You are here: Home » Markets » News
Business Standard

Market Wrap, July 30: Nifty ends below 11,100, Sensex sheds 289 pts

Shares of Coffee Day Enterprises plunged 20 per cent to hit the lower circuit limit of Rs 154.05 on the BSE in the opening deals on Tuesday

BS Web Team  |  New Delhi 

Domestic market hit a two-month low at the benchmark level, while Nifty500, in the broader market, hit a three-month low on Tuesday as weak corporate earnings and continuous selling by foreign portfolio investors knocked off investment sentiment. Frontline indices, which hit an intra-day low of 37,359 and 11,073 at S&P BSE Sensex and Nifty50 respectively, were dragged down by banking and financial stocks, followed by weakness in metal and auto counters.

Indices shrugged-off optimism in the global ahead of the US Federal Reserve's policy decision, scheduled to be announced on Wednesday.

The benchmark S&P BSE Sensex lost 289 points, or 0.77 per cent, to close at 37,397 level. Only eight out of the 30 stocks in the index ended in the green. YES Bank, IndusInd Bank, Hero Motocorp, and State Bank of India slipped the most while Bharti Airtel, TCS, HCL Tech, and L&T managed to hold gains. Nifty50, on the other hand, slipped below its 200-DMA level intra-day, to close below the psychological level of 11,100. It eventually settled at 11,085-mark, down 104 points or 0.93 per cent.

In the broader market, S&P BSE Mid-cap slipped 217 points, or 1.58 per cent, to settle at 13,546 level. The S&P BSE Small-cap, too dipped, 276 points, or 2.13 per cent, to close at 12,650 level.

Sectorally, all the indices barring IT, ended in the red. Nifty PSU bank index tumbled the most, down 5 per cent at close. This was followed by losses in the Nifty Metal index (down 3.25 per cent), and Nifty Auto index (down 2 per cent). Nifty Bank, Private Bank, Realty, and Pharma closed with losses of over 1.5 per cent each. Nifty IT managed to end with gains of 0.65 per cent.

Cafe Coffee Day (CCD) founder and former Karnataka Chief Minister, SM Krishna's son-in-law, V G Siddhartha, is suspected to have jumped off a bridge in Mangaluru on Monday night, the Times of India reported on Tuesday.

In his last letter to the Coffee Day Enterprises' board of directors dated July 27, its co-founder V G Siddhartha said he had fought for a long time, but was giving up as he could not take any more pressure from one of the private equity partners who was forcing him to buy back shares. Siddhartha, who is missing since Monday night, had said that "tremendous pressure" from other lenders had made him succumb to the situation.

Shares of Coffee Day Enterprises plunged 20 per cent to hit the lower circuit limit of Rs 154.05 on the BSE in the opening deals on Tuesday.

First Published: Tue, July 30 2019. 16:42 IST
RECOMMENDED FOR YOU