Market updates: Losses in financial stocks offset gains in IT, energy and pharma shares
After two days of rally following the government's decision to cut corporate taxes, domestic stock markets ended a volatile session on Tuesday nearly unchanged amid mild gains in Asian peers on renewed hopes about US-China trade talks. The S&P BSE Sensex index rose as much as 216.34 points to 39,306.37 during the session, and declined 393.31 points from that level to hit 38,913.06 on the downside at the day's weakest mark. The broader NSE Nifty benchmark moved in a range of 115.85 points, between 11,655.05 and 11,539.20 at the day's strongest and weakest levels respectively. Losses in banking and financial services stocks offset sharp gains in information technology, energy and pharma shares.
Here are highlights of the movement in domestic share markets (Sensex and Nifty) on September 24:
Infosys, Reliance Industries, Zee Entertainment, Top Gainers
|Top Nifty Gainers/Losers|
|Zee Entertainment Enterprises||+3.66%|
|Maruti Suzuki India||+1.96%|
|Larsen & Toubro||-3.04%|
|Top Sensex Gainers/Losers|
|Maruti Suzuki India||+1.60%|
Nifty Support Seen At 11,530-11,470: Kotak Securities
"The Nifty took a breather today after rallying to 11,700 in back-to-back outstanding trading sessions. Though the index closed flat, it remained highly volatile and in the broader range of 11,650 and 11,550... We are expecting the markets to find or attract buying support between 11,530 and 11,470," said Shrikant S Chouhan, senior vice-president, equity technical research, Kotak Securities.
Markets End Volatile Session On A Flat Note
The S&P BSE Sensex index ended 7.11 points higher at 39,097.14 and the broader NSE Nifty benchmark settled at 11,588.20, down 12.00 points - or 0.10 per cent - from the previous close.
The Sensex changed direction at least 12 times during the session. Fifteen stocks on the index ended on a positive note.
Banking Stocks Fall, Nifty Bank Dips Over 2%
The Nifty Bank index - comprising shares of 12 major banks in the country - fell as much as 2.21 per cent during the session, after climbing 8.36 per cent in past two days. State Bank of India, Bank of Baroda and Punjab National Bank shares fell as much as 4.06 per cent, 1.94 per cent and 1.94 per cent respectively.
RBI Imposes Restrictions On Punjab & Maharashtra Cooperative Bank
The Reserve Bank of India imposed restrictions on Punjab & Maharashtra Cooperative Bank
in Mumbai from granting or renewing any loans and advances. The RBI said the restrictions, effective from the the close of business on September 23, will remain in force for a period of six months.
RBI Chief General Manager Yogesh Dayal said that according to central bank directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.
Mid- And Small-Cap Shares Trade On A Mixed Note
Mid- and small-cap shares were trading on a mixed note with the SP BSE MidCap Index falling 0.38 per cent and the SmallCap Index advancing 0.29 per cent.
Top gainers and losers in mid-cap space:
- IDBI Bank up 9.89%
- Muthoot Finance up 5.68%
- Bajaj Holdings up 3.90%
- Bharat Forge up 3.01%
- Reliance Nippon Asset Management up 2.89%
- Edelweiss Financial Services down 5.06%
- Emami down 5.06%
- Sun TV Network down 4.39%
- Motilal Oswal Financial Services down 4.06%
- Gruh Finance down 4.01%
Top gainers and losers in small-cap space:
- JBM Auto up 20%
- Titagarh Wagons up 17.32%
- Snowman Logistics up 15.86%
- Simplex Infra up 14.39%
- Jay Bharat Maruti up 14.21%
- ITD Cementation down 11.20%
- Banco Products down 8.78%
- Ashoka Buildcon down 8.30%
- Alankit down 8.30%
- Royal Orchid Hotels down 6.35%
CG Power And Industrial Solutions Locked In 5% Upper Circuit
Shares of the CG Power and Industrial Solutions were locked in a 5 per cent upper circuit at Rs 14.66 after it got relief from Registrar Of Companies for holding the annual general meeting.
CG Power and Industrial Solutions informed exchanges after market hours yesterday that Registrar of Companies, Mumbai vide its order dated September 23, 2019 has granted extension of time by 2 months and 15 days from the due date i.e. September 30, 2019, for holding the 82nd AGM of the Company for the financial year ended on March 31, 2019.
ITD Cementation Slumps On Heavy Volumes
Shares of the Mumbai-based construction company - ITD Cementation - fell as much as 20 per cent to Rs 48.20 on the back of heavy trading volumes on the BSE.
Over 1.56 lakh ITD Cementation shares changed hands compared with an average of 53,000 shares traded daily in the past two weeks.
Thomas Cook Falls For Second Day Despite Clarification
Shares of Thomas Cook fell as much as 12.10 per cent to Rs 135.05 despite the clarification from the company that it has no relation with the Thomas Cook UK (Thomas Cook Plc) which collapsed under a pile of debt after talks with its creditors failed.
Thomas Cook India's Chairman and Managing Director Madhavan Menon in an exchange filing on Saturday said that it is a completely separate entity from Thomas Cook UK post acquisition in 2012 by Canada based Fairfax Financial Holdings.
"Thomas Cook (India) Ltd. was acquired by Fairfax Financial Holdings via a 77 per cent stake in 2012. Thomas Cook UK has had no stake in Thomas Cook (India) Limited since then," Mr Menon said in a statement.
As of 1:42 pm, Thomas Cook shares traded 5.27 per cent lower at Rs 145.55.
F&O Check: Bank Nifty 31,000 Call Option Most Active On NSE, Premium Falls 66%
Nifty Bank's 31,000 call option contract was among the most active option contracts on the National Stock Exchange. Premium on the contract slumped 66 per cent to Rs 80.55.
As many 3,76,480 shares were added to the open interest which stood at 8,87,280 shares.
Market Update: Sensex, Nifty Decline; Eicher Motors, JSW Steel Top Losers
The S&P BSE Sensex and NSE Nifty 50 indices were trading lower weighed down by weakness in HDFC Bank, HDFC, ICICI Bank and Larsen & Toubro. However, the losses were capped as Reliance Industries, Infosys, Tata Consultancy Services and ITC were witnessing buying interest.
The Sensex was down 30 points or 0.08 per cent at 39,060 and Nifty was down 0.21 per cent or 24 points at 11,576.
Seven of 11 sector gauges compiled by National Stock Exchange were trading lower led by Nifty PSU Bank index's 1.5 per cent decline. On the flipside, Nifty IT index was up 1.5 per cent.
IT Shares Rebound After Witnessing Selling Pressure In Yesterday's Session
Shares of information technology companies rebounded after witnessing selling pressure in the previous session. Gauge of IT shares on the NSE - Nifty IT index - was top sectoral gainer, up 1.72 per cent.
Top five gainers in the IT space:
- Tata Elxsi up 5.98%
- Infosys up 2.97%
- Tech Mahindra up 2.64%
- TCS up 1.69%
- Wipro up 1.11%
|S&P BSE Bankex||-1.75%|
|S&P BSE Capital Goods||-1.59%|
|S&P BSE Finance||-1.31%|
|S&P BSE Realty||-1.19%|
|S&P BSE Consumer Discretionary Goods & Services||-1.01%|
|S&P BSE Consumer Durables||-1%|
|S&P BSE Auto||-0.90%|
|S&P BSE Industrials||-0.86%|
|S&P BSE Basic Materials||-0.53%|
|S&P BSE Metal||-0.48%|
|S&P BSE Utilities||-0.30%|
|S&P BSE Power||-0.18%|
|S&P BSE Telecom||-0.09%|
|S&P BSE Fast Moving Consumer Goods||0.05%|
|S&P BSE Oil & Gas||0.18%|
|S&P BSE Healthcare||0.55%|
|S&P BSE Teck||1.99%|
|S&P BSE Information Technology||2.21%|
|S&P BSE Energy||2.39%|Banking Shares Snap Witness Profit Booking After Two Days Of Sharp Gains
Banking shares were witnessing profit booking after registering sharp gains in the last two sessions. The Nifty Bank index dropped 1.7 per cent or 520 points to 30,045. In the last two trading sessions Bank Nifty jumped a whopping 14.2 per cent or 3,808 points.
Top five banking losers:
- Kotak Mahindra Bank down 2.45%
- ICICI Bank down 2.29%
- State Bank of India down 1.88%
- Axis Bank down 1.61%
- HDFC Bank down 2.56%
Dish TV Surges Over 8% Intraday Low Levels On Heavy Volumes
Shares of the direct-to-home (DTH) cable television service provider - Dish TV - rose as much as 8.5 per cent from intraday low levels to hit an intraday high of Rs 21.70 on the back of heavy trading volumes.
Over 20 lakh shares of Dish TV changed hands on the BSE compared with an average of 12.82 lakh shares traded daily in the past two weeks.
Advance-Decline Ratio Favours Decline
Market breadth favoured losses, with 951 stocks on the Bombay Stock Exchange trading higher and 986 moving lower. On the National Stock Exchange (NSE), 754 shares advanced while 874 declined, and 493 remained unchanged.
Aurobindo Pharma Shares Fall Nearly 4%
Shares in Aurobindo Pharma fell as much as 3.96 per cent on Tuesday, after a report said market regulator Sebi imposed a penalty on the drug maker. Market regulator Sebi imposed penalties of Rs 22.7 crore on Aurobindo Pharma and its promoters for violation of provisions of insider trading in relation to a licensing deal it had entered with Pfizer in 2009, news agency ANI reported.
At 10:30 am, Aurobindo Pharma shares traded 1.47 per cent lower at Rs 604.75 apiece on the BSE, underperforming the benchmark Sensex index which was up 0.12 per cent. (Read full story
Sensex Falls Nearly 300 Points From Day's High, Nifty Flat
The Sensex plunged as much as 294.6 points from the day's strongest level to touch the 39,011.77 mark on the downside. The broader Nifty index moved in a range of 93.5 points, hitting 11,655.05 and 11,561.55 at the day's strongest and weakest levels respectively.
At 10:00 am, the Sensex traded 35.83 points - or 0.09 per cent - at 39,125.86 while the Nifty was down 1.45 point at 11,598.75.
Banking Stocks Drag Markets Lower; IT Shares Provide Some Support
The markets gave in to losses amid selling in banking stocks. However, buying in IT, pharma and energy stocks limited the downside.
|NSE Sectoral Index||Change|
|Nifty Private Bank||-1.13%|
|Nifty Financial Services||-1.11%|
|Nifty PSU Bank||-1.02%|
|Nifty IT||+1.77%|Nifty Rose Over 8% In Past Two Sessions
The Nifty 50 index has added a total of 895.4 points - or 8.36 per cent - in the past two sessions. "Traders and investors have certainly cheered to the steps taken by our Finance Minister on Friday and the party continued in yesterday's session as well," said Sameet Chavan, chief analyst-technical and derivatives, Angel Broking.
"Many of the large cap stocks have participated in the upmove in last couple of sessions and the volumes too have been good. This is a positive sign and hence, we continue with our advice for traders to trade with a positive bias."
Maruti Suzuki, Reliance Industries Top Gainers
Maruti Suzuki and Reliance Industries shares were among the top gainers on both benchmark indices in early deals.
|Top Nifty Gainers/Losers|| |
|Marhindra & Mahindra||+1.81%|
|Larsen & Toubro||-1.38%|
|Top Sensex Gainers/Losers|| |
|Larsen & Toubro||-1.25%|
|Asian Paints||-1.52%|Sensex Trades Above 39,200, Nifty Firm Above 11,600
At 9:20 am, the S&P BSE Sensex index traded 132.85 points - or 0.34 per cent - higher at 39,222.88, while the broader NSE Nifty benchmark was at 11,617.85, up 17.65 points - or 0.15 per cent - from the previous close.
Top gainers on the 50-scrip index at the time were Maruti Suzuki, Tata Motors, Reliance Industries, Infosys and HDFC, trading between 0.86 per cent and 2.18 per cent higher. Reliance Industries, HDFC, Infosys and Maruti Suzuki contributed the most to the gains in Sensex.
Sensex, Nifty Open On A Mixed Note
Domestic stock markets opened on a mixed note on Tuesday. The S&P BSE Sensex index opened 45.25 points - or 0.12 per cent - higher at 39,135.28, whereas the broader NSE Nifty benchmark started the session at 11,590.70, down 9.5 points - or 0.08 per cent - compared with the previous close.
Sensex, Nifty Rise In Pre-Open Market
In the pre-opening session, the S&P BSE Sensex index rose as much as 101.52 points - or 0.26 per cent - to touch 39191.55.
At 9:03 am, the Sensex was at 39,158.75, up 68.72 points - or 0.18 per cent - from its previous close, while the broader NSE Nifty benchmark was up 42.25 points - or 0.36 per cent - at 11,642.45.
Asian Shares Up Supported By Chinese Equities
MSCI's broadest index of Asia-Pacific shares outside Japan moved up 0.06 per cent, supported by a 0.4 gain in mainland Chinese shares, while Japan's Nikkei edged up 0.20 per cent after a market holiday on Monday.
US stock futures gained 0.39 per cent. The US Treasury Secretary later clarified that the negotiations will take place in two weeks.
Oil Prices Down, Near $65 Per Barrel Mark
Oil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September 14 attacks on its facilities.
Brent crude futures - the global benchmark for crude oil - fell 0.42 per cent to $64.50 a barrel.
SGX Nifty Indicates Positive Start For Domestic Stock Markets
At 8:48 am, the SGX Nifty traded 77.00 points - or 0.66 per cent - higher at 11,678.00. The SGX Nifty futures trading on Singapore Exchange are an early indicator of the NSE Nifty in India.
On Monday, the Sensex had ended 2.83 per cent higher at 39,090.03 - its highest closing level recorded since July 17 - and the Nifty settled up 2.92 per cent at 11,603.40.
Global Stocks Tick Up On Hopes Of US-China Trade Talks
The S&P BSE Sensex index and the broader NSE Nifty benchmark are likely to start Tuesday's session on a higher note, continuing their upmove for a third straight day after the government announced a cut in corporate taxes.
Domestic stock markets are also likely to take positive cues from gains in global peers, where equities ticked up on renewed hopes about US-China trade talks but lingering concerns about slowing global growth tempered the overall appetite for riskier assets.