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MARKET WRAP: Indices end flat, Sensex slips 38 pts; Airtel rebounds, up 3%
All that happened in markets today.
Benchmark indices ended flat with negative bias on Thursday amid selling in financial, IT and auto counters. Although, the session did witness some stellar stock-specific performances, the broader market remained weak. That apart, telecom companies came under heavy pressure during the day after the Supreme Court (SC) rejected their appeal against the Union government’s definition of Adjusted Gross Revenue (AGR). READ MORE
Although, Bharti Airtel made a smart comeback after slipping 10 per cent in the intra-day deals, Vodafone Idea plummeted over 23 per cent to Rs 4.33 apiece on the BSE. CLICK TO READ EXPERTS' TAKE
The S&P BSE Sensex lost 38 points or 0.10 per cent to end at 39,020, with Bharti Airtel (up over 3 per cent) being the top gainer and YES Bank (down nearly 6 per cent) the biggest loser.
In the broader market, the S&P BSE MidCap index lost 57 points or 0.39 per cent to settle at 14,339 levels and the S&P BSE SmallCap index closed at 13,204, down 19 points or 0.14 per cent.
Market breadth was in favour of declines as out of 2,619 companies traded on the BSE, 1,382 declined and 1,074 advanced while 163 remained unchanged.
On the NSE, the broader Nifty50 index settled at 11,583, down 22 points or 0.19 per cent. Among the sectoral indices, all but realty stocks ended in the red. Nifty Realty gained nearly 1 per cent to end at 263.90 levels. PSU Bank stocks slipped the most, followed by private banks. The Nifty PSU Bank lost 3.45 per cent to close at 2,228.35.
Reliance Industries hit a new high of Rs 1,441 apiece on the BSE. At close, the stock stood at Rs 1,436, up over 3 per cent. Other heavyweights such as HCL Technologies (HCL Tech) and Asian Paints, too, gained in the trade. HCL Tech ended at Rs 1,119 on the BSE, up over 2 per cent, Asian Paints rose over 1 per cent to 1,791 on the BSE.
Among others, shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) advanced 5 per cent to Rs 6.19 apiece on the BSE after the Cabinet on Wednesday approved a Rs 70,000 crore relief package for the company and for Bharat Sanchar Nigam Ltd (BSNL). While approving the package for the two financially stressed entities, the Union Cabinet also drew up a timeline to merge them.
Asian shares pulled ahead on Thursday as corporate earnings and a ceasefire in northern Syria helped prop up sentiment, though the backdrop of trade and Brexit uncertainties was enough to prevent a decisive shift towards riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 per cent with Japan’s Nikkei finishing up 0.55 per cent after hitting a one-year high. Australian shares climbed 0.3 per cent. Chinese shares did open higher but soon erased those gains with the blue-chip index easing 0.3 per cent.
In commodities, oil prices slipped. Brent crude futures fell 17 cents, or 0.3 per cent, to $61 a barrel. West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.6 per cent, to $55.65 per barrel.
(With inputs from Reuters)