MARKET WRAP: Sensex sheds 135 pts, Nifty below 11,300; metals, PSBs plunge
In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels.
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Domestic markets ended Wednesday's trading session with losses as weak corporate earnings and sluggish economic outlook dented investors' sentiment. Indices slipped for the fifth session in a row dragged by metals, banking and automobile stocks.
The benchmark S&P BSE Sensex closed at 37,848 level, down 135 points, or 0.36 per cent with IndusInd Bank, Tata Motors, Bajaj Finance, and Tata Steel being the top laggards. On the contrary, Asian Paints, HDFC, Hindustan Unilever, and HDFC Bank were the top gainers at the 30-share index. Furthermore, the broader Nifty50 slipped below the psychological level of 11,300 to settle at 11,271, down 60 points, or 0.53 per cent.
The indices touched intra-day lows of 37,708 at the Sensex and 11,230 at the Nifty.
In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels.
Sectorally, stocks of autos, metals and public sector banks slipped the most. Nifty Metal index settled over 2 per cent lower, followed by Nifty Auto index, down 1.95 per cent. The PSU Bank, Pharma and Realty indices ended lower in the range of 1-1.7 per cent. Among the gainers, only Nifty FMCG and Media indices ended in the green with gains of 0.01 per cent and 1.6 per cent respectively.
BUZZING STOCKS
Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday. The stock has surged 9 per cent in past two days after the company reported a strong 47 per cent year on year (YoY) growth in the new business premium at Rs 3,926 in the first quarter of fiscal 2020 (FY20). READ MORE
Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday. The stock has surged 9 per cent in past two days after the company reported a strong 47 per cent year on year (YoY) growth in the new business premium at Rs 3,926 in the first quarter of fiscal 2020 (FY20). READ MORE
GLOBAL CUES
Asian shares ended mixed on Wednesday as prospects of fresh China-US trade talks drew a guarded welcome from investors, while dour data on euro zone economic activity hit the euro ahead of a European Central Bank policy meeting.
Japan's Nikkei settled 0.41 per cent higher while South Korea's Kospi was down 0.91 per cent at close. China's Shanghai Composite also gained 0.8 per cent at the close.
(With inputs from Reuters)
3:43 PM
Sectoral gainers and losers on the NSE
3:43 PM
Gainers and losers on the S&P BSE Sensex
3:38 PM
CLOSING BELL
The S&P BSE Sensex lost 135 points or 0.36 per cent to end at 37,848 levels while the NSE's Nifty50 index slipped below the crucial 11,300 level to end at 11,271, down 60 points or 0.53 per cent.
3:15 PM
Index Contributors at this hour
3:03 PM
Earnings Alert | Canara Bank Q1
-- Net profit at Rs 329.1 crore, up 16.9% YoY
-- Gross NPA at Rs 39,399 crore (8.77%)
-- Net NPA at Rs 23,129.6 crore (5.35%)
-- NII at Rs 3,240.1 crore
-- Gross NPA at Rs 39,399 crore (8.77%)
-- Net NPA at Rs 23,129.6 crore (5.35%)
-- NII at Rs 3,240.1 crore
2:58 PM
Jubliant Foodworks extends losses after Q1 results
2:52 PM
Asian Paints gains 6% from day's low as Q1 profit beats Street estimates
Shares of Asian Paints climbed 3 per cent to Rs 1,475 per share, gaining 6 per cent from intra-day low level on the BSE on Wednesday after the company reported a better-than-expected April-June quarter result in financial year 2019-20 (Q1FY20). The company's net profit jumped 18 per cent to Rs 655 against analysts' expectations of Rs 571 crore. READ MORE
2:44 PM
Bank of Baroda Q1 preview: NII could rise 34% YoY; merged entity's nos eyed
India’s first three-way merged public sector bank, Bank of Baroda, is scheduled to announce its April-June quarter result of financial year 2019-20 (Q1FY20) on Thursday, July 25. The bank, which got merged with Vijaya Bank and Dena Bank with effect from April 1, 2019, is expected to post stronger numbers on standalone basis while analysts would eye results for the merged entity. READ MORE
2:38 PM
Earnings Alert | Jubliant Food Q1 results
-- Consolidated net profit at Rs 71.5 cr
-- Revenue at Rs 949.1 cr
2:36 PM
NEWS ALERT | Fitch assigns Adani Ports $650 m notes BBB- rating, outlook stable: CNBC TV18
2:23 PM
Result impact | Newgen Software Technologies tanks over 12%
-- Reports Q1 cons net profit down 20.2% at Rs 3.1 cr Vs Rs 3.9 cr (YoY) & cons revenue up 23% at Rs 131 cr Vs Rs 106.5 cr (YoY)
2:19 PM
Result impact | Asian Paints gains over 3% post Q1 nos
2:14 PM
NEWS IMPACT | IndiGo off lows
2:12 PM
NEWS ALERT | Finer details of agreement between promoters worked out during Board meeting: sources to CNBC TV18
-- Resolution plan being worked out
Alert: IndiGo Board met on July 19-20
Alert: IndiGo Board met on July 19-20
2:09 PM
NEWS ALERT | IndiGo CEO could be given Board seat: sources to CNBC TV18
Topics : Markets MARKET WRAP
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First Published: Jul 24 2019 | 7:18 AM IST