MARKET WRAP: Sensex slips 48 pts, settles below 38,000-mark; PSBs tank
t close, Nifty PSU Banks were the biggest losers, with the index settling over 3% lower followed by Nifty Financial Services index (down 0.72%t) and Nifty Pharma index (down 0.70%)
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Indices slipped for fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors' sentiment muted. Heavy selling in select bluechip stocks like HDFC twins and State Bank of India (down 2 per cent each), and Reliance Industries and HCL Tech (down 1 per cent each) dragged indices lower during the last hour of trade.
The benchmark S&P BSE Sensex settled below the 38,000 mark at 37,983 levels, down 48 points, or 0.13 per cent. State Bank of India (SBI), HDFC, Bajaj Auto, and HDFC Bank tumbled the most on the 30-share index while Power Grid Corporation, Hero Moto Corp, ITC, and Asian Paints closed the day as the top gainers. The broader Nifty50, too, ended at 11,331 mark, down 15 points, or 0.13 per cent.
In the broader market, S&P BSE MidCap closed at 13,915 levels, down 79 points, or 0.56 per cent while the S&P BSE SmallCap index gained 49 points, or 0.38 per cent, to settle at 13,206 levels.
Indian investors bucked the trend being witnessed in Asian markets and focused on domestic factors to steer through the trade. The sentiment remained negative on the back of heavy selling by foreign investors post Budget announcement and negative management commentary during the quarterly results.
Sectorally, NIfty IT index traded in the green through the day on a weaker rupee. At close, Nifty PSU Banks were the biggest losers, with the index settling over 3 per cent lower followed by Nifty Financial Services index (down 0.72 per cent) and Nifty Pharma index (down 0.70 per cent). Nifty Realty index was the gainer at close, up 0.99 per cent, followed by Nifty IT index (up 0.29 per cent).
BUZZING STOCKS
Shares of TVS Motor Company hit an over two-year low of Rs 361, down 5 per cent in Tuesday's early morning trade on the BSE after reporting a 3 per cent decline in net profit at Rs 142 crore for the first quarter of fiscal 2020 (Q1FY20), on muted volume, and higher depreciation, interest cost and tax rate. READ MORE
GLOBAL CUES
A wave of central bank easing and positive soundings from the earnings season buoyed world stocks on Tuesday. Japan's Nikkei closed 0.95 per cent higher while South Korea's Kospi ended the day with gains of 0.39 per cent. China's Shanghai Composite also settled 0.45 per cent higher.
(With inputs from Reuters)
(With inputs from Reuters)
3:43 PM
Sectoral gainers and losers on the NSE
3:42 PM
Top losers and gainers on the S&P BSE Sensex
3:37 PM
CLOSING BELL
The S&P BSE Sensex slipped 48 points or 0.13 per cent to settle at 37,983 while Nifty ended at 11,331 levels, down 15 points or 0.13 per cent.
3:28 PM
Global market update | Prabhudas Lilladher
3:22 PM
Index Contributors at this hour
3:13 PM
IOB's June quarter loss narrows to Rs 342 cr, from Rs 919 cr last year
The bank's total income declined six per cent to Rs 5,006.48 crore during the quarter, from as Rs 5,326.71 crore during the corresponding quarter of previous year.
Its gross non-performing assets (NPA) as a percentage of gross advances declined to 22.53 per cent (Rs 33,262 crore) from 25.64 per cent (Rs 38,146.05 crore) a year ago. Net NPA also has declined to 11.04 per cent (Rs 14,173.84 crore) from 15.10 per cent (Rs 19,641.81 crore) during corresponding quarter last year. READ MORE
3:00 PM
Market check | Sensex sheds over 300 pts intra-day from highs
2:51 PM
Infosys hits record high in subdued market, up 11% in 7 days post Q1 nos
Infosys shares hit an all-time high of Rs 804 apiece, up 2 per cent, in intra-day trade on the BSE on Tuesday in an otherwise subdued market. The stock surpassed its previous high of Rs 799 touched on July 18, and crossed the share buyback price of Rs 800 per share. In the past seven trading days, the stock has outpaced the market by surging 11 per cent on upward revision of the revenue guidance in constant currency terms for the financial year 2019-20 (FY20) to 8.5-10 per cent from 7.5-9.5 per cent as guided earlier. READ MORE
2:48 PM
Sector watch | Nifty PSU Banks' index slide, down 3%
2:40 PM
FPIs could be the panacea for India's credit crisis: JPMorgan
PMorgan Chase & Co.’s chairman for south and south-east Asia, Kalpana Morparia, is advising policy makers to tweak bankruptcy rules to let foreign portfolio managers throw a lifeline to the troubled shadow banking sector. The overseas investors could also step in to fill the financing void left by the non-bank lenders, she said in a recent interview.
The cash squeeze in the financial system triggered by the default of infrastructure financier IL&FS Group last year has already taken a toll on the country’s economic growth and has policy makers looking for ways to avert contagion. Shadow lenders like Dewan Housing Finance Corp. and Reliance Capital Ltd. are resorting to fire sales of assets to survive the credit crunch. READ MORE
2:35 PM
ECB, Fed rate cut hopes lift global stocks
Expectations that the European Central Bank and Federal Reserve will cut interest rates boosted stocks globally. In early European trade, pan-region Euro Stoxx 50 futures rose 0.46 per cent while German DAX futures climbed 0.57 per cent and FTSE futures 0.40 per cent.
In Asia, Japan’s Nikkei rose 0.95 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.04 per cent. The Shanghai Composite Index edged up 0.15 per cent. Australian stocks added 0.4 per cent and South Korea’s gained 0.45 per cent.
2:23 PM
Market check
2:22 PM
Sudden spike in Jindal Steel Plant Limited
2:19 PM
NEWS ALERT | South Africa grants Vedanta application on Konkola Copper Mines: Agencies, reports ET Now
2:16 PM
Sovereign bond yields to consolidate ahead of monetary policy review: DBS
"Indications of a pause in the rate-cutting cycle and 30 bp slip in yields since the Budget, stoked profit-taking trades," wrote the bank's Economist Radhika Rao and FX Strategist Philip Wee.
The duo further added that the RBI Governor's comments that policy stance here on will depend on incoming data, nudged traders to pare easing expectations. READ MORE
Topics : Markets MARKET WRAP
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First Published: Jul 23 2019 | 7:13 AM IST
