Key equity benchmarks corrected on Thursday, amid selling in auto and IT shares. The broader market was positive, buoyed by signs of de-escalation in the US-China trade war.
The barometer index, the S&P BSE Sensex, fell 176.61 points or 0.47% to 37,094.21, as per the provisional closing data. The Nifty 50 index fell 55.55 points or 0.5% to 10,980.15, as per the provisional closing data.
The 50-unit Nifty snapped its five-day rising streak. The index opened above 11,050 and hit an intraday high of 11,081.75, before reversing gains in morning trade. It hovered in a narrow range near flat line in the afternoon. Selling in the final hour of the trade dragged the index below the crucial 11,000 mark.
The market breadth was positive. On the BSE, 1364 shares rose and 1116 shares fell. A total of 163 shares remain unchanged. The S&P BSE Small-Cap index rose 0.1%. The S&P BSE Mid-Cap index fell 0.21%.
On domestic macro front, India's retail inflation rate for August 2019 and industrial production data for July 2019 will be announced after market hours today, 12 September 2019.
Among key index pivotal, Reliance Industries (down 1.6%) and TCS (down 0.74%) declined.
UltraTech Cement (up 2.67%), ICICI Bank (up 2.47%), Sun Pharmaceuticals Industries (up 2.08%) and Hindalco Industries (up 1.81%) advanced.
Yes Bank (down 4.33%), Axis Bank (down 2.44%) and Zee Entertainment (down 1.96%) declined.
Auto stocks corrected after recent gains. Tata Motors (down 5.55%), TVS Motors Company (down 3.55%), Maruti Suzuki India (down 3.07%), Eicher Motors (down 2.06%), Ashok Leyland (down 1.73%), Bajaj Auto (down 1.72%), Hero MotoCorp (down 1.04%) and Mahindra and Mahindra (down 0.87%) pulled indices lower.
The S&P BSE Auto was down 1.95% at 16,341.26.
NBFC major, IIFL Finance rose 1.06%. It reported that IIFL Securities and IIFL Wealth Management have received approval SEBI under Rule 19(2)(b) of the Securities Contracts Rules, 1957 for listing of their equity shares at the Exchanges. The final listing will soon take place and date of the same will be reported by IIFL Finance.
State Bank of India (SBI) rose 0.58%. SBI Life Insurance Company fell 0.47%. SBI today commenced its two-day offer for sale (OFS) of 3.50 crore equity shares, constituting 3.5% stake, in SBI Life Insurance Company to achieve minimum public shareholding of 25% (part of bank's share for MPS).
Alkem Laboratories fell 1.22%. It said that USFDA has issued an Establishment Inspection Report (EIR) for the company's manufacturing facility located at St. Louis, Fenton Logistics Park , USA which was inspected from 16 August 2019 to 22 August 2019 and where the company received a Form 483 issued by the US FDA containing four observations. The inspection has now been closed by the US FDA. The announcement was made after market hours yesterday, 11 September 2019.
MSTC fell 1.43%. Adani Group has appointed MSTC as the selling agent to sell all surplus inventory and other equipments (excluding scrap) of entire Adani Group of companies. The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party. The announcement was made after market hours yesterday, 11 September 2019.
Dr. Reddy's Laboratories was up 0.22% to Rs 2767.75 after the company announced that it has launched Fosaprepitant for Injection in the U.S. Market. Fosaprepitant is a therapeutic generic equivalent of EMEND. According to IQVIA Health, the EMEND for Injection brand had an U.S. sales of approximately $279 million for the most recent twelve months ending in July 2019. Dr. Reddy's Fosaprepitant for injection is available in 150 mg single dose vial for reconstitution.
Walchandnagar Industries was locked in an upper circuit of 20% at Rs 72.15 after the company said it secured an order worth Rs 77.20 crore from the Vikram Sarabhai Space Centre of ISRO at Thiruvananthapuram. The order is towards manufacturing and supply of head, middle and nozzle bid segments for the GSLV M KIII launch vehicle. The announcement was made after market hours yesterday, 11 September 2019.
Larsen & Toubro declined 0.16% to Rs 1360.80. The construction major has announced that it has won two orders for its Water and Effluent Treatment Business. One, an EPC order has been bagged for the Gunjawani project piped distribution network including the Narayanpur Lift Irrigation Scheme from Maharashtra Krishna Valley Development Corporation-WRD, Pune and the other EPC order has been secured from the Rural Water Supply and Sanitation Department to execute two individual rural piped water supply projects in Odisha's Jharsuguda district. The order falls under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. The announcement was made during market hours today, 12 September 2019.
Overseas, shares in Europe and Asia were mixed on Thursday. Investors hoped for a thaw in US-China trade frictions and expectations that the European Central Bank (ECB) will kick off another wave of monetary easing by global central banks.
US stocks moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States.
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