Sensex, Nifty today: Losses in banking and financial services stocks pulled the markets lower
Domestic stock markets registered sharp losses on Thursday, continuing the downward movement a day after benchmark indices S&P BSE Sensex and NSE Nifty broke a six-day losing streak. The Sensex index fell as much as 375.02 points to hit 37,802.93 during the session and the broader NSE Nifty benchmark slid to 11,208.55, down 104.75 points from the previous close. A selloff across sectors, led by banking and financial services shares, pulled the markets lower although buying in energy and infrastructure shares arrested the fall. Analysts awaited IT major Tata Consultancy Services (TCS) to report its earnings for the quarter ended September 30 and macroeconomic data due the next day for cues. Both benchmark indices trimmed some of the losses by the end of the session.
Here are highlights of the movement in domestic stock markets (Sensex and Nifty) today:
Bharti Airtel, Reliance Industries Buck Trend
Thirty five stocks on the 50-scrip index ended lower.
Top Nifty Gainers/Losers
Top Sensex Gainers/Losers
|IndusInd Bank||-6.15%|Banking Stocks Lead Decline After A Day's Pause
Ten out of the 11 sectoral indices on the NSE closed lower while the Nifty Pharma index finished flat. Banking stocks were the worst hit.
|Nifty PSU Bank||-2.94%|
|Nifty Private Bank||-2.82%|
|Nifty Financial Service||-1.92%|
|Nifty Fast-Moving Consumer Goods||-0.40%|
Sensex Ends At 37,880, Nifty Gives Up 11,250
The S&P BSE Sensex index ended 297.55 points - or 0.78 per cent - lower at 37,880.40, and the broader NSE Nifty benchmark settled at 11,234.55, down 78.75 points - or 0.70 per cent - from its previous close.
Bharti Airtel, Vodafone Idea Shares Jump After Jio Puts An End To Free Calls
Shares in Bharti Airtel and Vodafone Idea jumped a day after Reliance Jio said it will charge customers 6 paise per minute for calls made to rival networks till such time that the telecom regulator moves to a zero termination-charge regime. Bharti Airtel shares surged as much as 7.13 per cent and Vodafone Idea 17.64 per cent during the session.
Analysts say the abolition of free voice calls by Reliance Jio is positive for the industry as it enables other operators to raise tariffs.
IndusInd Bank Shares Fall 4% After Q2 EarningsIndusInd Bank
reported a net profit of Rs 1,383.37 crore for the quarter ended September 30, as against Rs 920.25 crore for the corresponding period a year ago. Total income increased 31.41 per cent to Rs 8,877.02 crore, the lender said in a regulatory filing. IndusInd Bank said its gross non-performing assets as a percentage of total loans stood at 2.19 per cent in the quarter ended September 30, as against 2.15 per cent in the previous quarter.
IndusInd Bank shares fell as much as 4.02 per cent to hit Rs 1,256.90 apiece on the BSE after the earnings announcement. At 2:29 pm, IndusInd Bank shares traded 2.79 per cent lower at Rs 1,272.95 apiece on the bourse, underperforming the benchmark Sensex index which was down 0.75 per cent.
Telecom Shares Witness Buying Interest, Banks Face Selling Pressure
Thirteen of the 19 sectoral indices on the BSE traded lower led by the S&P BSE Bankex index, which fell as much as 2.67 per cent. On the flipside, S&P BSE Telecom index jumped 6.41 per cent. Mid- and small-cap shares witnessed selling pressure with the S&P BSE MidCap and SmallCap indices falling 0.95 per cent and 0.47 per cent respectively.
Indiabulls Housing Finance Falls After RBI Calls Off Merger With Lakshmi Vilas Bank
Shares of Indiabulls Housing Finance fell as much as 20 per cent to Rs 192.65 after the Reserve Bank of India called off its proposed merger with Lakshmi Vilas Bank, the company said in an exchange filing after market hours on Wednesday.
"The merger will not happen with Lakshmi Vilas bank, the uncertainty of last 5 months on the business is lifted and the Company will focus on its growth of the core business of housing finance," Indiabulls Housing Finance said in the filing.
Market Update: Sensex Falls 300 Points, Nifty Bank Index Worst Hit
Both benchmark indices Sensex and Nifty extended declines in noon deals paced by losses in banking and financial services shares. The Sensex declined 292 points and Nifty was down 82 points at 11,232.
Top Nifty Losers
- Yes Bank: -4.51%
- GAIL India: -4.05%
- ICICI Bank: -3.13%
- Tata Motors: -3.02%
- Mahindra & Mahindra: -2.58%
Top Nifty Gainers
- Bharti Airtel: +4.88%
- Grasim Industries: +3.72%
- Reliance Industries: +2.55%
- Hindustan Unilever: +0.87%
- Bajaj Auto: +0.71%
Reliance Industries Gains As Jio To Charge For Calls Made To Other Networks
Shares of Reliance Industries rose as much as 3.03 per cent to Rs. 1,366 on the BSE a day after its telecom arm reliance Jio Infocomm announced that it will charge 6 paise per minute for outgoing calls made to other network operators like Bharti Airtel and Vodafone Idea. On the National Stock Exchange, Reliance Industries shares rose as much as 3.11 per cent outperforming the Nifty 50 index which was down 0.28 per cent.
Tata Motors Shares Fall Nearly 4% After Global Sales Drop
Tata Motors shares fell as much as 3.81 per cent to Rs 116.25 apiece on the BSE, after the carmaker said its global wholesales dropped 27 per cent in September. In a regulatory filing, Tata Motors said its global sales including Jaguar Land Rover stood at 89,912 units last month.
Advance-Decline Ratio Negative
Market breadth favoured losses, with 851 stocks moving higher on the Bombay Stock Exchange (BSE), 993 struggling with losses and 101 unchanged. On the National Stock Exchange (NSE), 734 shares advanced, 897 declined while 482 were flat.
Thirty five stocks on the 50-scrip benchmark index Nifty traded lower at the time, with Yes Bank, GAIL and Tata Motors down 3.47 per cent, 3.29 per cent and 2.73 per cent respectively.
Weakness Across Sectors Pulls Markets Lower; IT Shares Buck Trend
All but one sectoral index on the National Stock Exchange traded in the negative zone in the first hour of trade. Banking stocks were the worst hit. IT shares bucked the trend.
|Nifty PSU Bank||-2.15%|
|Nifty Private Bank||-1.68%|
|Nifty Financial Service||-1.51%|
|Nifty Fast-Moving Consumer Goods||-0.56%|
|Nifty IT||+0.22%|Banking Stocks Pull Markets Lower After A Day's Breather
Banking stocks were the worst hit in early trade on Thursday, a day after the sector supported the markets to break a six-day fall. The Nifty Bank index - comprising shares of 12 majors banks - fell as much as 1.80 per cent. Prominent laggards included Yes Bank, SBI and ICICI Bank, falling as much as 6.94 per cent, 2.59 per cent and 2.43 per cent respectively.
Sensex Down Over 100 Points, Nifty Below 11,300
At 9:21 am, the Sensex traded 137.50 points - or 0.36 per cent - lower at 38,040.45 while the Nifty was down 36.60 points - or 0.32 per cent - at 11,276.70. Top percentage laggards on the 50-scrip index at the time were Yes Bank, ICICI Bank, SBI, Tata Steel and Tata Motors, trading between 1.53 per cent and 2.77 per cent lower.
Sensex, Nifty Open Lower
The S&P BSE Sensex index opened 47.72 points lower at 38,130.23 whereas the broader NSE Nifty benchmark started the session at 11,280.50, down 32.8 points from 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 77.94 points to touch 38,255.89 on the upside. At 9:02 am, the Sensex was up 68.68 - or 0.18 per cent - at 38,246.63, while the broader NSE Nifty was up 17.65 points - or 0.16 per cent - at 11,330.95.
Tata Consultancy Services (TCS) Shares In Focus
Tata Consultancy Services (TCS) will report its earnings for the second quarter of the current financial year after market hours on Thursday. The IT major will hold an earnings conference call at 7:00 pm, it said on its website - tcs.com.
For the quarter ended June 30, TCS had reported a net profit of Rs. 8,131 crore beating analysts' estimates. As of Wednesday's close, TCS shares
are down 5.20 per cent since then.
Asian Shares Tumble On US-China Trade Concerns
Equities in global markets tumbled on rising concerns about the US-China trade war. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.31 per cent, on signs that Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks. Japan's Nikkei slipped 0.11 per cent.
SGX Nifty Futures Indicate Lower Opening For Domestic Stock Markets
Domestic stock markets are likely to open lower on Thursday amid weakness in global peers, a day after benchmark indices S&P BSE Sensex and NSE Nifty broke a six-day losing streak. At 8:20 am, the Singapore Exchange (SGX) Nifty futures - an early indicator of the NSE Nifty index in India - were down 55.00 points, or 0.49 per cent, at 11,283.00.