Mumbai: India’s benchmark equity indices closed marginally lower on Thursday amid profit booking. Markets were subdued through the day even as the Union cabinet on Wednesday approved the government’s mega divestment exercise and the markets regulator tightened default disclosure norms.
BSE Sensex lost 76.47 points or 0.19% to close at 40,575.17. The Nifty 50 index fell 30.70 points or 0.26% to close at 11,968.40.
According to analysts, the market will await the gross domestic product (GDP) data, due on 29 November, that is likely to indicate that the slowdown in the Indian economy was deepening. Investors will also watch out for developments around the US-China trade deal.
The BSE Midcap and Smallcap fell 0.73% and 0.43% respectively. The market breadth was negative. On the BSE, 1,101 shares rose and 1,454 shares fell. A total of 206 shares were unchanged. On the Nifty, 14 stocks advanced while 36 stocks declined.
Among sectoral indices, BSE Metal was the biggest laggard, ending down 2.23%, followed by BSE Oil&Gas with 2.14% lower. The BSE Realty gained 0.45%.
Zee Entertainment Enterprises (ZEEL) soared around 12% with 14.52 crore shares of the company changing hands in a block deal on the National Stock Exchange.
Shares of infrastructure developers rose after the government amended rules regarding toll operate transfer (TOT) model of the highway monetisation programme. IRB Infrastructure Developers gained 12.5%, while KNR Constructions rose 3.6%.
Telecom companies fell as traders booked profit. Bharti Airtel fell 2.52%, Vodafone Idea lost 6.08%, and Reliance Industries declined 0.63% after the Cabinet late on Wednesday allowed telecom firms to defer spectrum payment to the government by two years.
Tata Motors lost 1.82% to ₹164.20 after Moody’s Investors Service on Wednesday assigned a B1 instrument rating to Tata Motors Ltd-owned Jaguar Land Rover Automotive PLC’s (JLR) new unsecured notes worth 500 million euros that are due for payment in 2024.
Union Bank of India lost 1.29% to ₹57.60 after the state-owned bank reported a divergence of ₹589 crore in its non-performing assets for the financial year ended March 2019.
Other Asian markets also closed in the red today after sentiment took a hit as a US bill supporting protestors in Hong Kong drew China’s ire and risked delaying a “phase one" trade agreement between the two countries. Japan's Nikkei225 lost 0.48%, Hong Kong's Hang Seng fell 1.57% and China's Shanghai Composite Index declined 0.25%.