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Sensex dips 230 pts, RIL at 2-mth closing low; TCS now most valued by m-cap

All that happened in the markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Benchmark indices ended lower on Thursday for the seventh straight session with heavyweights like Reliance Industries (RIL) and Coal India leading the list of losers even as United States and prepare to start trade deal negotiations later in the day.

RIL that slipped nearly 3.4 per cent on the BSE to Rs 1,255 levels and hit its lowest closing level in two months. In the process, TCS overtook the Mukesh Ambani-controlled RIL to become the ost valued company on market-capitaliasation (m-cap) basis. READ THE FULL REPORT HERE

At the index level, S&P BSE slipped 230 points, or 0.61 per cent, to end the day at 37,559. Out of the 30 index constituents, only 12 ended in the green. The broader index dipped 58 points, or 0.51 per cent, to finish at 11,302.

"We remain cautious on the Indian and expect it to remain volatile in the near term on back of on-going Q4FY19 earnings season. Investors’ focus would be on domestic macro data (IIP) which is scheduled tomorrow," said Jayant Manglik, President - Retail Distribution, Religare Broking.

Adding: "Globally, progress of trade talks between and China, behavior of prices and fluctuation in currency will be on investor’s radar. Given uncertain market conditions, we advise traders & investors to be selective in stock picking."

Among sectoral indices, Media was the biggest winner, up 3.58 per cent, while Metal index remained under pressure throughout the day and finished 1.4 per cent lower.

In the broader market, the S&P BSE MidCap index fell 28 points, or 0.19 per cent, at 14,355, while the S&P BSE SmallCap index ended 53 points, or 0.38 per cent, lower at 14,076.

BUZZING STOCKS

Shares of YES Bank fell about 2.5 per cent to Rs 157 on the BSE during the early morning trade on Thursday before ending the day six per cent higher at Rs 170.30 even though rating agency India Ratings (Ind-Ra) downgraded the bank’s long-term ratings even as it reaffirmed the short term rating. READ MORE

Avadh Sugar & Energy shares surged 13 per cent to Rs 518 in early morning trade on the BSE on Thursday after the company announced that the board will meet on Monday (May 13) to consider maiden bonus issue. However, the share ended the day 8.75 per cent at Rs 499.75. READ MORE

GLOBAL MARKETS

World shares tumbled for a fourth day running on Thursday after a warning from President Donald Trump that a long-worked-on trade deal with was in serious danger.

Europe’s main stock sank almost immediately after a torrid day for Asia had battered 1.8 per cent off and more than 3 per cent off South Korea, which is often seen as the bellwether for how this trade war hits home. Wall Street futures pointed to a 0.85 per cent lower start after a choppy previous session had seen the Dow Jones Industrial close fractionally higher but the S&P 500 and Nasdaq drop 0.2 per cent and 0.3 per cent.

(With Reuters input)

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