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Business News/ Opinion / Quick Edit/  Markets snap 7-day rising streak; Bajaj Finance, Yes Bank top gainers
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Markets snap 7-day rising streak; Bajaj Finance, Yes Bank top gainers

Sensex closed at 40,248.23, down 53.73 points or 0.13%
  • Nifty 50 index fell 24.10 points or 0.20% to close at 11,917.20
  • Bajaj Finance was among the biggest gainers on the Nifty 50 today, rising 3.3% (Mint file)Premium
    Bajaj Finance was among the biggest gainers on the Nifty 50 today, rising 3.3% (Mint file)

    Mumbai: After rising for seven consecutive sessions, Indian equity market closed in the red on Tuesday as investors booked profit. India's decision against joining a trade agreement covering 15-countries in the Asia-Pacific region also seemed to have weighed on the market sentiment.

    Sensex closed at 40,248.23, down 53.73 points or 0.13%. Nifty 50 index fell 24.10 points or 0.20% to close at 11,917.20 today. The BSE Midcap and Smallcap index were down 1.13% and 0.80%, respectively.

    On the macro-economic front, India on Monday decided not to join the Regional Comprehensive Economic Partnership (RCEP) trade deal holding that it did not get any “credible assurance for India on market access and non-tariff barriers".

    India’s services activity contracted for the second month in a row, making it the first back-to-back decline after August 2017. Though the IHS Markit India Services Business Activity Index rose to 49.2 in October, from 48.7 in September, a figure below 50 indicates contraction and above 50 expansion.

    In the equity market, shares of Bajaj Finance Ltd, a subsidiary of Bajaj Finserv Ltd, jumped on Tuesday after the consumer-focused non-banking financial company (NBFC) announced that it would raise funds through a qualified institutional placement (QIP) offer at a floor price of 4,019.78 apiece.

    The stock was among the biggest gainers on the Nifty 50 today, rising 3.3% to close at 4,250.3. Parent Bajaj Finserv followed suit, with shares rising 1.5% to end at 8,839.9.

    Yes Bank Ltd surged 3.40% to close at 68.35 as ace investor Rakesh Jhunjunwala on Monday bought 12.95 million of the bank’s shares worth 87 crore. Separately, the bank had last week announced that it has received offers worth $3 billion from potential investors for fund raising.

    InterGlobe Aviation Ltd, which operates budget airline IndiGo, rose as much as 4.64% to hit an intraday high of 1502.70 on reports that the company and Qatar Airways will make a strategic business announcement on 7 November. Qatar Airways chief executive Akbar Al Baker later confirmed to the media that the airline has no plans to make any investment in IndiGo. Following the clarification, shares of Indigo came off day's high and fell 1.77% to close at 1461.45.

    Bharat Electronics Ltd slumped 5.82%, ending at 112.50 today after the state-owned defence company reported a 40.9% year-on-year fall in net profit to 343.85 crore in the September quarter.

    Shares of state-run Indian Overseas Bank slipped 11.27% to close at 10.63 as its net loss widened in the September quarter. The bank reported a net loss of 2,253.6 crore because of rise in operating expenses as well as provisions. It had posted a net loss of 487.26 crore in the same period last year. A provision of 2,600 crore for bad loans in July-September weighed on the stock.

    Dabur India Ltd rose on the back of strong financial performance in July-September. The stock ended at 481.50, up 4.73%. The company reported a 6.91% rise in consolidated net profit to 402.97 crore in the quarter-ended September as against 376.63 crore a year ago.


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    Published: 05 Nov 2019, 05:47 PM IST
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