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MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

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SI Reporter  |  New Delhi 

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Erasing all its morning gains, the domestic equity market settled flat with negative bias on Wednesday.

The S&P BSE Sensex ended marginally lower at 35,142, down just two and a half points while NSE's Nifty50 index slipped below the crucial 10,600 level to end at 10,576, down 6 points. TCS, Infosys, Sun Pharma and Mahindra & Mahindra contributed the most to the Sensex's fall. 

Among individual stocks, shares of Sun Pharma dropped over 7 per cent to Rs 521 on BSE after the company posted a consolidated loss of Rs 2.18 billion for the quarter-ended September (Q2FY19), on account of a one-time loss of Rs 12.14 billion on Modafinil antitrust litigation.

Ashok Leyland shares declined 10 per cent after Vinod K Dasari resigned as the company's Managing Director and CEO. He had joined Ashok Leyland as Chief Operating Officer (COO) fourteen years ago and took over as the MD seven years back. 
 
On the other hand, ICICI Bank hit an all-time high of Rs 367 up 1.5 per cent on Wednesday, extending its Tuesday’s 2.4 per cent gain on BSE.
 
Shares of oil-related sectors such as oil marketing, paints and aviation companies rallied up to 12 per cent in the intra-day, following a sharp fall in the global crude prices due to ongoing worries over weakening demand and oversupply. This fall in crude prices reflected positively for oil marketing companies like Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC), which rallied in the range of 10 per cent to 12 per cent during the intra-day trade. CLICK HERE TO READ MORE

ECONOMIC DATA

Inflation based on wholesale prices rose to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened.

GLOBAL MARKETS

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. The concerns about global growth pushed MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.07 per cent.

Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei  added 0.3 per cent.

(with Reuters input)

MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

Market at close The S&P BSE Sensex ended marginally lower at 35,142, down just two and half points while NSE's Nifty50 index slipped below the crucial 10,600 level to settle at 10,576, down 6 points.

MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

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MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

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MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

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First Published: Wed, November 14 2018. 08:11 IST
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MARKET WRAP: Indices erase early gains to end flat; Ashok Leyland sheds 10%

Catch all the live market action here

Erasing all its morning gains, the domestic equity market settled flat with negative bias on Wednesday.

The S&P BSE Sensex ended marginally lower at 35,142, down just two and a half points while NSE's Nifty50 index slipped below the crucial 10,600 level to end at 10,576, down 6 points. TCS, Infosys, Sun Pharma and Mahindra & Mahindra contributed the most to the Sensex's fall. 

Among individual stocks, shares of Sun Pharma dropped over 7 per cent to Rs 521 on BSE after the company posted a consolidated loss of Rs 2.18 billion for the quarter-ended September (Q2FY19), on account of a one-time loss of Rs 12.14 billion on Modafinil antitrust litigation.

Ashok Leyland shares declined 10 per cent after Vinod K Dasari resigned as the company's Managing Director and CEO. He had joined Ashok Leyland as Chief Operating Officer (COO) fourteen years ago and took over as the MD seven years back. 
 
On the other hand, ICICI Bank hit an all-time high of Rs 367 up 1.5 per cent on Wednesday, extending its Tuesday’s 2.4 per cent gain on BSE.
 
Shares of oil-related sectors such as oil marketing, paints and aviation companies rallied up to 12 per cent in the intra-day, following a sharp fall in the global crude prices due to ongoing worries over weakening demand and oversupply. This fall in crude prices reflected positively for oil marketing companies like Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC), which rallied in the range of 10 per cent to 12 per cent during the intra-day trade. CLICK HERE TO READ MORE

ECONOMIC DATA

Inflation based on wholesale prices rose to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened.

GLOBAL MARKETS

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. The concerns about global growth pushed MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.07 per cent.

Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei  added 0.3 per cent.

(with Reuters input)

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