Business Standard

MARKET WRAP: Sensex dips 189 pts ahead of F&O expiry; metals, autos decline

The benchmark S&P BSE Sensex and broader Nifty50 were dragged by heavyweight stocks like Reliance Industries, ICICI Bank, Maruti Suzuki, and HDFC Bank

Image SI Reporter New Delhi
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Markets witnessed another volatile trading session on Wednesday as investors rolled-over their positions ahead of the August Futures & Options (F&O) series expiry due on Thursday. Besides, weak global cues and uncertainty over resumption of trade talks between the United States and China kept investors on the sidelines. 

The benchmark S&P BSE Sensex closed at 37,452 level, down 189 points or 0.50 per cent, dragged by heavyweight stocks like Reliance Industries, ICICI Bank, Maruti Suzuki, and HDFC Bank. 23 of the 30 shares listed at the index ended in the red. HCL Tech, Infosys, Tech Mahindra, and HDFC were the top gainers, while YES Bank, Tata Steel, Vedanta, and ONGC ended as the top laggards. In the intra-day trade, the Sensex cracked 392 points to hit a low of 37,249 level. 

The broader Nifty50, too, settled 59 points, or 0.53 per cent, lower at 11,046 level. The index hit an intra-day low of 10,988-mark, down 118 points.

Sectorally, realty stocks gained the most, with the Nifty Realty index settling 2.4 per cent higher. This was followed by Nifty IT index which closed 1.3 per cent higher. On the downside, Nifty Metals index shed 3.4 per cent, followed by Nifty Auto index, down 2 per cent.

In the broader market, S&P BSE Mid-cap index closed at 13,356 level, down 124 points or 0.92 per cent. The S&P BSE Small-cap index, too, dipped 80 points, or 0.64 per cent, to settle at 12,508 level. 

BUZZING STOCKS

Shares of Hindustan Unilever (HUL) slipped as much as 2 per cent to Rs 1,824.15 apiece on the BSE in the early morning trade on Wednesday after the company said it has cut prices of its Lux, Lifebuoy and Dove soaps in the past month following muted growth in the category. READ MORE

Shares of Vadilal Industries were trading higher for the fourth straight day, up 4 per cent at Rs 682 on the BSE on Wednesday after the company reported a good set of numbers for the April-June quarter (Q1FY20). The stock was trading at its 52-week high levels. In the past four trading days, it has rallied 22 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex. READ MORE

GLOBAL CUES

World stocks nudged down on Wednesday as deepening inversion of the U.S. bond yield curve a day earlier threw up reminders of looming recession risks, sending investors towards safe havens such as the Japanese yen and precious metals.

MSCI’s world equity index, which tracks shares in 47 countries, fell 0.1%, dragged down by European shares. The broad Euro STOXX 600 fell 0.3%, with bourses in Paris and Frankfurt fell 0.3% and 0.4% respectively.

(With inputs from Reuters)

3:40 PM

Sectoral losers and gainers on the NSE

3:40 PM

Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 189 points or 0.50 per cent to settle at 37,452 while the NSE's Nifty50 index closed at 11,046, down 59 points or 0.53 per cent. 
3:18 PM

Nestle's inclusion in Nifty to raise FMCG weight; pvt banks to stay at top

Nestle (India), according to reports, is likely to replace media firm Zee Enterprises in the Nifty50 index from October futures & options (F&O) series. The likely inclusion is expected to increase the weight of fast moving consumer goods (FMCG) sector in the index by 94 basis points (bps) to 9.2 per cent. While the weightage of the FMCG sector will rise that of the media sector will be eliminated, according to a report by ICICI Securities dated August 27. READ MORE

3:05 PM

Market check | Sensex stages partial recovery

3:01 PM

YES Bank dips 10% as Moody's downgrades ratings with negative outlook

YES Bank shares dipped 10 per cent to Rs 58 in intra-day trade on the BSE on Wednesday after Moody's Investors Service downgraded the bank’s long-term foreign-currency issuer rating to 'Ba3' from 'Ba1'. The private sector lender's stock was trading near to its 52-week low price of Rs 53, touched on August 22, 2019. “The downgrade of Yes Bank's ratings takes into account of the lower than expected amount of capital raised by the bank recently; and the risk that the substantial decline in the bank's share price will challenge its ability to raise sufficient capital to maintain the rating at its previous level”, Moody’s said in rating rational. READ MORE
YES bank

2:51 PM

NEWS ALERT | India Ratings revises India's FY20 GDP to 6.7% from 7.3%

-- Q1FY20 GDP estimated at 5.7%

-- 1QFY20 is expected to be the fifth consecutive quarter of declining GDP growth
2:46 PM

NEWS ALERT | Coffee Day Enterprises gets Registrar of Companies' approval to extend FY19 AGM for 45 days: BSE filing

2:44 PM

NEWS ALERT | Pound falls on report that govt will try to suspend Parliament to force no-deal Brexit

Source: Bloomberg

2:41 PM

SAIL down over 5%

2:34 PM

NEWS ALERT | US FDA's observations on Ipca Labs

-- Deviations from written tests procedures and lab mechanisms not recorded

-- Failure to review unexplained discrepancy and failure of batch

-- Responsibilities and procedures applicable to quality control unit ot followed

(As reported by CNBC TV18)
2:32 PM

Maruti Suzuki India down 3%

2:24 PM

NEWS ALERT | Unichem Lab gets US FDA nod for solifenacin tablet used to treat overactive bladders

2:22 PM

Nifty breaches 11,000-mark

2:13 PM

Market extends fall

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First Published: Aug 28 2019 | 7:21 AM IST

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