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MARKET WRAP: Sensex up 85 pts, broader mkts underperform; DHFL up 11%

Sectorally, PSU banks were the biggest gainers with the Nifty PSU Bank index closing 1.36 per cent higher

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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Domestic ended Wednesday's choppy trading session with gains. Corporate earnings kept indices volatile with buying being witnessed in select public sector banks and information technology (IT) scrips. Fresh trade war concerns between the Unites States and China also kept the jittery.

The benchmark S&P BSE Sensex added 85 points, or 0.22 per cent, to settle at 39,216 levels with State Bank of India, Tech Mahindra, HCL tech and IndusInd Bank being top gainers. On the contrary, YES Bank, Maruti, ONGC and NTPC were at the lower end of the spectrum. Market breadth was in favour of decline. Of the 2,650 companies traded, shares of 1,123 companies advanced and that of 1,355 declined. Mere 172 shares settled unchanged. 

The broader Nifty50 too gained 25 points, or 0.21 per cent, to close at 11,687 levels. Shares of 21 companies advances, 27 declines and 2 remain unchanged.

In the broader market, the S&P BSE MidCap ended at 14,542 levels, down 22 points, or 0.15 per cent. The S&P BSE SmallCap too ended 10 points, or 0.07 per cent lower at 13,716 levels.

Sectorally, PSU banks were the biggest gainers with the Nifty PSU Bank index closing 1.36 per cent higher. This was followed by gains in FMCG sector (up 0.81 per cent) and IT sector (up 0.53 per cent). The Nifty Auto index was the top laggard with the index settling over 1 per cent lower. 

BUZZING STOCKS

Shares of DCB Bank plunged 14 per cent to Rs 205 in Wednesday's early morning trade on the BSE after the private sector lender reported a sub-par performance in June quarter (Q1FY19) led by decline in loan growth, sequential rise in fresh slippages and non-performing assets (NPAs), and continued pressure on margin. READ MORE

Shares of HDFC Asset Management Company (AMC) hit a record high of Rs 2,129, up 7 per cent intra-day on the BSE on Wednesday, after the company reported a 42 per cent year-on-year (YoY) jump in net profit at Rs 292 crore in the June quarter of fiscal year 2019-20 (Q1FY20). The strong profit growth was led by lower expenses and higher other income, the company's financial data show. READ MORE

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GLOBAL CUES

Resurgent trade tensions, concern over the outlook for corporate America and the growing risk of a chaotic Brexit in the United Kingdom dampened appetite for equities on Wednesday.

Japan's Nikkei settled 0.31 per cent down while South Korea's Kospi ended 0.91 per cent lower.

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