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Market Wrap, July 24: Sensex sheds 135 pts, Nifty below 11,300

Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday

BS Web Team  |  New Delhi 

Domestic ended Wednesday's trading session with losses as weak corporate earnings and sluggish economic outlook dented investors' sentiment. Indices slipped for the fifth session in a row dragged by metals, banking and automobile stocks.

The benchmark S&P BSE Sensex closed at 37,848 level, down 135 points, or 0.36 per cent with IndusInd Bank, Tata Motors, Bajaj Finance, and Tata Steel being the top laggards. On the contrary, Asian Paints, HDFC, Hindustan Unilever, and HDFC Bank were the top gainers at the 30-share index. Furthermore, the broader Nifty50 slipped below the psychological level of 11,300 to settle at 11,271, down 60 points, or 0.53 per cent.

The indices touched intra-day lows of 37,708 at the Sensex and 11,230 at the Nifty.

In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels.

Sectorally, stocks of autos, metals and public sector banks slipped the most. Nifty Metal index settled over 2 per cent lower, followed by Nifty Auto index, down 1.95 per cent. The PSU Bank, Pharma and Realty indices ended lower in the range of 1-1.7 per cent. Among the gainers, only Nifty FMCG and Media indices ended in the green with gains of 0.01 per cent and 1.6 per cent respectively.

BUZZING STOCKS

Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday. The stock has surged 9 per cent in past two days after the company reported a strong 47 per cent year on year (YoY) growth in the new business premium at Rs 3,926 in the first quarter of fiscal 2020 (FY20).

Shares of Vodafone Idea slipped below its face value of Rs 10 at Rs 9.90, down 6 per cent on the BSE on Wednesday on the back of heavy volumes. The stock of the telecom services provider hit an all-time low on the bourses.

Thus far in the current calendar year 2019, shares of the company have more than halved from the level of Rs 23 on poor earnings and high debt. In comparison, the S&P BSE Sensex has risen 5 per cent during the same period.

First Published: Wed, July 24 2019. 16:54 IST
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