Indices halt three-day gain, Nifty manages to end above 11,900-mark4 min read . Updated: 12 Jun 2019, 03:46 PM IST
- Asian share markets got off to a cautious start on Wednesday
- Investors remained nervous ahead of inflation data release
The equity benchmark indices on Wednesday ended negative as as investors remained cautious amid global cues and ahead of CPI and IIP data release.
Sensex closed at 39,756.81 down 193.65 points, or 0.48%, while Nifty settled at 11,906.20 falling 59.40 points, or 0.50%.
The broader market also remained under pressure as both the BSE Midcap and Smallcap indices tumbled 0.79% and 0.48% respectively.
BSE Realty (-1.94%), Information Technology (-1.55%), Capital Goods (-1.15%), Utilities (-1.12%) and bamkex (-1.01%) were the biggest losing sectors.
On NSE, Nifty Realty (-2.09%), Auto (-1.05%), Private Bank (-0.89%), Financial Services (-0.79%) and Pharma (-0.78%) were the worst performing sectors.
Meanwhile, Nifty FMCG (0.31%) and Metal (0.48%) were the only sectors which gained.
Yes Bank, Maruti Suzuki, Tata Motors, Kotak Mahindra Bank and Hero MotoCorp were the biggest laggards among stock on Sensex plunging as 3.34%.
Globally, Asian share markets on Wednesday also got off to a cautious start as the US took a tough line on a trade deal with China, just as investors were bracing for the latest batch of economic data from the Asian giant.
Shanghai markets had rallied on Tuesday on news Beijing would allow local governments to use cash from special bonds to fund investment projects. Early Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was up a slim 0.1%, having climbed 1% the day before. Japan’s Nikkei dithered either side of flat, while Australian shares added 0.3%.
BSE Midcap and Smallcap remained in the red zone throughout the session falling 0.83% and 0.47% respectively.
Sensex falls 175.02 points, or 0.44%, at 39,775.44 while the broader Nifty is at 11,912.20 tumbling 53.40 points, or 0.45%.
Life Insurance Corporation of India (LIC)-owned IDBI Bank reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points across various tenors, with immediate effect. The lender has reduced its one-year MCLR or the minimum lending rate to 8.95%.
36 out 50 stocks trade negative on NSE led by Indiabulls Housing Finance. Other worst performing stocks on the index are Yes Bank (-3.51%), Bharti Infratel, (-3.23%), Tech Mahindra (-2.24%) and Kotak Mahindra Bank (-1.70%).
Indiabulls Housing Finance fell near 10% after Supreme Court said it will not hear petition against the company before July. On BSE, shares of the company was down 9.20% at ₹612.60 while on NSE it is at 611.70 down 9.32%.
Six out of 11 sectors on NSE slips below 1% with Nifty Realty (-1.43%) being the worst performer.
IT major Infosys in a regulatory filing said that it has entered into strategic partnership with Finnish postal service Posti for digital transformation of its business and IT services.
Board of Alembic Pharma approved the issue of unsecured listed rated redeemable NCDs of upto ₹300 crores on private placement basis under a shelf disclosure document in one or more tranches.
Shares of the company was down 0.21% at ₹501.
Mahindra and Mahindra (M&M) in a regulatory filing said it will appoint Haigreve Khaitan and Shikha Sharma as independent directors on the Board of Directors of the company. They will hold office for a term of five consecutive years each commencing from 8 August, 2019 to 7 August, 2024.
"The Company would be seeking approval of the Members for the aforesaid appointments at the ensuing AGM of the Company," the filing said.
Indiabulls Housing Finance Ltd moves Supreme Court for urgent listing of plea against it alleging misappropriation of ₹98,000 crore public money. SC said it will take decision on listing of plea against Indiabulls Housing Finance Ltd during the day.
The company terms the plea frivolous, says it caused massive loss to firm. On NSE, the company was the worst performing plunging 6.78%.
Shares of Eros International slipped 10% hitting 52-week low of ₹33.25 on both the equity benchmark indices.
Rating agency Moody's Investors Service downgraded the corporate family rating for Eros International Plc to B2 from B1 while changing the outlook to negative from stable which led to the fall in their stock. The stock has come off over 44% in five sessions.
After falling to its 52-week low on Tuesday, Indiabulls Housing Finance slipped over 6% on Wednesday at ₹632 hitting four-month low.
Indian market slipped to day's low as Sensex lost 200 points while Nifty hovering around 11900-mark.
Shares of DHFL rose 6% in the morning after the company said it has paid interest obligation worth ₹962 crore. On BSE, the company was trading at ₹93.50 up 3.95% while on NSE the stock rose 3.88% at ₹93.65.
Nifty Financial Services sector dropped 0.67% with Indiabulls Housing Finance being the biggest laggard losing 4.39%. Shriram Transport Finance Company (-2.54%), Indiabulls Ventures (-1.75%), Mahindra and Mahindra Finance (-1.41%) and Cholamandalam Investment and Finance (-1.16%) were the other top losers.
Yes Bank was the worst performing stock on both the indices tanking almost 2.5%. Moody’s Investors Service on Tuesday placed Yes Bank Ltd’s Ba1 foreign currency issuer rating under review for a downgrade.
Except Nifty Metal (0.34%), all the 10 sectoral indices on Nifty opened negative with Nifty Information Technology (-0.54%) being the worst performer.
Sensex during the pre-open session was at 39,965.10 up 14.64 points, or 0.04%. The broader Nifty began the day above 119500-mark, rising 42.90 points, or 0.36%, at 11,965.60.
1) Shares of auto companies are likely to be in focus after passenger vehicle sales in India posted the steepest drop in nearly 18 years in May amid weak demand and a liquidity crunch faced by non-bank vehicle financiers, prompting major auto makers to cut production.
2) Shares of Reliance Industries Limited (RIL) may also be watched out in today's trade as the Mukesh Ambani-led company and its exploration and production partner BP Plc on Tuesday announced the sanction of the MJ project (also known as D55) in Block KG-D6, a deep water gas field off the east coast of India.
3)Yes Bank: Moody’s Investors Service on Tuesday placed Yes Bank Ltd’s Ba1 foreign currency issuer rating under review for a downgrade.
4) DHFL: Crisis-hit mortgage lender Dewan Housing Finance on Tuesday informed the exchanges that it has paid off its interest obligation worth ₹962 crore within the seven-day cure period.
5) Tata Steel: On Tuesday, EU antitrust regulators blocked a bid by Thyssenkrupp and Tata Steel to form a landmark joint venture.
SGX Nifty in the morning was trading 14 points lower at 11,967 levels.