You are here: Home » News-CM » Equities » Market Report
Business Standard

Sensex, Nifty trade with small losses

Capital Market 

Key equity indices were trading in a narrow range with tiny losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 38 points or 0.1% at 39,490.91. The Nifty 50 index was down 14 points or 0.12% at 11,829.75.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone. Trading continued to be volatile in mid-morning trade as the key indices once again slipped in negative zone. Indices turned range bound with tiny losses in afternoon trade.

The S&P BSE Mid-Cap index was off 0.19%. The S&P BSE Small-Cap index was down 0.12%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 992 shares rose and 1311 shares fell. A total of 130 shares were unchanged.

Pharma shares declined. Cadila Healthcare (down 0.79%), Sun Pharmaceutical Industries (down 0.89%), Divi's laboratories (down 1.48%), Cipla (down 1.8%), Glenmark Pharmaceuticals (down 2.32%), Dr. Reddy's Laboratories (down 2.69%) and Biocon (down 2.73%), decreased. Piramal Enterprises (up 2.66%), Aurobindo Pharma (up 0.56%) and Lupin (up 0.33%), increased.

The Nifty Pharmaceutical index was down 1.06% in afternoon trade.

Manappuram Finance tumbled 4% after media reports suggested Securities Exchange Board of India (Sebi) has served a show-cause notice on the company's top management for breach of insider trading regulations. According to the Sebi notice, Manappuram Finance discussed the unpublished and price-sensitive information (UPSI) with five asset management companies (AMCs) on 18 and 19 March 2013, during the conference call to market participants, before this was disclosed to the stock exchanges, the reports added.

Overseas, European stocks were trading higher on Friday, as investors digested the latest news surrounding trade and the global economy. The European Central Bank (ECB) decided that it would postpone its first post-crisis interest rate hike, while raising its inflation forecast.

Meanwhile, Theresa May is expected to officially step down as leader of the UK's Conservative Party, however she will maintain her position as Prime Minister until a political heir is found.

Most Asian stocks were trading higher as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.

US stocks closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.

The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6% this year and 2% in 2020, compared to 2.3% and 1.9% in April respectively, despite the trade war with China and threats to Mexico.

Powered by Capital Market - Live News

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

First Published: Fri, June 07 2019. 13:29 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU