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Market in bear clutch, Sensex loses over 430 pts

Capital Market 

Selling pressure intensified on bourses in mid-afternoon trade. The Nifty traded near 10,700 mark. Media stocks witnessed a sell off with Zee Entertainment reporting heavy losses. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 432.66 points or 1.18% at 36,131.22. The Nifty 50 index was down 132.05 points or 1.22% at 10,708.60.

The S&P BSE Mid-Cap index was down 1.03%. The S&P BSE Small-Cap index was down 1.31%.

The market breadth, indicating the overall health of the market, remained weak. On the BSE, 623 shares rose and 1728 shares fell. A total of 113 shares were unchanged.

Media stocks witnessed heavy selling. Dish TV India (down 7.44%), Zee Entertainment (down 7.23%), Prime Focus (down 4.88%), Sun TV Network (down 3.63%), Network 18 Media Investments (down 3.46%), Eros International Media (down 3.1%), TV18 Broadcast (down 2.49%) and Zee Media Corporation (down 1.5%) tumbled.

The Nifty Media index was down 4.71% at 1,779.95.

NMDC declined 3.92% on reports that the company reduced lumps and fine prices by Rs 200 per tonne each. According to media reports, the state-owned iron ore mining company cut price of lumps by Rs 200 per tonne to Rs 2,700 per tonne. It reduced price of fines by Rs 200 per tonne to Rs 2,460 per tonne.

Meanwhile, the yield on 10-year benchmark federal paper fell to 6.603% at 14:12 IST compared with 6.617% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.1125, compared with its close of 71.245 during the previous trading session.

In the commodities market, Brent crude for November 2019 settlement was up 32 cents at $63.92 a barrel. The contract slumped 1.47% to settle at $ 63.60 a barrel in the previous trading session.

MCX Gold futures for 4 October 2019 settlement fell 0.52% at Rs 37,819.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 19 2019. 14:23 IST