Benchmark indices ended lower on Thursday for the seventh straight session with heavyweights like Reliance Industries (RIL) and Coal India leading the list of losers even as United States and China prepare to start trade deal negotiations later in the day.
RIL that slipped nearly 3.4 per cent on the BSE to Rs 1,255 levels and hit its lowest closing level in two months. In the process, TCS overtook the Mukesh Ambani-controlled RIL to become the ost valued company on market-capitaliasation (m-cap) basis.
At the index level, S&P BSE Sensex slipped 230 points, or 0.61 per cent, to end the day at 37,559. Out of the 30 index constituents, only 12 ended in the green. The broader Nifty50 index dipped 58 points, or 0.51 per cent, to finish at 11,302.
"We remain cautious on the Indian markets and expect it to remain volatile in the near term on back of on-going Q4FY19 earnings season. Investors’ focus would be on domestic macro data (IIP) which is scheduled tomorrow," said Jayant Manglik, President - Retail Distribution, Religare Broking.
Adding: "Globally, progress of trade talks between US and China, behavior of crude oil prices and fluctuation in currency will be on investor’s radar. Given uncertain market conditions, we advise traders & investors to be selective in stock picking."
Shares of YES Bank fell about 2.5 per cent to Rs 157 on the BSE during the early morning trade on Thursday before ending the day six per cent higher at Rs 170.30 even though rating agency India Ratings (Ind-Ra) downgraded the bank’s long-term ratings even as it reaffirmed the short term rating.
Avadh Sugar & Energy shares surged 13 per cent to Rs 518 in early morning trade on the BSE on Thursday after the company announced that the board will meet on Monday (May 13) to consider maiden bonus issue. However, the share ended the day 8.75 per cent at Rs 499.75.