Sensex, Nifty updates: The benchmark indices declined for the sixth day in a row.
Domestic stock markets started the holiday-shortened week on a lower note, with the benchmark indices extending losses to a sixth day in a row. The S&P BSE Sensex index traded in the positive territory for the most part of the session, gaining 246.16 points to touch 37,919.47 at the day's highest mark, but could not sustain those gains. The 30-scrip index plunged as much as 438.94 points to hit 37,480.53 on the downside before paring some of those losses by the end of the session. Selling pressure in pharmaceutical and metal stocks dragged the markets lower. Analysts awaited macroeconomic data and quarterly results from TCS and Infosys for market cues. The markets will remain closed on Tuesday for Dussehra.
Here are highlights of the movement in domestic share markets (Sensex and Nifty) on October 7:
Pharma, Metal Sectors Worst Hit
Eight out of the 11 sectoral indices on the National Stock Exchange ended lower, with the pharmaceutical and metal sectors worst hit.
|Nifty PSU Bank||-1.07%|
|Nifty Fast-Moving Consumer Goods||-0.36%|
|Nifty Financial Service||-0.03%|
|Nifty Private Bank||+0.24%|
|Nifty Media||+1.27%|Sensex, Nifty End Lower For Sixth Straight Session
The Sensex ends 141.33 points - or 0.38 per cent - at 37,531.98 and the broader NSE Nifty index settled at 11,126.40, down 48.35 points - or 0.43 per cent - from its previous close. Top percentage laggards on the 50-scrip index were Bharat Petroleum, Cipla, UltraTech, IndusInd Bank and Tata Steel, ending between 2.04 per cent and 5.11 per cent lower.
Bank Nifty Erase Intraday Gains, Falls 435 Points From Day's High
Gauge of banking shares on the NSE - Nifty Bank index - erased all its intraday gains and fell as much as 435 points from day's high to 27,750.45.
Top losers in the banking space:
- IndusInd bank down 2.06%
- IDFC First Bank down 1.71%
- Bank of Baroda down 1.30%
- Punjab National Bank down 1.21%
- Federal Bank down 0.99%
Market Update: Sesnex, Nifty Erase Gains; Bharat Petroleum, IndusInd Bank Top Losers
The S&P BSE Sensex and NSE Nifty 50 indexes erased gains owing to weakness in pharma, metal, auto and PSU banking shares.
The Sensex fell 108 points to 37,565 and the Nifty was down 52 points at 11,123.
Aurobindo Pharma Slumps To Fresh 52-Week Low
Shares of the Hyderabad-base drugmaker - Aurobindo Pharma - fell as much as 18.16 per cent to hit new 52-week low of Rs 464.10.
Market Update: Sensex Up Over 100 Points, Nifty Holds 11,200
The S&P BSE Sensex and NSE Nifty 50 indexes came off intraday highs owing to weakness in ITC, Larsen & Toubro, TCS, Infosys and ONGC. However, buying in the banking heavyweights like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank supported the positive momentum in the benchmarks.
As of 1:50 pm, the Sensex was up 84 points at 37,757 and Nifty was up 28 points at 11,201.
Seven of 11 sector gauges compiled by NSE were trading lower. Nifty Bank index was top gainer, up 1.2 per cent or 330 points at 28,065. On the flipside, Nifty Pharma index was top loser down over 3 per cent.
Indiabulls Group Stocks Fall; Indisbulls Ventures Plunges 10%
Indiabulls group shares were trading on a weak note led by Indiabulls Housing Finance's over 4.5 per cent fall.
Indiabulls group shares:
- Indiabulls Housing Finance down 4.66%
- Indiabulls Real Estate down 2.50%
- Indiabulls Ventures down 9.91%
- Indiabulls Integrated Services down 4.99%
Mid- And Smal-Caps Underperform Larger Peers
Mid- and small-cap shares were underperforming their larger peers as the Nifty Midcap 100 and nifty Smallcap 100 indexes fell 0.12 and 1.08 per cent each respectively.
Top mid-cap losers:
- Glenmark Pharma down 11.28%
- Indiabulls Ventures down 10%
- Edelweiss Financial Services down 9%
- MRPL down 4.16%
- Future Consumer down 3.59%
Top small-cap losers:
- MTNL down 14.92%
- Grauer & Weil down 1.027%
- NITCO down 8.40%
- Zee Learn down 8.37%
- Jain irrigation Systems down 6.87%
Indiabulls Housing Finance Falls On Heavy Volumes
Shares of the Gurugram-based mortgage lender - Indiabulls Housing Finance - fell as 13.2 per cent to Rs 213 on the back of heavy volumes.
As many as 25.75 lakh shares changed hands on the BSE compared with an average of 18.20 lakh shares traded daily in the past two weeks.
The stock has sharply underperformed the Sensex as it has so far this year plunged 75 per cent compared with a gain of 4.92 per cent in the Sensex.
HDFC Bank Surges On Reporting Loan, Deposit Growth Numbers
Shares of the country's largest private sector lender - HDFC Bank - rose as much as 2.53 per cent to Rs 1,220 after the bank reported its loan and deposit growth numbers for the month of September.
HDFC Bank's advances rose 19 per cent to Rs 8,97,000 crore as of September 2019 compared with Rs 7,50,800 crore as of September 2018. Its deposits rose 22 per cent to Rs 10,21,500 crore as of September 2019 versus Rs 8,33,400 crore as of September 2018.
Market Breadth Favours Losses
Market breadth was negative with 861 stocks trading higher, 1,167 moving lower and 156 flat on the Bombay Stock Exchange (BSE) in late morning deals. On the National Stock Exchange (NSE), 740 stocks advanced, 946 declined while 446 remained unchanged.
At 11:20 am, the Sensex traded 109.51 points higher at 37,782.82 while the Nifty was up 12.15 points at 11,186.90.
Yes Bank Files Complaint Against Rumours About Its Financial Health
Yes Bank shares jumped to as much as Rs 45.95 apiece on the BSE during the session, as against their previous close of Rs 42.15. At 11:09 am, the Yes Bank stock traded 3.08 per cent higher at Rs 43.45, outperforming the benchmark Sensex index which was up 0.19 per cent. Yes Bank had fallen on three out of four sessions last week, registering a weekly decline of 13.63 per cent.
In a regulatory filing on Sunday, the private sector bank said it had lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumors about its financial health on WhatsApp and other social media platforms. Yes Bank said it had requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.
Yes Bank Shares Lead Gains In Banking Sector
The Nifty Bank - a sectoral index on the NSE comprising stocks of 12 major lenders in the country - moved as much as 1.63 per cent higher in morning deals. Gains were led by Yes Bank, which jumped as much as 9.02 per cent. Other prominent gainers included Kotak Bank and HDFC Bank, which climbed 1.88 per cent and 2.53 per cent respectively.
The Nifty Bank index had declined 7.57 per cent in the past five sessions.
Financial, Metal Stocks Lead Recovery
Gains in financial and metal sectors countered losses in pharma and auto spaces. Six of the 11 sectoral indices on the National Stock Exchange moved higher in morning deals.
|Nifty Financial Service||+0.94%|
|Nifty Private Bank||+0.87%|
|Nifty PSU Bank||+0.25%|
|Nifty Fast-Moving Consumer Goods||+0.09%|
|Nifty Media||-1.72%|Sensex Up 32 Points, Nifty Flat
The Sensex and Nifty swung between gains and losses, as losses in energy stocks were countered by gains in metal shares. At 9:40 am, the Sensex traded 31.85 points - or 0.08 per cent - higher at 37,705.16 while the Nifty was down 2.45 points - or 0.02 per cent - at 11,172.30. Top laggards on the 50-scrip index at the time were Zee Entertainment and Bharat Petroleum, trading 8.15 per cent and 3.02 per cent lower respectively.
Top Nifty Gainers
Sensex, Nifty Erase Early Gains Amid Choppy Trade
After a positive start, both benchmark indices reversed direction amid selling pressure in financial, auto and energy sectors. The S&P BSE Sensex index fell as much as 138.77 points from its previous close to hit 37,534.54 on the downside in the first few minutes of trade. The broader NSE Nifty benchmark slipped to 11,117.85, down 56.9 points from the previous close.
Sensex Opens 180 Points Higher, Nifty At 11,196
Domestic share markets started the session on a higher note, with the benchmark Sensex index opening 180.49 points - or 0.48 per cent - higher at 37,853.80. The broader Nifty benchmark started the session at 11,196.20, up 21.45 points - or 0.19 per cent - from its previous close.
Both benchmark indices had shed nearly 3 per cent in last five consecutive sessions.
Sensex, Nifty Rise In Pre-Open Market
In the pre-opening session, the S&P BSE Sensex index rose as much as 248.14 points - or 0.66 per cent - to touch 37,921.45. At 9:07 am, the Sensex was up 178.56 points - or 0.47 per cent - at 37,851.87, while the broader NSE Nifty index was at 11,196.20, up 21.45 points - or 0.19 per cent - from its previous close.
Markets To Remain Closed On Tuesday For Dussehra
This is a second straight week of four trading days. The financial markets will remain shut on Tuesday for Dussehra. Last Wednesday, the markets were closed on account of Mahatma Gandhi Jayanti.
After Monday's session, the stock markets will resume trading on Wednesday, October 9.
Earnings, Macroeconomic Data In Focus This Week
Analysts say macroeconomic data and earnings from large cap companies such as Infosys will be monitored closely this week.
TCS will kick off the earnings season by reporting its financial performance in the September quarter on Thursday. Infosys will post its results the next day. The government is due to release data on industrial production on Friday.
Asian Shares Edge Higher On Easing Concerns About Global Growth
Equities in other Asian markets edged higher after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent, Japan's Nikkei stock index climbed 0.29 per cent and Australian shares went up 0.48 per cent.
SGX Nifty Futures Indicate Higher Opening For NSE Nifty
Domestic stock markets are likely to start the holiday-shortened week on a higher note on Monday. At 8:34 am, the Singapore Exchange (SGX) Nifty futures were up 7.50 points - or 0.07 per cent - at 11,213.50.
The SGX Nifty futures are an early indicator of the National Stock Exchange (NSE) Nifty index in India.