Home / Stock Market / An evening walk down Dalal Street | Indices snap 3-day winning streak, Nifty ends around 10,450; midcaps crack

An evening walk down Dalal Street | Indices snap 3-day winning streak, Nifty ends around 10,450; midcaps crack

A huge reversal in trend played on the market today as weakness in financials weighed big on Sensex and the Nifty. The 50-share index, which rose above 10,700 in the opening tick, ended the day just above 10,450.

Non-banking financial companies (NBFCs), particularly housing finance companies, saw a big fall, which spilled over to other financial names as well.

As a result, sectoral indices such as PSU banks as well as Bank Nifty ended 1.5-3 percent lower. A sell-off in the midcaps segment also added to the weak sentiment.

Automobiles, metals, pharmaceuticals and energy sectors were the other big losers.

The day began on a strong note, with the Nifty seeing a gap-up opening. Positive global cues pushed indices higher and a rise in midcaps too aided sentiment.

However, volatility struck after an hour of trade as indices started seeing swings. Housing finance companies started to tumble as investors bet on global brokerage houses’ views on issues in this segment.

At the close of market hours, the Sensex is down 382.90 points or 1.09% at 34779.58, while the Nifty ended lower by 131.80 points or 1.25% at 10453.00. The market breadth was negative as 705 shares advanced, against a decline of 1,884 shares, while 942 shares were unchanged.

Stocks in News

Maruti Suzuki India stock declined over 4 percent after global brokerage firm HSBC slashed target price by 10 percent on likely margin pressure risk.

NIIT Technologies’ shares ended 5 percent higher after the software company reported a healthy sequential growth of 30.3 percent in its consolidated profit to Rs 111.8 crore, driven by strong operational performance.

Hero MotoCorp closed 3 percent lower on the back of subdued second quarter numbers declared by the company on September 16.

Shares of non-banking finance companies (NBFCs) and housing finance companies (HFCs) were a big drag as brokerages raise concerns on HFCs. DHFL and Indiabulls Housing end 12-13 percent lower.

Shares of KRBL tumbled 8.5 percent intraday but ended over 2 percent higher even as its auditor has resigned, citing personal reasons.

Aditya Birla Money surged 1 percent after company reported strong numbers for the quarter ended September 2018 (Q2FY19).

Global Markets

Equity markets in Europe were higher as positive handover from Wall Street played on the markets there. Stoxx 600 was up around 0.5 percent.

Meanwhile, stocks in Asia were higher on the back of Wall Street’s moves as well. The Shanghai composite gained by 0.6 percent at around 2,561.61 while the Shenzhen composite rose 0.81 percent at 1,266.55.

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An evening walk down Dalal Street | Indices see good follow-through to previous close; Nifty ends above 10,500

An evening walk down Dalal Street | Indices see good follow-through to previous close; Nifty ends above 10,500 At the close of market hours, the Sensex ended up 131.52 points or 0.38% at 34865.10, while the Nifty rose 40 points or 0.38% at 10512.50.

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