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MARKET WRAP: Sensex trims losses, ends 362 pts lower; Nifty ends at 11,360

All that happened in markets today.

SI Reporter New Delhi

(Photo: Kamlesh Pednekar)

After tumbling around 2 per cent in the intra-day deals, the benchmark indices staged smart recovery in the fag-end of the session but still settled with nearly a per cent losses.

The S&P BSE Sensex ended at 38,305.41, down 362 points or 0.94 per cent. The index recovered 376 points from day's low. YES Bank (down 23 per cent) emerged as the biggest drag on the index while HDFC Bank (up nearly 2 per cent) was the top performer. Out of 30 components, 23 ended in the red and rest seven advanced.

In the broader market, the S&P BSE MidCap index lost 218 points or 1.54 per cent to end at 13,886.42 levels while the S&P BSE SmallCap index ended at 12,959, down 212 points or 1.61 per cent.

MUST READ: Why Sensex tumbled over 700 pts in intra-day trade on Tuesday

On the NSE, the benchmark Nifty50 index ended at 11,359.90, down 115 points or 1 per cent.

Volatility index India VIX rose 5.22 per cent to settle at 16.70 levels.

On the sectoral front, all the indices on the NSE ended in the red. Media counters bled the most, followed by realty, PSU banks and metal stocks. The Nifty Media index ended at 1,722.15 levels, down 77.85 points or 4.32 per cent.

BUZZING STOCKS

Shares of rate sensitive sectors like banking, real estate and automobile companies came under heavy selling pressure on Tuesday, falling by up to 30 per cent on the National Stock Exchange (NSE). READ MORE

Shares of Bharat Petroleum Corporation (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India (Concor) rallied up to 14 per cent on the BSE in the intra-day deals after group of secretaries cleared disinvestment proposal of these public sector companies. READ MORE

GLOBAL MARKETS

Emerging market stocks held steady on Tuesday as weak business readings from major economies amid uncertainty related to trade ties between the United States and China kept investors in a cautious mood, while Turkey’s lira led a slide among currencies. MSCI’s index of developing world stocks traded flat to lower with stocks in India, South Africa and Turkey drifting down. Markets in China and Hong Kong were closed for a public holiday.

In commodities, oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains.

(With inputs from Reuters)

4:18 PM

MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services

Contraction in core sector and concern on Govt’s plan to stick with original fiscal target of 3.3% in spite of huge cut in tax raised concern over spending. Investors are not expecting a meaningful recovery in festival season due to continued weakness in auto sales. Volatility in banks and fall in rupee also influenced profit booking tendency in the market.

4:06 PM

MARKET AT CLOSE | Sectoral losers and gainers on the NSE

4:05 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:39 PM

CLOSING BELL

The S&P BSE Sensex ended at 38,305.41, down 362 points or 0.94 per cent while NSE's Nifty50 index ended at 11,359.90, down 115 points or 1 per cent.

3:28 PM

Why Sensex slipped over 700 pts during the day

Counters such as PSU banks, realty, and media fell like ninepins while the volatility guage India VIX jumped 14 per cent to 18.04 levels. The Nifty PSU Bank index slipped over 6 per cent to 2,154.30 levels with all the 12 constituents trading in the red. The broader market was no different as the S&P BSE MidCap index slipped around 2 per cent to 13,858.85 levels while the S&P BSE SmallCap index was quoting 1.90 per cent lower at 12,920.94 levels. READ MORE

3:19 PM

NEWS ALERT | Have no exposure to HDIL or PMC Bank: DHFL via BSE filing

-- Says, DHFL's promoter family had separated from HDIL promoters in 2008 and the separation was effected formally by a family-separation agreement in April 2010.

3:16 PM

NEWS ALERT | European Commission clears Novelis' acquisition of Aleris, with conditions: Reuters

3:04 PM

NEWS ALERT | Have asked lenders to give time till March 2020: Punit Goenka, CEO of ZEEL to CNBC TV18

-- Total dues to lenders at Rs 5,000 cr

-- No invocation by any lender this week

-- Oppenheimer deal took longer than anticipated

-- Engaged largely with financial investors; they would be happy to take larger portion in 10% stake

3:02 PM

STOCK ALERT | YES Bank's m-cap falls to Rs 8,000 cr

-- Shares of Yes Bank plunged 30 percent intra-day to touch an over 10 year low of Rs 29.05 -- its lowest level since July 20, 2009.

-- Market cap of the private lender tumbled to Rs 8,033 cr

2:55 PM

RUPEE ALERT| Domestic currency trading near day's low

2:50 PM

Value of downgraded debt trebles to Rs 1.38 trn in H1 of FY20: Crisil

The value of debt downgraded more than trebled to Rs 1.38 trillion in the first half of fiscal 2020 (ended September 2019) from Rs 39,000 crore in the first half of fiscal 2019. That’s the highest for any half since fiscal 2016, rating agency Crisil said in the review of rating action in April-September 2019.

Constrained access to funding affected the credit profiles of entities across sectors, especially non-banks and real estate. READ MORE

2:43 PM