You are here: Home » Markets » News

MARKET WRAP: Sensex slips 141 pts, Nifty ends at 11,126; pharma stks bleed

All that happened in markets today.


SI Reporter  | New Delhi 


Monday turned out to another disappointing day for the domestic equity market as concerns over weak economic growth weighed on investor sentiment. The Reserve Bank of India (RBI) on Friday sharply cut the GDP growth forecast for FY20 to 6.1 per cent from 6.9 per cent, earlier. 

Besides, selling in counters such as pharma, metals, auto, PSU banks, and IT dragged the market lower. Additionally, uncertainty over US-China trade war on the global front, too, added to the investors' woes. 

Extending its losing streak into the sixth consecutive session, the S&P BSE Sensex lost 141 points or 0.38 per cent to end at 37,532 levels with YES Bank (up over 8 per cent) being the top gainer and Tata Steel (down 2.50 per cent) the biggest loser. ITC, TCS, L&T, HDFC duos, and Infosys contributed the most to the index's fall while Axis Bank, ICICI Bank and YES Bank gave the much-needed support. 

In the broader market, the S&P BSE MidCap index ended at 13,680.62, down 33 points or 0.24 per cent and the S&P BSE SmallCap index lost 96 points or 0.75 per cent to close at 12,713.02. 

On the NSE, the broader Nifty50 index settled at 11,126.40, down 48 points or 0.43 per cent. 

Volatility index India VIX rose over 1.50 per cent to end at 17.85 levels.  

On the sectoral front, pharma stocks bled the most, followed by metal, realty, and PSU bank stocks. The Nifty Pharma index closed at 7,148.95 levels, down 247.95 points or 3.35 per cent.

Market will remain closed on Tuesday on account of Dussehra.  


YES Bank gained over 8 per cent to end at Rs 45.60 apiece on the BSE after a report said the lender was in talks with Microsoft Corp and two other technology companies to sell up to 15 per cent stake. 

Shares of Zee Entertainment Enterprises (ZEE) hit an over six-year low of Rs 204, plunging 14 per cent in early morning deals on the BSE on Monday, after the company announced that its promoter Essel Media Ventures have pledged 10.71 per cent equity with VTB capital. However, the stock recovered from the day's low to end at Rs 251.50 apiece, up over 6 per cent. 

Shares of Aurobindo Pharmaceuticals, Bharat Heavy Electricals Limited (BHEL), Ambuja Cements, Grasim Industries, Zee Entertainment Enterprises, Glenmark Pharmaceuticals, Lupin and LIC Housing Finance were among the 34 stocks from the BSE500 index that hit their respective 52-week lows on the BSE during the session. 


Global stocks were little changed on Monday as broadly positive US jobs data quelled some fears about an economic slowdown, but nervousness over US-China trade talks persisted and more weak European economic data trickled in. European shares dipped as a fall in German industrial orders data underscored concerns about a looming recession in Europe’s largest economy. 

Asian stocks rallied in the slipstream of gains on Wall Street, with MSCI’s broadest index of Asia-Pacific Shares outside Japan rising 0.1 per cent. Japan's Nikkei stock index opened higher but reversed course and fell 0.2 per cent. US stock futures were 0.5 per cent lower.

(With inputs from Reuters)


Auto Refresh