Sensex ends 272 points lower, Nifty closes below 10,700; auto, metals drag
24 December 2018
Market at Close: And the bear run continues on D-Street, signaling a possible halt to this Santa rally. The Nify has ended below 10,700, while the Sensex closed with cuts of nearly 300 points.
Barring the IT index, all sectoral indices ended in the red, with auto, banks, consumption, energy and metals have closed lower. In the midcaps space, The Nifty Midcap index ended 0.7 percent lower.
At the close of market hours, the Sensex was down 271.92 points or 0.76% at 35470.15, while the Nifty was lower by 90.50 points or 0.84% at 10663.50. The market breadth was negative as 908 shares advanced, against a decline of 1,638 shares, while 142 shares were unchanged.
Wipro and TCS were the top gainers, while Hero MotoCorp, Bajaj Auto, and JSW Steel lost the most.
The market will be shut on Tuesday on account of Christmas.
Max India - outcome of board meeting: Board of Directors of the Company, at its meeting held today, has considered and approved a composite scheme of amalgamation and arrangement amongst Max India, Max Healthcare Institute, Radiant Life Care.
Radiant Life has also entered into a share purchase agreement with Life Healthcare International Proprietary for the purchase of 49.7 % of the share capital of Max Healthcare from Life Healthcare.
Market Update: Benchmark indices are trading flat in the afternoon trade with Nifty is hovering around 10,750 level.
Wipro, TCS, Infosys, Sun Pharma and Adani Ports are the top gainers on the Sensex.
At 12:46 hrs IST, the Sensex is down 15.84 points at 35726.23, while Nifty down 8.40 points at 10745.60. About 892 shares have advanced, 1323 shares declined, and 129 shares are unchanged.
Gateway Distriparks approves fund raising plan: The comapny board approved raising of funds upto Rs 620 crore by issue of debt securities including non-convertible debentures and any other instruments for making balance payment to complete the acquisition of Compulsory Convertible Preference Shares (CCPS) in subsidiary company, Gateway Rail Freight (GRFL) from Blackstone and towards expansion of business/other corporate purpose.
Buzzing stock: GE Power India shares gained more than 3 percent intraday on Monday after the company bagged electrical and mechanical works contract in Malaysia.
"The consortium of GE Power India, GE Hydro France, GE Renewable Malaysia Sdn. Bhd. and Sinohydro Corporation (M) Sdn. Bhd. has been awarded the order for the main electrical and mechanical works for the 1285MW Baleh Hydroelectric Project in Sarawak, Malaysia by SEB Power Sdn. Bhd," the company said in its filing.
The total value of the contract is approximately MYR 595 million and $159 million.
"The value of the order for the Company is approximately $98.4 million exclusive of taxes (i.e. approximately Rs 689 crore)," GE Power said.
Buzzing: Share price of Unichem Laboratories added 4.7 percent in the early trade on Monday after company received ANDA approval from USFDA.
The company has received final ANDA approval for its Pramipexole Dihydrochloride tablets, 0.125 mg, 0.25 mg, 0.5 mg, 0.75 mg, 1 mg and 1.5 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Boehringer Ingelheim Pharmaceauticals Inc's Mirapex tablets.
Market opens: It’s a positive start to the market on Monday morning, with the Nifty trading one-fifth of a percent higher.
The Sensex is up 89.93 points or 0.25% at 35832.00, while the Nifty is higher by 21.80 points or 0.20% at 10775.80. The market breath was narrow as 278 shares advanced, against a decline of 164 shares, while 45 shares were unchanged.
Metals and automobiles are the ones to be in the red, while consumption, pharma and PSU banks were gainers. In the broader market, the Nifty Midcap was up quarter of a percent.
Market at pre-open: Equities have seen a good start in the pre-opening trade, with the Nifty surpassing 10,800.
The Sensex is up 165.34 points or 0.46% at 35907.41, and the Nifty up 64.20 points or 0.60% at 10818.20.
The rupee has opened flat at 70.18 per US dollar against a previous close of 70.14 per US dollar.
Asian markets trade lower: Asian stocks started in subdued fashion on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering.