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PremiumAfter a volatile trade, both Sensex and Nifty ended lower amid US-China trade war concerns and investors becoming conscious as the Reserve Bank of India (RBI) deputy governor, Viral Acharya, resigned from his post today.
Sensex closed at 39,122.96 falling 71.53 points, or 0.18%, while the broader Nifty slipped below 11,700-mark at 11,699.65 losing 24.45 points, or 0.21%.
ONGC, Tata Steel, Bajaj-Auto, Vedanta and Tech Mahindra were the biggest laggards on the Sensex pack shredding as much as 3.10%.
The broader market also showed a similar trend as both the BSE Midcap and Smallcap indices tanked 0.32% and 0.15% respectively.
"Consolidation is continuing as investors are waiting to hear concrete measures from the government to support weakening economy. Lack of triggers and premium valuation is impacting new investment while delay in monsoon and F&O expiry may add volatility," said Vinod Nair, head of research, Geojit Financial Services.
Sector-wise, nine out of 11 sectors compiled on NSE ended in the red zone with Nifty Metal (-1.29%) taking the pole position. Nifty Realty, Media, Auto and Private Banks were the other top losers.
Asian shares were off to a cautious start on Monday as investors pinned their hopes on any signs of a thaw in the Sino-US trade negotiations while oil prices firmed on worries over heightened tensions between the United States and Iran.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.16% in early trade while Japan’s Nikkei ticked down 0.26%.
Meanwhile, oil prices held firm near three-week highs hit last week after the United States and Iran came to the brink of war following Iran’s shooting down of an unmanned US surveillance drone.
Sensex closed at 39,122.96 falling 71.53 points, or 0.18%, while the broader Nifty slipped below 11,700-mark at 11,699.65 losing 24.45 points, or 0.21%.
Emami Ltd slipped almost 7% as the promoters of company sold stake in block deals. On BSE, shares were down 6.36% at ₹270.35. The company also touched its 52-week low of ₹246 today. On NSE, the stock was down 6.83%.
Shares of Jain Irrigation are on the rising spree today even after the company was downgraded by rating agency Fitch on Friday. The company on BSE is trading at ₹28.6 surging 15.09% while on the broader index it is up 15.52%.
Shares of DHFL continues with its north-bound journey as the stock soared 10% during the intra-day trade. The company is trading at ₹79.75 rising 9.02% on BSE.
Among sectors, Nifty PSU Banks remains the best performer on the index rising 0.68%. Shares of Jammu and Kashmir Bank (5.18%) surges the most followed by the State Bank of India (1.12%) and Indian Bank (1.02%).
Shares of ONGC fell 2.98%, becoming the worst performer on Sensex pack. Other losing stocks are Vedanta (-2.35%), Bajaj-Auto (-2.17%), Hero Motor Corp (-1.97%) and Tech Mahindra (-1.42%).
Among sectors, Nifty Auto is the worst performer, down 1.15%. TVS Motor (-4.73%), Mother Sumi (-3.56%) and Bajaj Auto (2.08%) are among the top loser.
The equity benchmark indices started the week on a positive note with Sensex rising 71.50 points, or 0.18%, at 39,265.99 while the broader Nifty opened above 11,700-mark at 11,742.30 up 18.20 points, or 0.16%.
At 9.15 am, the rupee traded at 69.57 a dollar, down 0.01% from its previous close of 69.58.
Though started positive, Sensex dipped 89.69 points, or 0.23%, while Nifty began at 11,725, during the pre-open session.
Reserve Bank of India (RBI) deputy governor Viral Acharya has quit his role six months before the end of his tenure, said a report on Monday. Business Standard reported that Acharya is returning to New York University Stern School of Business (NYU Stern) in August, instead of February 2020 as CV Starr Professor of Economics.
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Jain Irrigation: Fitch had cut the company's long term issuer rating to 'B-' from 'B+'.
Tata Steel: Fitch affirms BB rating with a stable outlook.
Lakshmi Vilas Bank & Indiabulls Housing Finance: Competition Commission of India (CCI) has approved the merger of the Indiabulls Housing Finance and Lakshmi Vilas Bank. Indiabulls Housing Finance in regulatory filing informed that "CCI at its meeting held on 20 June 2019, considered the proposed combination and approved the same," Indiabulls Housing Finance said in a BSE filing.
Bandhan Bank: NCLT approved the merger of Gruh Finance with Bandhan Bank.
Max Life: Radiant Life Care completes its acquisition of a 49.7% stake in Max Healthcare from Life Healthcare.
Glenmark Pharma: US FDA issues complete response letter regarding new drug application for Ryaltris, citing deficiency at Ryaltris generic facility.
IndiaMart InterMesh, which operates Indiamart.com online listing platform for small and medium businesses in India, is offering shares to the public through its ₹475 crore IPO, which opens for subscription today. The issue would close on June 26.
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SGX Nifty closed at 11,781.50 rising 27.50 points, or 0.23%, on Monday suggesting a positive start for the indices today.
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