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Market wrap: Sensex, Nifty end lower, fail to hold on to opening gains

Market wrap: Sensex, Nifty end lower, fail to hold on to opening gains

Market wrap: Sensex, Nifty end lower, fail to hold on to opening gains
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By Sudarshan Kumar  Oct 22, 2018 4:11:36 PM IST (Published)

The NSE Nifty50 fell 163 points from the day’s high to end the session 58 points in the red at 10,245, while the BSE Sensex slipped 614 points from highs to close 181 points lower at 34,134.

Indian shares ended more than half a percent lower on Monday, under-performing its Asian peers. The NSE Nifty50 fell 163 points from the day’s high to end the session 58 points in the red at 10,245. The BSE Sensex slipped 614 points from highs to close 181 points lower at 34,134. Gains seen in financial heavyweights such as ICICI Bank and HDFC Bank were offset by sharp losses in Reliance, IndusInd Bank, Kotak Mahindra Bank and IT stocks such as Infosys and TCS.

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In the broader markets, Nifty Midcap Index saw a fall of more than 1 percent to close at a level of 16,308, keeping market breadth in favour of declines. The NSE Advance-Decline ratio was 1:3 at the close, which meant 1 stock was advancing against three declining. The Nifty Bank also slipped in the last hour of trading session to end 7 points in the red at 25,079. ICICI Bank and HDFC supported with 306 points, while IndusInd Bank and Kotak Mahindra Bank dragged by 241 points.
On the earnings front, Hindustan Zinc reported earnings higher than estimates with the company’s profit coming in at Rs 1,815 crore against the poll of Rs 1,685 crore. Margin too came in 40 bps higher at 48.9 percent against the estimate. The company also announced a dividend of Rs 20 per share. Jubilant Life too reported healthy numbers for July-September quarter with profit coming in 64 percent higher as revenues jumped 38 percent.
Kansai Nerolac Paints reported profit of Rs 122 crore, 16 percent lower against the corresponding quarter. The company’s margin came in 390 bps lower at 15.1 percent.
In the futures market, Nifty 10,200 PE option added 8 lakh shares in the open interest with premium gaining 24 percent. Nifty 10,300 Call option added 7 lakh shares in the open interest with premium moving 25 percent higher. Nifty October futures closed with a discount of 6 points against a discount of 0.35 points on Friday.
On global front, Asia Pacific markets mostly rose on Monday as major Chinese indexes leaped more than 4 percent. The Shanghai composite added 4.1 percent to close at around 2,654.88. Earlier in the day, the index saw gains of more than 4.5 percent.
Elsewhere, the Shenzhen composite gained 4.9 percent to close at about 1,325.73. The moves followed Friday’s rally in Chinese stocks as authorities took steps to support the market after the release of weaker-than-expected GDP data. In Hong Kong, the Hang Seng index rose 2.3 percent.
In Japan, the Nikkei 225 erased earlier losses to close 0.37 percent higher at 22,614.82, while the Topix index gained 0.15 percent to end the trading day at 1,695.31. South Korea’s Kospi gained 0.25 percent to close at 2,161.71.
Down Under, the benchmark ASX 200 retraced some of its earlier losses but shed 0.6 percent to close at 5,904.9 amid fresh uncertainties in the country’s political outlook. Most sectors ended the trading day lower, with the heavily weighted financials subindex down 0.75 percent while the energy sector declined 0.8 percent.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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