MARKET WRAP: Sensex slips 354 pts on weak global cues, Nifty ends at 11,584
All thay happened in markets today.
 "sensex, stock market, graph, share")
Illustration by Binay Sinha
The double whammy of concerns over softening global growth and the fear of US-EU trade war after the US President Donald Trump threatened on Tuesday to impose tariffs on $11 billion worth of EU products, weighed on investor sentiment on Wednesday.
The S&P BSE Sensex lost 354 points or 0.91 per cent to settle at 38,585, with Bharti Airtel (down nearly 4 per cent) being the biggest loser and Tata Motors (up around 5 per cent) the top gainer. HDFC duo, TCS, Infosys and RIL contributed the most the index's fall.
Market breadth was in favour of declines as out of 2,711 companies traded on BSE, 1,392 scrips declined and 1,144 advanced while 175 securities remained unchanged.
In the broader market, the S&P BSE MidCap index ended 52 points or 0.33 per cent lower at 15,369 whereas the S&P BSE SmallCap index ended flat at 14,969, down just 3 points or 0.02 per cent.
The broader Nifty50 index of the National Stock Exchange (NSE) ended below the 11,600 level at 11,584, down 88 points or 0.75 per cent.
Volatility benchmark India VIX ended over 4 per cent higher at 21.09.
SECTOR WATCH
Financial stocks bled the most in trade, followed by metals and IT. Realty stocks, on the other hand, advanced the most. The Nifty Realty index ended at 276.85 level, up over 1 per cent.
BUZZING STOCKS
Shares of Tata Motors ended nearly 5 per cent higher at Rs 215.65 apiece on the BSE on the expectation of margin expansion due to an improvement in Jaguar Land Rover (JLR’s) businesses.
Shares of Praj Industries gained nearly 11 per cent during the session after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialise the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses. The stock, eventually, ended at Rs 147 apiece on BSE, up around 7 per cent.
Wipro ended nearly 3 per cent higher at 281 on the BSE after a news report said the company is likely to announce share buyback worth of Rs 12,000 crore.
On the other hand, Vodafone Idea closed over 3 per cent lower at Rs 16.35 apiece on the BSE. The company's Rs 25,000 crore rights issue opened today.
GLOBAL CUES
Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent.
(With inputs from Reuters)
3:40 PM
Sectoral gainers and losers on NSE
3:39 PM
Top gainers and losers on S&P BSE Sensex
3:37 PM
MARKET AT CLOSE
The S&P BSE Sensex fell 354 points or 0.91 per cent to close at 38,585, while the NSE's Nifty50 index dropped 88 points or 0.75 per cent to settle at 11,584.
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3:22 PM
MARKET CHECK
| S&P BSE SENSEX | 38,568.71 | -370.51 | -0.95 |
| S&P BSE SENSEX 50 | 12,056.41 | -96.96 | -0.80 |
| S&P BSE SENSEX Next 50 | 33,421.73 | -171.82 | -0.51 |
| S&P BSE 100 | 11,761.51 | -89.84 | -0.76 |
| S&P BSE Bharat 22 Index | 3,603.34 | -18.09 | -0.50 |
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Vodafone Idea's Rs 25,000 crore rights issue opens. Is it worth your money?
Vodafone Idea’s Rs 25,000 crore rights issue opened on Wednesday. The country's largest telecom firm is offering 2,000 crore shares at a price of Rs 12.50 apiece. The entitlement ratio of the issue, which will close on April 24, has been fixed at 87 rights shares for every 38 currently held by shareholders. On Tuesday, the stock settled at Rs 16.90 apiece on BSE. READ MORE
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Heatmap: S&P BSE Sensex
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Nifty Pharma index is trading 1.5% higher
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Market check
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Best start to financial year for the primary market in three years
The financial year 2019–20 (FY20) has seen the best start for the primary market in the last three years, with the initial public offers (IPOs) of Metropolis Healthcare and Polycab India raising Rs 2,550 crore on the back of strong response from institutional investors. The fund mobilisation in April 2019 is highest in the last nine months, since July 2018, when two companies had raised Rs 3,925 crore from the primary market. READ MORE
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Info Edge hits new high, gains 3% after investments in Bizcrum Infotech
Shares of Info Edge, which runs Naukri.com, hit a new high of Rs 1,940, up 3 per cent, in intra-day trade on the BSE on Wednesday, after the company said it has invested about Rs 6 crore in Bizcrum Infotech (ShoeKonnect). The stock surpassed its previous high of Rs 1,927, touched on March 25, 2019, in intra-day trade. READ MORE
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United Bank is not a candidate for merger, says MD & CEO A K Pradhan
The Kolkata-based United Bank of India (United Bank), which has been struggling with losses and dud-loans hopes to come out of the prompt corrective action (PCA) framework by the end of Q2 of fiscal’20. And the infusion of capital has come as a great relief after a long wait. The bank has suggested the Centre reduce its stake through disinvestment; and is clear it is not a candidate for a merger given its unique geographical and demographical positioning. READ MORE
1:12 PM
» More on 52 Week High
Stocks that hit 52-week high on BSE500
| COMPANY | PRICE(rs) | 52 WK HIGH | CHG(rs) | CHG(%) |
|---|---|---|---|---|
| INFO EDG.(INDIA) | 1928.70 | 1940.00 | 37.95 | 2.01 |
| SKF INDIA | 2117.00 | 2125.00 | 60.80 | 2.96 |
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First Published: Apr 10 2019 | 7:52 AM IST
