HDFC Twins, RIL Drag Sensex Lower; Nifty Ends Below 11,600
Closing Bell: Sensex Ends Over 350 Points Lower; Nifty Closes Below 11,600
Indian equity benchmarks ended lower after a volatile trade.
The benchmark indices were dragged by HDFC Ltd. and HDFC Bank Ltd. The S&P BSE Sensex ended 0.91 percent or 353.87 points lower at 38,585.35 and the NSE Nifty closed below 11,600 after declining 0.75 percent. The broader market index represented by the NSE Nifty 500 Index ended 0.57 percent lower.
The market breadth was tilted in favour of sellers. About 974 stocks declined and 757 shares advanced on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Financial Services Index's 1.13 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 1.13 percent.
Tata Motors Best Performer On Sensex, Nifty, Gains Over 5%
Shares of Tata Motors extended gains for the second consecutive trading session and rose as much as 5.6 percent to Rs 217.40.
The company’s group global wholesales including Jaguar Land Rover fell 5 percent on a yearly basis to 1.45 lakh units, according to its stock exchange filing.
The stock returned 25 percent so far this year compared to a 7 percent advance in the Sensex.
Stocks Moving On Heavy Volumes
Indiabulls Real Estate
- Stock rose as much as 13.2 percent to Rs 121.90.
- Trading volume was almost six times its 20-day average.
- Stock fell as much as 5.3 percent to Rs 417.65.
- Trading volume was more than seven times its 20-day average.
- Stock rose as much as 10.4 percent to Rs 152.80.
- Trading volume was triple its 20-day average.
- Stock rose as much as 9.1 percent to Rs 110.30.
- Trading volume was more than triple its 20-day average.
- Stock fell as much as 4.7 percent to Rs 193.50.
- Trading volume was almost triple its 20-day average.
Blue Star Swings After JM Financial Initiates Coverage
Shares of Blue Star fluctuated between gains and losses to trade 0.4 percent lower at 684.15.
Brokerage and research firm JM Financial initiated coverage on the stock with a ‘Hold’ rating and a price target of Rs 700, implying a potential upside of 1.9 percent form the current market price.
Here’s what the research firm had to say:
- Well placed to further increase its market share, but will be an uphill task.
- Domestic investments to rise amidst rising duties and depreciating rupee.
- Rising domestic investments and depreciating rupee may restrict margin expansion.
Europe Market Check: Equities Gain
European shares edged higher following a mixed trading in Asia markets as investors await the latest European Central Bank decision later in the day.