MARKET WRAP: Sensex ends 463 pts lower, Nifty below 11,000; SBI dips 4.6%
In the broader market, the S&P BSE Mid-cap slipped 117 points, or 0.86 per cent, to end at 13,526 level while the S&P BSE Small-cap settled at 12,552 level, down 140 points, or 1.1 per cent.
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Thursday's carnage on D-Street dragged indices to fresh five-month lows with the S&P BSE Sensex slipping below the 37,000 mark. On the other hand, the broader Nifty50, too, breached 11,000 mark in the intra-day trade. The Sensex plunged 787 points intra-day to hit a low of 36,694, while the Nifty50 shed 204 points to touch 10,881 mark. Mixed corporate earnings, weak domestic and global cues, and continuous selling by foreign portfolio investors (FPIs) were among the key reasons for the fall.
The Sensex ended 463 points, or 1.23 per cent, lower at 37,018 level after recovery in stocks like Maruti Suzuki, Reliance Industries, HDFC twins, and Hindustan Unilever helped the index to pare losses partially.
Vedanta, State Bank of India, Tata Motors, and Bharti Airtel were the top laggards at close, while Maruti Suzuki, Reliance Industries, Power Grid, and Bajaj Auto ended the day as top gainer. The Nifty50, too, ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark.
Vedanta, State Bank of India, Tata Motors, and Bharti Airtel were the top laggards at close, while Maruti Suzuki, Reliance Industries, Power Grid, and Bajaj Auto ended the day as top gainer. The Nifty50, too, ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark.
"Global markets were expecting a more dovish US Fed and are disappointed by 'mid-cycle adjustment' this has led to a rise in the dollar (DXY was at 2 year high) this is not good for EM equities. For Indian equities, this is on top of the headwinds it has faced recently, like FII selling on account of tax proposals," said Vivek Ranjan Misra, head of fundamental research at Karvy Stock Broking.
Adding: "The next important trigger is the RBI policy meeting next week, and any policy decision the government may take to stimulate the economy. We continue to believe that the economy should stabilize in Q2 FY 2019-20 and the markets should be in better shape in a couple of quarters.”
BROADER MARKETS
In the broader market, the S&P BSE Mid-cap slipped 117 points, or 0.86 per cent, to end at 13,526 level while the S&P BSE Small-cap settled at 12,552 level, down 140 points, or 1.1 per cent.
Sectorally, all the indices ended in the red, barring the Nifty Auto index. Nifty Metal index slipped the most, ending the day with a cut of over 3 per cent, followed by Nifty PSU Bank index, down 2.66 per cent. NIfty Auto index ended the day flat.
MARKET OUTLOOK
Analysts say there is more pain in store for the markets, as developments – both global and domestic – are likely to dent sentiment further. Over the next few months, the progress of monsoon, which will have a bearing on inflation and the interest rate trajectory, corporate earnings and the overall health of the Indian economy, besides global cues, are some of the factors that will have a bearing on how the markets pan out. READ MORE
GLOBAL CUES
Asian shares slipped to six-week lows on Thursday while the dollar jumped to two-year highs as the US Federal Reserve rattled markets by signaling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. Japan's Nikkei ended the day flat, up 0.09 per cent, while South Korea's Kospi ended 0.36 per cent lower.
3:41 PM
Sectoral trends at NSE at close
3:40 PM
Top gainers and losers on S&P BSE Sensex at close
3:40 PM
Closing Bell
The Sensex ended 463 points, or 1.23 per cent, lower at 37,018 level, while the Nifty50, too, ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark.
3:17 PM
Market check | Nifty reclaims 11,000-mark
3:17 PM
Market check | Sensex begins recovery
3:05 PM
Company Update | Colgate-Palmolive (India)
-- The market leader in Oral Care, announced the appointment of Ram Raghavan as Managing Director effective August 01, 2019. Prior to this role, Mr. Raghavan served as Vice-President Marketing of Asia Pacific Division of Colgate-Palmolive.
-- Mr Raghavan joined Colgate India in 1997 and progressed through a series of leadership roles across various divisions and subsidiaries of Colgate-Palmolive. In 2003, he moved to Hong Kong to join the Asia-Pacific Division. In 2004, he moved to Colgate China and sequentially managed the Toothbrush and Toothpaste businesses
3:03 PM
MARKET ALERT | India VIX up 10%, hovers at 1-month high
2:59 PM
COMMENT :: Jefferies on US Fed rate cut
It wasn’t too long ago that investors were questioning the health of the US consumer after a disappointing set of December retail numbers. Aside from early 2017, our consumption indicator has produced one of the longest periods of improvement since 1991. Yesterday’s rate cut will no doubt help credit conditions underwriting the S&P 500 Consumer Discretionary and keeping Staples relatively well bid
2:57 PM
GLOBAL MARKET UPDATE
Asian markets fell on Thursday, tracking losses on Wall Street, after the US Federal Reserve cut rates for the first time in more than a decade but failed to offer a clear signal on future easing. The move to ease the cost of borrowing was well telegraphed and meant to inoculate against global risks washing onto American shores, but financial markets were whipsawed by confusion over whether another cut would be coming. Hong Kong shares were down 0.8 percent in afternoon trade after the city's de facto central bank matched the Fed's cut, lowering rates for the first time since 2008.
(Source: Agencies)
(Source: Agencies)
markets
2:52 PM
Delta Corp falls 8%, hits over two-year low after FPIs sell stake
Shares of Delta Corp hit an over two-year low of Rs 141 per share, down 8 per cent intra-day on the National Stock Exchange (NSE) on Thursday, after foreign portfolio investors (FPIs) offloaded about 1 percentage point stake in the company through open market. The stock was trading at its lowest level since May 23, 2017, when it hit a low of Rs 139 apiece on the NSE in intra-day deals. READ MORE
2:50 PM
Market check
2:46 PM
Market check
2:44 PM
Zee may have offloaded its stake but it isn't enough to satisfy investors
The sale of a stake in Zee Entertainment Enterprises Ltd. to a foreign fund failed to cheer investors, who say the transaction leaves founders of India’s largest publicly-traded television network with the need to raise a further Rs 68 billion ($983 million) to pare debt.
Zee’s shares tumbled 5.8% to Rs 340.6 in a fourth day of declines, taking the year’s drop to about 30%. Invesco Oppenheimer Developing Markets Fund agreed to buy as much as 11% stake in Zee for about Rs 42.24 billion at Rs 400 each, the company said Wednesday. READ MORE
2:35 PM
MARKET ALERT| Sensex down nearly 3% this week
2:33 PM
Market check
Topics : Markets MARKET WRAP
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First Published: Aug 01 2019 | 7:31 AM IST
