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MARKETS WRAP: Sensex snaps 3-day gaining streak, slips 194 pts; banks weigh

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SI Reporter  | New Delhi 


ended Wednesday’s choppy session with losses after registering gains for three consecutive days amid selling in banking and financial services counters. Investor sentiment also took a hit on weak global cues. 
The benchmark S&P BSE closed at 39,757 levels, down 194 points or 0.48 per cent with Tata Steel and ONGC being the top gainers while YES Bank and Maruti Suzuki were the top stragglers. The market breadth remained in favor of decline with 122 shares advancing and 320 shares slipping. 
The broader NSE Nifty50 settled at 11,906 levels, down 59 points or 0.5 per cent. While realty stocks took the hardest beating, with the index sliding over 2 per cent, banks, financial services and auto stocks skid over a per cent each. Metal scrips were the only sectoral gainer, rising 0.3 per cent. 
The S&P BSE touched an intra-day low of 39,623 levels while the Nifty50 drifted to 11,866 levels during the day before staging a partial recovery.  
In the broader market, the S&P BSE Midcap settled 118 points lower at 14,922 levels while the BSE Smallcap ended 70 points lower at 14,549 levels. 
Buzzing stocks
Shares of newly-listed Neogen Chemicals hit a new high of Rs 337, up 10 per cent on the BSE in an otherwise weak market on Wednesday. The stock, which got listed on the bourses on May 8, 2019, has rallied 57 per cent against its issue price of Rs 215 per share. The stock finally settled at Rs 364 per share, up 18.48 per cent. 
Indiabulls Housing Finance dropped out of the club of 100 most valued companies in terms of market capitalisation (market-cap) after a sharp decline in stock price over the past few sessions. The fall comes on the back of reports alleging that the firm has misappropriated Rs 98,000 crore of public money.
Global cues
Asian were in a defensive crouch on Wednesday as Washington took a tough line on trade talks with China, coupled with the anticipation that a looming inflation could scramble odds of an early cut in interest rates there.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.6 per cent after two days of gains. Japan’s Nikkei dipped 0.3 per cent, while Shanghai blue chips eased 0.7 per cent. 


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