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MARKET WRAP: Sensex slips 118 pts, Nifty ends at 11,922 in volatile trade

All that happened in the markets today

Image SI Reporter New Delhi
stock market

Benchmark indices ended Friday's session with cuts, dragged down by bank stocks, after giving up the early gains during which they reclaimed the crucial 40,000 and 12,000 levels, respectively.

The S&P BSE Sensex ended the day 118 points, or 0.3 per cent, lower at 39,714 levels, with YES Bank, ITC, Vedanta, Mahindra & Mahindra, and NTPC leading the list of losers. The benchmark index slid almost 700 points off day's intra-day high, 40,122, but also staged a recovery to cut the losses. Out of the 30 BSE constituents, 19 ended the session in the red. 

The broader Nifty50 index finished at 11,923, down 23 points, or 0.19 per cent. On a weekly basis, both Sensex and Nifty posted a gain of 0.8 per cent.

NEW GOVERNMENT & PORTFOLIO ALLOCATION

Putting rest to all speculation, the President of India on Friday released the portfolio details of new Cabinet, a day after Narendra Modi took oath as the country's 16th Prime Minister.

There were expectations that Amit Shah, a seasoned stock broker and a key architect of NDA's victory for the second consecutive time will be handed over reigns of the Finance Ministry. This is after Arun Jaitley expressed his desire to stay away from any role in the new government citing health reasons. However, Nirmala Sitharaman has been appointed the new Finance Minister, while Amit Shah will handle the Home Ministry. MARKET EXPERTS REACT TO THE DEVELOPMENT

Smriti Irani, who was expected to be awarded handsomely for defeating Rahul Gandhi in Amethi, has been made the Minister of Women and Child Development and Minister of Textiles. 

Jagannadham Thunuguntla, senior vice-president and head of research (wealth) at Centrum Broking said the portfolio allocation removes the ambiguity surrounding it, and hence, is good for the market "in a sense".

"We will get to see new finance minister Nirmala's proposals and approach in the budget due in about a month. Emergence of clarity is what was important, and now narrative in markets will be about the economic policies that will be adopted to revive and stimulate the slowing economy,” he said.

BUZZING STOCKS

Shares of Hindustan Petroleum Corporation (HPCL) hit a 52-week high of Rs 330, up 4 per cent, before ending the day 2.05 per cent higher at Rs 234.15 on the BSE, lifted by strong earnings in March quarter (Q4FY19) and fall in crude oil prices. In comparison, the S&P BSE Sensex was up 5 per cent during the same period. READ MORE

Coal India shares rallied as much as 4.11 per cent in the morning deals on Friday, a day after the company reported an impressive 362.46 per cent jump in its net profit at Rs 6,024.23 crore for the quarter ended March 31, 2019. The stock ended the session 0.18 per cent higher at Rs 253.35. READ MORE
4:03 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
BLUE DART EXP. 2716.20 2600.00 23.25 0.86
CENTRAL BANK 25.00 24.90 -0.55 -2.15
HERITAGE FOODS 411.00 410.00 -11.60 -2.74
JUBILANT LIFE 495.00 491.50 -11.00 -2.17
MANPASAND BEVER. 51.40 51.40 -5.70 -9.98
» More on 52 Week Low
4:02 PM

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
NCC 97.25 -19.70 -16.84 7656065
MANPASAND BEVER. 51.40 -5.70 -9.98 19726
INFIBEAM AVENUES 45.80 -4.70 -9.31 3047911
JAIN IRRIGATION 49.60 -4.60 -8.49 2710612
BHARAT DYNAMICS 298.00 -27.50 -8.45 19624
» More on Top Losers
4:01 PM

Market at close

4:00 PM

Nifty sectoral indices at close

3:59 PM

Market at close

3:40 PM

Sector watch :: Paint stocks gain in weak market as crude oil prices dip

COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME
BERGER PAINTS 331.40 300.40 31.00 10.32 620067
KANSAI NEROLAC 460.05 444.00 16.05 3.61 13834
ASIAN PAINTS 1410.00 1373.35 36.65 2.67 181437
AKZO NOBEL 1749.90 1748.85 1.05 0.06 451

3:36 PM

Market at close

The S&P BSE Sensex ended at 39,714, down 118 points while the broader Nifty50 index settled at 11,923, down 23 points.
3:25 PM

Vinati Organics gains for sixth straight day; stocks hit new high on Q4 nos

Shares of Vinati Organics were trading higher for the sixth straight day, up 5 per cent at Rs 2,197 on the BSE, also its new high in an otherwise weak market on Friday. The S&P BSE Sensex was down 0.48 per cent at 39,681 points at 02:39 pm. In the past two weeks, the stock has outperformed the market by surging 21 per cent, after the company reported strong earnings in March quarter (Q4FY19). In comparison, the benchmark index was up 4 per cent during the same period. READ MORE
2:56 PM

NEWS ALERT | Govt in talks with Nippon, Mitsubishi for JV with SAIL: CNBC TV18

2:54 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
BLUE DART EXP. 2716.20 2600.00 23.25 0.86
CENTRAL BANK 25.00 24.90 -0.55 -2.15
HERITAGE FOODS 414.70 410.00 -7.90 -1.87
JUBILANT LIFE 496.45 495.60 -9.55 -1.89
MANPASAND BEVER. 51.40 51.40 -5.70 -9.98
» More on 52 Week Low
2:48 PM

Edelweiss Financial gains 4%

2:46 PM

NEWS ALERT | Nirmala Sitharaman assumes charge as Finance Minister

2:38 PM

COMMENT :: Lakshmi Iyer of Kotak Mahindra AMC on RBI policy expectation

Liquidity woes in banking system are far from over. The silver lining in this the expectation of government spending, this is likely to reduce the liquidity deficit in the system. Also the currency in circulation which had shown sharp spikes due to elections, is also likely to gradually recede, impacting liquidity favourably.

Given the global as also domestic scenario, the MPC may well choose to gratify the markets with a benchmark rate cut. What is more important for markets is the MPC guidance that the actual rate action
2:34 PM

Vedanta slips 2.7%

2:32 PM

MARKET UPDATE | YES Bank slips 4%

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First Published: May 31 2019 | 7:28 AM IST

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