Indian equity market ended Tuesday with sharp losses after reports said that Saudi Arabia is comfortable with Brent crude oil prices at $80/bbl. The statement hit sentiments in the currency market with the Indian rupee slipping against the US dollar.
The NSE Nifty50 ended below 11,300 mark, while the BSE Sense also settled below 37,300 mark. The Sensex ended at 37,291, plunging by 395 points, or by 0.78 percent, while the Nifty closed at 11,279, shedding 99 points, or by 0.87 percent.
Barring FMCG, all sectoral indices ended in the red. Financials dragged Nifty down with SBI shares slipping over 4 percent. ICICI Bank and SBI together contributed around 200 points to Nifty Bank’s fall. Yes Bank shares among the only bank to end in the green among Nifty stocks. Sugar stocks also saw a decline on profit-booking after recent uptrend.
Bank of Baroda shares fell over 16 percent after the Centre’s proposal of merger with Vijaya and Dena Bank. Oil marketing companies came under pressure as Brent oil prices slipped to $79/bbl. Market breadth is in favour of declines with advance-decline ratio of 1:3.
Market update as of 3.50 pm) Sensex, Nifty extend losses ahead of close as crude prices rise
Indian equity market fell sharply ahead of closing trade on Tuesday as crude prices surged and the Indian rupee
weakened against the US dollar. The BSE Sensex plunged nearly 287 points, or 0.76 percent, to trade below the 37,300 mark, at 37,299.
NSE Nifty 50 declined by over 91 points, or 0.80 percent, to trade at 11,286.40. Midcaps also fell sharply with the BSE MidCap lower by 1.52 percent and the NSE MidCap dipping by 1.46 percent.
PSU Bank slumped by 5.28 percent, while except Nifty
FMCG, all sectoral indices on the NSE index fell sharply.
Market update as of 3.15 pm) Sensex, Nifty volatile as trade tensions resurface; Bank of Baroda plunges 11%, HUL up 3%
Indian equity market traded volatile around noon on Tuesday as investor sentiment remained cautious. Gains accumulated in FMCG and pharma stocks were offset by selling in banking, financial and related sectors.
The BSE Sensex traded higher by nearly 42 points, or by 0.11 percent, to trade at 37,627.38 at 11.45 am. The NSE Nifty50 traded at 11,388.55, lower by 10.80 points, or 0.09 percent.
The 30-share BSE index has ranged between a high of 37,745 and a low of 37,465. The Nifty has traded between a high of 11,411 and a low of 11,378.
Midcaps traded slightly negative after rising in the morning. The Nifty MidCap traded lower by 0.18 percent, while the BSE MidCap slipped by 0.19 percent.
Shares of Hindustan Unilever surged over 3 percent as traders added long positions in the September futures contract of the FMCG major. Yes Bank, Dr Reddys Labs, ONGC, M&M and Adani Ports were other top gainers rising by up to 2.26 percent.
Hindalco, Coal India, SBI, Tech Mahindra, Bajaj Auto, Tata Motors, Vedanta dipped by up to 1.86 percent.
Sectoral indices on the NSE traded negative except for Pharma and FMCG, which surged over a percent. Nifty Bank declined by 0.46 percent, while PSU Bank plunged 2.6 percent. Associated sectors like Auto, Realty and Financial Servcies also dipped.
Bank of Baroda shares traded sharply lower over 11 percent after the Centre on Monday evening announced its merger with Dena and Vijaya Bank.
The Indian rupee traded at 72.41 against the US dollar at 12.05 pm.
Asian markets bounced back after trading under pressure for most of the day. Japan's Nikkei gained 4.41 percent, while Hong Kong's Hang Seng was marginally up by 0.28 percent, but recovering nearly 400 points from the day's low.
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