Market Close: Sensex, Nifty end lower on sustained selling, profit-booking##Market Close: Sensex, Nifty end lower on sustained selling, profit-booking
Equity indices ended lower, snapping four day gaining streak, on sustained selling pressure across sectors, barring metal and media. The BSE Sensex ended lower by nearly 85 points, or 0.22 percent, to settle at 38,251.80, while the NSE Nifty 50 closed over 25 points lower, or 0.22 percent, to end at 11,557. Shares of Reliance Industries gained for the 5th day in a row, supporting indexes, which otherwise were dragged lower by financials contributing 19 points to Nifty's decline. IT and pharma also saw profit-booking after last few days of gains. Four of the top 5 Nifty index losers are from financials. Nifty Bank ends lower over half a percent with as many as 8 stocks ending in the red. For the week, the Sensex and Nifty gain 0.8 percent, while Nifty MidCap index surged by a percent for the week. Nifty Bank slipped lower by a percent for the week.
Cadila Healthcare shares trade 2.70% higher, Nifty Pharma recovers##Cadila Healthcare shares trade 2.70% higher, Nifty Pharma recovers
Cadila Healthcare shares were trading higher by 2.70 percent at Rs 402. Intra-day, the pharma company's stock ranged between a high and a low of Rs 402 and Rs 381.20 on the NSE. The US FDA successfully completed inspection of Cadila's Ahmedabad facility of Zydus Bilologics. Nifty Pharma recovered after suffering losses for most of the day. The indice traded flat, lower by 0.06 percent with as many as 6 stocks advancing against 4 declines.
Bandhan Bank recovers from early lows, rises 1.18%##Bandhan Bank recovers from early lows, rises 1.18%
Shares of Bandhan Bank surged 1.18 percent to trade at Rs 674.30 at 2.58 pm on the BSE. The stock touched an intra-day low of Rs 611.80 after reports that the bank is in the fray to acquire a controlling stake in PNB Housing Finance. Bandhan Bank's stock has shot up by 87 percent within five months of its listing on bourses.
Meanwhile, indices traded weak in less than half an hour of close. The Sensex was trading nearly 85 points lower, or 0.22 percent, to 38,2525, while the Nifty 50 was defending 11,550 mark, up by 25 points, or 0.22 percent, to trade at 11,557.
Axis Bank shares rise on reports of Amitabh Chaudhry to be next CEO##Axis Bank shares rise on reports of Amitabh Chaudhry to be next CEO
Shares of Axis Bank rose nearly 2 percent to trade near its lifetime high on reports that Amitabh Chaudhry, managing director and chief executive officer (CEO) at HDFC Life Insurance will replace, CEO Shikha Sharma, whose term ends in December 2018. Speculation about Chaudhry replacing Sharma rose after a block deal transaction showed that the former sold Rs 557.7 million worth of shares of HDFC Life Insurance between April-August this year. The Reserve Bank of India (RBI) had asked the Axis Bank's board to "reconsider" the appointment of Sharma for a fourth term after it was found under-reporting bad loans as well as shrinking financial performance under her tenure. (Copgencis)
Shares traded at Rs 639.95, higher by 1.29 percent on the BSE at 2.17 pm. Meanwhile, the BSE Sensex was trading near 38,300 level, at 38,295.82, down by 40.94 points, or lower by 0.11 percent. The NSE Nifty 50 was at 11,567.55, lower by 15.20 points, or 0.13 percent.
Raymond shares rise 3%, company plans to sell land in Thane to cut debt##Raymond shares rise 3%, company plans to sell land in Thane to cut debt
Shares of Raymond rose 3% today over reports that to cut its debt, the company plans to sell its land in Thane, Maharashtra, the development of which was recently sanctioned by its board. Shared trade at Rs 814.05, up by 1.38 percent, on the BSE at 1.18 pm. Intra-day, it touched a high of Rs 823.75, after opening at Rs 813. The benchmark BSE Sensex was trading lower by 82 points, or 0.22 percent, at 38,254.
ONGC shares at a month's high##ONGC shares at a month's high
ONGC shares jumped 2.5 percent to hit a one-month high of Rs 176.15, and was the second best performer among Nifty 50 stocks this week. Over the week shares of Oil & Natural Gas Corp. rose 7.5 percent due to a rise in global crude oil prices, and with US sanctions against Iran oil exports taking effect from November, crude prices are likely to move higher. At 11.47 IST, ONGC shares were up 2 percent at Rs 175.35. So far in 2018, the scrip was down 10.2 percent. Meanwhile, the BSE Sensex is dipped by over 100 points, or 0.27 percent, to 38,233.13. The Nifty 50 also declined by 0.24 percent, or 27 points, to 11,555.35.