Sensex sheds 300 points, Nifty gives up 10,700; IT, metals & pharma crack
20 Nov 2018
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Market at Close: It’s a negative end for the market on Tuesday, failing to cash in on the positive start it had at the start of this week. The Nifty has ended below 10,700, with immense selling seen among all sectors.
Selling was visible the most among sectors such as IT, metals and pharmaceuticals. Meanwhile, financials, automobiles and consumption also saw weak trades.
In the broader markets, the Nifty Midcap index ended the day over a percent lower.
At the close of market hours, the Sensex shut down 300.37 points or 0.84% at 35474.51, while the Nifty ended lower by 107.20 points or 1.00% at 10656.20. The market breadth was negative as 857 shares advanced, against a decline of 1,706 shares, while 150 shares were unchanged.
Adani Ports, IndusInd Bank, and GAIL were the top gainers, while Yes Bank, Tata Steel and Hindalco lost the most.
Market Update: Equity benchmarks have further extended their fall in the last hour of trade, with the Sensex falling over 300 points. The Nifty is well below 10,700-mark.
Selling is visible across all sectors, with automobiles, banks, IT, metals and pharmaceuticals witnessing most pain. In the broader markets, the Nifty Midcap index is down over a percent as well.
The Sensex is down 316.03 points or 0.88% at 35458.85, while the Nifty is lower by 113.90 points or 1.06% at 10649.50. The market breadth is negative as 782 shares advanced, against a decline of 1,630 shares, while 130 shares were unchanged.
Yes Bank, Tata Steel, and Hindalco are the top losers, while IndusInd Bank, Adani Ports, and GAIL gained the most.
Market Update: Benchmark indices are under pressure in the afternoon trade as Nifty slipped below 10,700 level and Sensex shed more than 200 points.
The Sensex is down 232.98 points at 35541.90, while Nifty is down 81.40 points at 10,682. About 826 shares have advanced, 1505 shares declined, and 129 shares are unchanged.
Market Update: The benchmark indices are trading lower with Nifty holding above 10,700 level.
The Sensex is down 124.18 points at 35650.70, while Nifty down 49.90 points at 10713.50. About 895 shares have advanced, 1125 shares declined, and 100 shares are unchanged.
Varun Beverages, Yes Bank, Indiabulls Housing, Jet Airways and Dewan Housing are the most active shares on BSE.
Credit Suisse sees 20% upside in Colgate Palmolive
Colgate Palmolive shares gained a percent after global brokerage firm has maintained outperform rating on the stock with a target price at Rs 1,375, implying 20 percent potential upside.
Low earnings expectations & reasonable valuations made risk-reward favourable for the stock, the research house said.
It further said it is convinced of a turnaround, but the road could be bumpy going ahead and margin is unpredictable in the initial turnaround phase.
Market share trends & volume growth can also be volatile at a quarterly level, it feels.
Gold Edges Down
Gold inched lower, trading in a tight range ahead of a US holiday, but the metal held above the 1,220 level as the dollar was pressured by weak US economic data and a clouded interest rate outlook.
US gold futures were down 0.2 percent at $1,223.1 per ounce.
"The market is very quiet today and appears to be in a holiday mood ahead of the US Thanksgiving," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. Source: Reuters.
Yes Bank Under Pressure:
Yes Bank shares slipped as much as 6.5 percent in morning after the third board member resigned on Monday.
The private sector lender informed exchanges that Rentala Chandrashekhar, Independent Director has tendered his resignation from the bank's board, with immediate effect, due to personal reasons.
It was the third member to resign from the bank's board after Vasant Gujarathi and Ashok Chawla tendered their resignation as an independent director and non-executive (independent) chairman of the board on November 14.
Buzzing: Shares of Kridhan Infra (KIL) surged 15 percent in the early trade on Tuesday after company's subsidiary won an order of Rs 195 crore.
Company's Singapore subsidiary Swee Hong (SHL) has successfully won an order for construction of Link Sewers for the DTSS Phase 2 project from the Public Utilities Board, Singapore worth Rs 195 crore (SG USD 37.2 million).
Market Opens: Benchmark indices started the day on flat note with Nifty slipped below 10,750 level.
Nifty bank and Nifty midcap 100 are trading lower by 0.40 percent.
At 09:16 hrs IST, the Sensex is down 88.42 points at 35,686.46, while Nifty down 30.40 points at 10733. About 262 shares have advanced, 502 shares declined, and 34 shares are unchanged.
Wipro, HCL Tech, M&M, Bharti Airtel, Indiabulls Housing, Hindalco are trading lower, while oil marketing companies are trading higher.
Market at pre-opening: Indian indices are trading flat in the pre-opening session with Nifty is holding above 10,750 level.
At 09:01 hrs IST, the Sensex is down 35.94 points or 0.10% at 35738.94, and the Nifty down 2.30 points or 0.02% at 10761.10.
The Indian rupee opened higher by 19 paise at 71.45 per dollar on Tuesday versus previous close 71.64.
Asian markets trade lower: Asian stock markets slipped on Tuesday, extending sharp overnight losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency.
US markets ends lower: US stocks dropped and the Nasdaq fell 3 percent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.
