Home / Stock Market / An evening walk down Dalal Street | Sensex ends over 170 points lower, Nifty holds 10,300; auto stocks fall

An evening walk down Dalal Street | Sensex ends over 170 points lower, Nifty holds 10,300; auto stocks fall

Shares resumed their downtrend after a brief pause from the upmove that was seen on Monday. The Nifty ended around 10,300, while the Sensex closed over 170 points lower.

Higher crude prices along with a weakening rupee dominated the volatile moves on the market.

Crude resumed its upward movement, while the rupee fell to a fresh record low of 74.27 per US dollar. At the time of equity market coming to a close, the currency had dipped to 74.35 per USD.

D-Street saw wild swings before ending the day in the red. A big knock on a stock such as Tata Motors also weighed big on indices.

There was large-scale selling across automobiles, energy, and FMCG names, while metals and pharmaceuticals were the top gainers. Midcaps recovered from their low points and ended 0.30 percent lower.

The day began on a good note, but selling soon gripped the market. But a good session among financials, particularly in the housing finance space, helped the market recover.

At the close of market hours, the Sensex closed down 174.91 points or 0.51% at 34299.47, while the Nifty ended lower by 47 points or 0.45% at 10301.00. The market breadth is negative as 1,015 shares advanced, against a decline of 1,579 shares, while 768 shares were unchanged.

Adani Ports, Vedanta and Dr Reddy’s Labs were the top gainers, while Tata Motors, Asian Paints, and Titan lost the most.

“After gaining marginally in the previous session, the Indian market resumed its downtrend, with the equity benchmark indices closing sharply lower, led by weakening INR vs USD and strengthening crude oil prices. The Nifty index remained highly volatile throughout the session, swinging both sides before closing 0.5% lower at 10,301 levels,” Jayant Manglik, President, Religare Broking said in a statement.

Stocks in News

Tata Motors was the big name in focus on Tuesday as the stock fell to nearly its 7-year low on the back of consistent dip in JLR sales. The stock fell 20 percent intraday and closed 13 percent lower.

Yes Bank’s shares rose over a percent as investors may have continued to bet on the out of court settlement report at the bank. Cheaper valuations could have also prompted investors to bet on the stock.

Sugar stocks were on investors’ radar amid strengthening demand ahead of festive season. The likes of Balrampur Chini, Dhampur Sugar, Triveni Engineering and Shree Renuka Sugar were all higher by 3-12 percent.

Coal India and NLC India have signed a memorandum of understanding (MoU) for formation of JV company for solar power generation of 3,000 MW and thermal power projects of 2,000 MW capacity. Shares of Coal India and NLC India ended 2 percent higher.

Steel Authority of India (SAIL) fell about 2 percent after news of an explosion at the company’s Bhilai plant in Chhattisgarh. Six people have died and several others injured in the incident, media reports suggest.

Global Markets

Markets in Europe were lower as tensions emerged between Italy and European Union over Budget of 2019. Stoxx 600 was around 0.25 percent lower.

Asia markets were broadly lower on Thursday. Shanghai composite rose by 0.17 percent to close at around 2,721.02.

“We maintain our cautious view on the Indian markets in the near term, as we believe weakness could continue on the domestic bourses, unless rupee and crude oil prices show some signs of stability. Market participants would keep close watch on global developments, corporate earnings season and the domestic macro data like IIP and CPI / WPI inflation which are scheduled over next 1-2 weeks, as it would provide further direction to the markets. Under uncertain market conditions, traders & investors should be selective in stock picking,” Manglik further added.

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