MARKET WRAP: Indices erase gains; Sensex dips 189 pts, Nifty ends at 11,644
All that happened in markets today
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markets
Benchmark indices settled in the negative territory on Wednesday after hitting lifetime highs in the intra-day trade, primarily owing to profit taking in the recent outperformers. A rise in crude oil prices and Skymet's forecast of below normal monsoon in 2019 also dampened the sentiment to an extent.
The S&P BSE Sensex shed 180 points or 0.46 per cent to settle at 38,877. RIL, L&T, ICICI Bank and SBI contributed the most to the index's decline. Out of 30 components, 24 scrips ended in the red.
The Nifty50 index of the National Stock Exchange (NSE) ended below 11,650 level at 11,644, down 69 points or 0.59 per cent. All the sectoral indices on the exchange ended in the red, with PSU banks taking the biggest knock, followed by media and pharma counters.
In the broader market, the S&P BSE MidCap index ended 120 points or 0.77 per cent lower at 15,434, while the S&P BSE SmallCap index closed the day at 14,986, down 131 points or 0.87 per cent.
Market breadth remained in favour of declines as out of 2,760 companies traded on BSE, 1,592 declined and 1,008 advanced while 160 scrips remained unchanged.
As many as 60 securities hit 52-week high on BSE while 77 fell to their one-tear low.
BUZZING STOCKS
Shares of Amara Raja Batteries slipped nearly 7 per cent to Rs 672 on the BSE after the company terminated shareholders agreement between Galla Family and Johnson Controls (JC) and consequent termination of other agreements entered by the Company with JC.
Shares of Muthoot Finance hit a new high of Rs 631, up 2.4 per cent on the BSE in the intra-day trade, after the company announced its board will meet on Friday, April 5, 2019, to consider interim dividend. The stock, however, erased its gains in the later part of the day to settle at Rs 610.50, down 1 per cent.
FMCG firm Marico gained 4 per cent in the intra-day trade on the hopes of improved operating margin in the March quarter (Q4FY19). Shares ended at Rs 355, up over 2.50 per cent.
GLOBAL CUES
Asian peers scaled 7-month highs after White House economic adviser Larry Kudlow said that Washington expects “to make more headway” in trade talks between the US and China this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.22 per cent.
(With inputs from Reuters)
3:40 PM
Sectoral gainers and losers on NSE
3:40 PM
Top gainers and losers on S&P BSE Sensex
3:37 PM
MARKET AT CLOSE
The S&P BSE Sensex shed 180 points or 0.46 per cent to settle at 38,877, while the NSE's Nifty50 index slipped below 11,650 level to end at 11,644, down 69 points or 0.59 per cent.
3:06 PM
Monsoon rains seen below normal this year, says Skymet
"The Pacific Ocean has become strongly warmer than average. The model projections call for 80 per cent chance of El Nino during March-May, dropping to 60 per cent for June to August," Jatin Singh, managing director of Skymet, told reporters. "This means, it is going to be a devolving El Nino year, though retaining threshold values all through the season. Thus, monsoon 2019 is likely to be below normal," Singh added. READ MORE
2:59 PM
Larsen & Toubro down 2%
2:50 PM
» More on 52 Week Low
Stocks that hit 52-week low on BSE500
| COMPANY | PRICE(rs) | 52 WK LOW | CHG(rs) | CHG(%) |
|---|---|---|---|---|
| AMARA RAJA BATT. | 672.55 | 650.00 | -48.50 | -6.73 |
| REL. COMM. | 3.59 | 3.59 | -0.18 | -4.77 |
| VODAFONE IDEA | 16.05 | 16.00 | -0.85 | -5.03 |
2:37 PM
» More on 52 Week High
Stocks that hit 52-week high on BSE500
| COMPANY | PRICE(rs) | 52 WK HIGH | CHG(rs) | CHG(%) |
|---|---|---|---|---|
| ASIAN PAINTS | 1511.05 | 1529.95 | -4.70 | -0.31 |
| ATUL | 3523.50 | 3642.85 | -63.15 | -1.76 |
| BAJAJ FIN. | 3061.00 | 3088.00 | 11.30 | 0.37 |
| BAJAJ FINSERV | 7397.65 | 7415.80 | 119.30 | 1.64 |
| GODREJ PROPERT. | 905.20 | 937.00 | 13.75 | 1.54 |
2:23 PM
'Earnings need to catch up for the markets to sustain at current levels'
Backed by liquidity from foreign flows, benchmark indices have scaled new highs over the past few sessions. Mitesh Dalal, director, and chief investment strategist, Standard Chartered Securities tells Puneet Wadhwa that election results, crude oil prices and the overall global economic slowdown are some of the other factors besides earnings recovery that investors need to keep a tab on. READ MORE
2:10 PM
NEWS ALERT | SAIL's crude steel production up 8% to 16.3 mt in FY19
2:08 PM
Market check
1:57 PM
EXPERT COMMENT ON MARKET SCALING NEW PEAK
“India markets have rallied led by dovish global central bank sentiments. That coupled with consistent FII flows and expectations of current political dispensation making a comeback post elections is driving the markets higher. However, valuations now look fair and one needs to be stock-specific and selective from hereon. We prefer Banks, Discretionary Consumption plays and select Industrials," says Gautam Duggad, Head of Institutional research, Motilal Oswal Financial Services.
1:51 PM
Amara Raja Batteries falls 5% on ending partnership with Johnson Controls
Amara Raja Batteries said in November 2018, that Johnson Controls International PLC announced its intention to sell its Power Solution business. Consequently, JC and the Galla Family reached an agreement by which Galla Family would acquire 2 per cent equity shares of the Company from JC and terminate the shareholders' agreement with effect from April 01, 2019. READ MORE
1:45 PM
Jain Irrigation Systems slides 2.5%
1:44 PM
June rain seen at 91% of long period average: Skymet
1:44 PM
July monsoon could be critical: Skymet
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First Published: Apr 03 2019 | 7:52 AM IST