You are here: Home » Markets » News
Business Standard

Market Wrap, Dec 10: Sensex fell 248 pts, Nifty at 11,856; IT stocks slip

On the sectoral front, all the indices settled the day in the red. Nifty informational technology, public sector bank, metal and FMCG indices settled with over 1 per cent cut each

Topics
MARKET WRAP | Markets

BS Web Team  |  New Delhi 

Profit-booking continued at the bourses as weak domestic and global economic scenario kept investors on the sidelines. Tata Consultancy Services (TCS), ITC, Reliance Industries, and Axis Bank contributed the most towards today's fall.

The benchmark S&P BSE Sensex ended at 40,239.88 level, down 247.55 points or 0.61 per cent. YES Bank, down 10 per cent, was the top laggard among the Sensex pack , while Bajaj Finance, up over 1 per cent, was the top performer. In the intra-day trade, the Sensex declined 380 points from day's high to hit a low of 40,208.70.

On the NSE, the Nifty50 closed below the 11,900-mark at 11,856.80 level, down 81 points, or 0.68 per cent.

On the sectoral front, all the indices settled the day in the red. Nifty informational technology, public sector bank, metal and FMCG indices settled with over 1 per cent cut each.

The broader underperformed the benchmarks in Tuesday's session. The S&P BSE mid-cap index closed 1.1 per cent lower at 14,519.78 level, while the S&P BSE small-cap index ended at 13,145.27 level, down 1 per cent.

BUZZING STOCKS

Shares of information technology (IT) services were trading in the red in the early trade on Tuesday as the rupee hit around one month-high against the US dollar. The domestic currency opened at 70.96 against Monday's close of 71.04. The Nifty IT index settled 1.4 per cent lower on the NSE.

Shares of YES Bank hit a six-week low of Rs 53.40 on the BSE ahead of the board meeting slated for later today to finalize and approve the details of the preferential allotment. The stock-eventually settled 10 per cent lower at Rs 50.55 per share.

Shares of life insurance companies including HDFC Life Insurance, SBI Life Insurance, and ICICI Prudential Life Insurance were trading higher on Tuesday on report that the government may propose to raise foreign direct investment (FDI) limit in the sector to 74 per cent from 49 per cent currently in the Union Budget for 2020-21.

GLOBAL CUES

Global stock fell for a second day on Tuesday after Chinese local media reported that a trade deal was unlikely to be signed before December 15. Despite this, the report said, Washington and Beijing do not expect the tariffs planned for December 15 to come into force, adding to a growing chorus on both sides who expect de-escalation this week.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.17 per cent lower, while China’s benchmark Shanghai Composite index was off 0.08 per cent. In Europe, shares fell for again, with the pan-European STOXX 600 index down 0.4 per cent at 1:45 PM. Germany’s DAX fell 0.64 per cent to its lowest in a week.

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
199.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Amex/Master/VISA Credit Cards and VISA Debit Cards Only
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART ANNUAL

Business Standard Digital

Business Standard Digital - 12 Months
1799.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice -all Credit and Debit Cards, Net Banking, Payment Wallets, and UPI
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, December 10 2019. 16:30 IST
RECOMMENDED FOR YOU
.