(Reuters)
(Reuters)

Indices halt longest weekly gaining streak since April

  • Banking stocks led the decline while Nifty gave up 11,800 level
  • Oil prices move higher on hopes of US-Mexico deal

Indian markets recovered after falling sharply in early trade. The Sensex was flat in afternoon trade, aided by a recovery in banking stocks. The Nifty was trading near 11,850. Pharma stocks were under pressure for the third straight day.

At the end of the day, Sensex ended the session up 86.18 points, or 0.22%, at 39,615.90 while the broader Nifty settled at 11,870.65 rising 26.90 points, 0.23%.

IndusInd Bank, Bajaj Finance, Mahindra and Mahindra, State Bank of India and ICICI Bank were the most contributing stocks on Sensex pack gaining as much as 1.90%.

BSE Telecom (0.79%), Finance, (0.66%), Consumer Durables (0.64%), Bankex (0.61%) and Teck (0.43%) were the top sectoral performers.

Meanwhile, the broader market remained under pressure as both the Midcap and Smallcap indices lost 0.17% and 0.11% respectively.

07 Jun 2019, 03:50:58 PM IST

Market at Close

Sensex and Nifty closed with little gains of 0.23%. Sensex ended the session up 86.18 points, or 0.22%, at 39,615.90 while the broader Nifty settled at 11,870.65 rising 26.90 points, 0.23%.

07 Jun 2019, 03:42:46 PM IST

Pharma stocks under pressure for third day

Pharma stocks were under for the third straight day with Nifty Pharma index down about 1% in afternoon trade. Biocon, Dr Reddy's and Glenmark were down over 2%.

07 Jun 2019, 12:05:09 PM IST

Market technicals

"Regardless of Thursday's gigantic fall, the fear index was merely down 0.64%. We would advise traders to wait for the follow-up moves before initiating any aggressive bets in the market. Going ahead, 11750-11770 shall act as immediate support zone, whereas 12000-12040 is a hurdle now," says Sneha Seth, derivatives analyst at Angel Broking.

07 Jun 2019, 10:04:33 AM IST

Eros International Media shares slump for second day in a row

Shares of Eros International Media were down over 10% today, following their nearly 20% fall on Thursday. Eros International Media shares are under pressure after rating firm Care has cut its long term bank facilities rating to Default from BBB- after delay in debt servicing. "The revision in the ratings assigned to the bank facilities of Eros International Media Ltd. (EIML) is on account of ongoing delays/default in debt servicing due to slowdown in collection from debtors, leading to cash flow issues in the company," Care said.


Eros in a statement to exchanges clarified: "This is on account of a delay in servicing of bank loans for the month of April 2019 and May 2019 and will be cleared within the next seven working days."

07 Jun 2019, 09:24:04 AM IST

Indiabulls Real Estate shares surge 9%

Indiabulls Real Estate surged 9% to 143 in early trade. In a communication to exchanges, the company said: "We wish to inform you that in line with company's promoters' strategy to focus on financial services in the long run, the promoters intend to dispose-of up to 14% of the fully paid-up share capital of the company (out of the aggregate 38.72% fully paid up share capital of the company, currently held by them) to third party investors."

07 Jun 2019, 09:12:17 AM IST

ECB opens the door to more stimulus

The European Central Bank on Thursday ruled out raising interest rates in the next year and even opened the door to cutting them or buying more bonds as risk factors such as global trade war and Brexit drag the euro zone economy down.

Hoping to maintain the flow of credit to the economy, it also offered to effectively pay banks to borrow from it and lend that money on to the real economy.

07 Jun 2019, 09:24:05 AM IST

Markets hopeful of a breakthrough in US-Mexico talks

Mexican and US officials held a second day of talks on trade and migration on Thursday, with markets rebounding on optimism a deal could be close, although it was unclear if Mexican pledges to curb migration flows were enough to persuade the Trump administration to postpone tariffs.

US President Donald Trump has warned that tariffs of 5% on all Mexican exports to the United States will go into effect on Monday if Mexico does not step up efforts to stem an increase in mostly Central American migrants heading for the U.S. border.

Bilateral talks in Washington began on Wednesday to attempt to strike a deal, with the Mexican government, U.S. business groups and even many of Trump's fellow Republicans keen to avert the tariffs, the prospect of which has rattled global financial markets.

Close