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Nifty closes below 200-day moving average, midcaps underperform, Yes Bank drags Nifty Bank

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The Sensex slipped from highs, but closed with a gain of 204 points at 35,717.

Nifty closes below 200-day moving average, midcaps underperform, Yes Bank drags Nifty Bank
The Indian equity market ended with gains on Wednesday, but traded volatile a day ahead of the expiry of derivatives contracts. The Sensex slipped from highs, but closed with a gain of 204 points at 35,717 and the Nifty that looked firm above 200-day moving average of 10,742 at one point of trade, slipped in the second half to end the session 43 points higher at 10,729.
The Nifty Bank too looked set for a major gain until the banking index sharply declined, dragged by a sharp fall in Yes Bank shares, closing with a minor gain of 15 points at 26,458.
The midcap index was the biggest underperformer amongst frontline indices, falling by 164 points at 17,305, keeping market breadth in favour of declines. For every gaining stock, two others are declining.
Arvind in its first session of trade post demerger closed at Rs 108.30 per share. RBL Bank shares also fell in trade after Kotak Institutional Equities downgraded the stock to sell from add.
Yes Bank slipped to its lowest levels since March 2016 on recent development involving promoter group companies and resignation of board members. In an exchange filing on Wednesday, Rana Kapoor-led Yes Bank denied any external dealings with promoter companies.
Furthermore, the bank informed that its board meeting is scheduled on December 13 to recommend the name of new chairman to the Reserve Bank of India, a day after the bank’s search and selection committee discusses the final shortlisted candidates.
Apart from Yes Bank, L&T, ITC and SBI were other major losers, while support to Nifty came in from Infosys, TCS, Reliance, HDFC twins and ICICI Bank.
In the Futures market, Nifty 10,700 Put option added 13 lakh shares in the open interest with premium slipping 51 percent. Nifty 10,800 Call option saw its premium slipping 43 percent with an addition of a little more than 8 lakh shares in the open interest.
Nifty Futures closed with a discount of 17 points against a discount of 1 point on Tuesday.
Asia markets were mostly higher on Wednesday after a cautious start as investors await the outcome from a crucial meeting between US president Donald Trump and his Chinese counterpart Xi Jinping in the G-20 Summit in Argentine capital Buenos Aires.
The mainland Chinese markets ended the day higher by more than a percent each. The Shanghai composite rose 1.05 percent to 2,601.73, while the Shenzhen composite advanced 1.4 percent to 1,355.38.
Hong Kong’s Hang Seng index gained 1.3 percent to close at 26,682.56. Elsewhere in Asia, most markets gained.
Japan’s Nikkei 225 was up 1.02 percent at 22,177.02 while the Topix index rose 0.58 percent to 1,653.66, with shares of Fast Retailing advancing 3.59 percent.
South Korea’s Kospi gained 0.42 percent to close at 2,108.22.
In Australia, however, the ASX 200 closed fractionally lower at 5,725.1. Shares of Australia’s major miners were mixed. Rio Tinto fell 2.17 percent and BHP Billiton slipped 0.84 percent, while Fortescue Metals Group rose 2.34 percent.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Market Movers

CompanyPriceChange%Gain
Maruti Suzuki7,265.40 365.50 5.30
UPL802.50 30.30 3.92
Shree Cements29,239.05 1,013.70 3.59
Wipro556.55 14.40 2.66
SBI Life Insura1,007.00 25.45 2.59
CompanyPriceChange%Gain
Maruti Suzuki7,263.75 362.25 5.25
Larsen1,499.15 32.25 2.20
UltraTechCement6,856.50 75.25 1.11
Bajaj Auto4,221.25 38.60 0.92
TCS3,300.65 28.20 0.86
CompanyPriceChange%Gain
Maruti Suzuki7,265.40 365.50
UPL802.50 30.30
Shree Cements29,239.05 1,013.70
Wipro556.55 14.40
SBI Life Insura1,007.00 25.45
CompanyPriceChange%Gain
Maruti Suzuki7,263.75 362.25
Larsen1,499.15 32.25
UltraTechCement6,856.50 75.25
Bajaj Auto4,221.25 38.60
TCS3,300.65 28.20

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.36500.26500.36
Euro-Rupee88.50600.18800.21
Pound-Rupee103.48900.22600.22
Rupee-100 Yen0.6714-0.0002-0.04