Business

Sensex and Nifty snap nine-day gaining streak

Updated : April 18, 2018 04:07 PM IST

The Sensex erased 63 points to close at 34,332 and the Nifty slipped 23 points to 10,526.

Four of the top five index losers were from the financial space that included HDFC Bank and Axis Bank. Financials dragged the Nifty by 30 points.

Indian markets erased all of the gains from the first half to close in the red on Wednesday. RBI Deputy Governor NS Viswanathan’s comment, defending the one-day default clause, put additional pressure on the banks.This led to a 232-point fall on the Nifty Bank index.

“Framework requires banks to report even one day default and draw up resolution plans, thereupon such that the borrower is not in default as on 180th day from the date of such default,” said NS Viswanathan.

The Sensex erased 63 points to close at 34,332 and the Nifty slipped 23 points to 10,526.

Four of the top five index losers were from the financial space that included HDFC Bank and Axis Bank. Financials dragged the Nifty by 30 points.

On the gaining front, ITC was the biggest index gainer as most hotel stocks looked to narrow the valuation gap with Lemon Tree.

ITC lent 17-point support to the Nifty.

In the midcap space, Indian Hotels, Amara Raja, Voltas and Vakrangee gained the most, while Apollo Tyres, Berger Paints and Bharat Fin saw a fall. Vakrangee was a noteworthy gainer, as it closed in the green after 17 trading sessions. Market breath too, turned in favour of declines with advance-decline ratio at 2:3.

In derivatives, the most active options have been 10,500 Put & 10,700 Call, both the options added 8 lakh and 5.5 lakh shares each in the open interest, while 10,300 & 10,100 Puts shed 3 lakh shares each.

The Nifty April Futures premium widened to 25 points from a flat level seen on Tuesday.

On the global front, Asian markets closed in the green with the Hang Seng gaining 222 points to 30,284. The Shanghai advanced 1% and Nikkei closed with a gain of 311 points to 22,158.

Sensex and Nifty snap nine-day gaining streak

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