HomeMarket NewsStocks NewsIndian market ends lower, tracking weak global cues; Reliance Industries, HDFC, Infosys among top losers

Indian market ends lower, tracking weak global cues; Reliance Industries, HDFC, Infosys among top losers

The NSE major, Nifty that had closed above the 200-day moving average on Monday, declined by 107 points today to end at 10,656.

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By Sudarshan Kumar  November 20, 2018, 4:04:22 PM IST (Published)

Indian market ends lower, tracking weak global cues; Reliance Industries, HDFC, Infosys among top losers
Indian equity market failed to hold the momentum seen in Monday’s trading session with benchmark indices ending Tuesday’s trade with sharp losses. The NSE major, Nifty that had closed above the 200-day moving average on Monday, declined by 107 points today to end at 10,656. It’s now 97 points below the 200-day moving average of 10,753 and 78 points below the 50-day moving average. The Sensex too saw a fall of 0.8 percent or 300 points to close at 35,474.


Financials were under pressure after the liquidity issue in the non-banking financial sector was not discussed in the Reserve Bank of India Board meeting yesterday. The sector that has a major contribution to the benchmark index, dragged Nifty by 28 points today. A majority of sectoral indices closed with losses. Amongst large cap stocks, Reliance, Infosys and HDFC were top losers, while GAIL, IndusInd Bank and Adani Ports closed with gains.

In the broader markets, Nifty Midcap Index fell 172 points i.e. 1 percent to 17,420, taking market breadth in favour of declines. The NSE Advance-Decline ratio stands at 1:3. The Nifty Bank edged lower by 187 points to 26,113 with Yes Bank being the top banking loser after 3 of its board members resigned in a week.

In the futures market, Nifty 10,700 Call option added 3.5 lakh shares in the open interest with premium slipping 46 percent. Amongst Put options, Nifty 10,500 was one of the active options with an addition of a little more than three lakh shares in the open interest. The Nifty November Futures closed with a premium of 6 points against a premium of 5 points on Monday.

In the currency market, rupee hit over 2-month high of 71.28 against the US dollar.

On the global front, shares of Japanese automaker Nissan fell 5.45 percent after its chairman, Carlos Ghosn, was arrested a day earlier over allegations of financial misconduct. The auto giant said in a statement on Monday that “over many years” Ghosn and board director Greg Kelly had been under-reporting compensation amounts.

Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.8 percent.

The broader Japanese market also declined, with the benchmark Nikkei 225 down 1.1 percent to close at 21,583 and the Topix Index lower by 0.7 percent to 1,625.67.

In South Korea, the Kospi slipped 0.8 percent to close at 2,082.58. The mainland Chinese markets were also lower on the day.

The Shanghai composite fell 2.1 percent to close at around 2,646 while the Shenzhen composite shed 2.7 percent to 1,379.

Hong Kong’s Hang Seng Index declined 1.9 percent in late-afternoon trade. Australia’s ASX 200 was down 0.4 percent to close at 5,672, with almost all sectors in negative territory.

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