Investors looked to cash out of most sectoral indices, with major cuts visible among metals, auto and FMCG names. Weakness among midcaps too weighed on the market. The Nifty Midcap index ended over 1 percent lower.
Intensified selling in the last hour ensured that the market ended the day on a lower note, with the Nifty giving up 11,000-mark. The Sensex managed to close almost 150 points lower, a huge drop from the record high it achieved on Wednesday morning.
Investors looked to cash out of most sectoral indices, with major cuts visible among metals, auto and FMCG names. Weakness among midcaps too weighed on the market. The Nifty Midcap index ended over 1 percent lower.
The day began on a strong note, with the Sensex hitting a fresh record high at 36,747 in the first hour, while the Nifty too traded well above 11,050-mark.
At the close of market hours, the 30-share index ended down by 146.52 points or 0.40 percent at 36373.44, while the Nifty was down 26.00 points or 0.24 percent at 10982.00. The market breadth was negative as 878 shares advanced, against a decline of 1,689 shares, while 149 shares are unchanged.
ONGC, Asian Paints, and Indiabulls Housing were the top gainers on both indices, while metal stocks such as Tata Steel, Vedanta and Hindalco were the top losers.
Stocks in news
Bandhan Bank posted a 47.5 percent rise in its net profit for the June quarter on the back of higher interest income and stable asset quality. The stock closed 6.7 percent higher.
HPCL, BPCL, IOC shares rally 1-2 percent each after fall in crude oil prices. Any decline in international crude oil prices is always good for oil retailers and country like India which imports more than 80 percent of its requirement.
HDFC Bank hit a fresh record high of Rs 2,219 after raising of funds from its parent firm. The country’s second largest private sector lender raised Rs 8,500 crore by issuing over 3.9 crore shares on preferential basis to its parent HDFC. The stock closed flat at Rs 2,176.
Media and entertainment firm, HT Media, reported a drop of 86 percent in its net profit for the June quarter to Rs 5.8 crore against Rs 41.5 crore reported by the firm during the same quarter of last year. The stock plunged 15 percent.
Shares of Idea Cellular fell 4.6 percent as investors turned wary of the Idea and Vodafone’s decision to pay spectrum dues in a few weeks. Idea and Vodafone are likely to pay Rs 7,268 crore spectrum dues to the department of telecommunications (DoT) ‘under protest’ in a few weeks, sources told CNBC-TV18.
Shares of Jaiprakash Associates ended 2 percent higher after ace investor Rakesh Jhunjhunwala increased his stake by 0.83 percent in the firm during April-June quarter.
Global update
Markets in Europe were higher in morning trade, following positive handover from Wall Street. Stoxx 600 was 0.4 percent higher. Technology was the top gainer, up by more than 2 percent on the back of good earnings.
Meanwhile, Asian markets ended the day mixed, even as investors looked to digest Fed Chair’s statements during his testimony. The Nikkei 225 rose 0.43 percent, or 96.83 points, to close at 22,794.19.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
