bank trades below 30,000 mark for the first time in two months
3:05 PM
MARKET CHECK
2:48 PM
Nifty Bank trades below 30,000 for the first time in two months
2:42 PM
NEWS ALERT | Nifty slips below 11,450, trades at 2-month low
2:28 PM
NEWS ALERT | MCA calls for urgent need to probe role of rating cos in various fraud cases: Govt sources to CNBC
-- SFIO probing role of rating agencies in recent fraud cases
2:27 PM
Nifty Auto hits three-year low; Analysts see more pain ahead
An analysis of past 20 years’ demand cycles done by Edelweiss Securities indicates that the auto sector is currently in the middle of a down cycle. Volume recovery, they say, is unlikely to be as sharp as in the past, unless there is strong fiscal support.
“The current slowdown is different from previous ones. First, it’s driven by domestic factors rather than global events; second, there is stiff competition from growing organised pre-owned vehicles market; third, the slowdown is characterised by significantly higher margin pressure; and is led by prohibitive jump in vehicle cost,” wrote Chirag Shah and Jay Mehta of Edelweiss in a recent report. READ MORE
“The current slowdown is different from previous ones. First, it’s driven by domestic factors rather than global events; second, there is stiff competition from growing organised pre-owned vehicles market; third, the slowdown is characterised by significantly higher margin pressure; and is led by prohibitive jump in vehicle cost,” wrote Chirag Shah and Jay Mehta of Edelweiss in a recent report. READ MORE
2:25 PM
Sharp fall in RBL Bank
2:22 PM
Market check | Sensex crashes over 500 pts
Topics : MARKET WRAP
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First Published: Jul 19 2019 | 7:17 AM IST
