Sensex, Nifty Break Three-Day Winning Streak As Private Banks Drag
Investors monitor and trade stocks at a securities exchange in Shanghai, China. (Photographer: Qilai Shen/Bloomberg)

Sensex, Nifty Break Three-Day Winning Streak As Private Banks Drag

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Sensex, Nifty Break Three-Day Winning Streak As Private Banks Drag

Indian equity benchmarks halted their three-day gaining streak, their longest in over three weeks.

The benchmark indices were weighed by the private banks—HDFC Bank Ltd., Kotak Mahindra Bank Ltd. and ICICI Bank Ltd.

The S&P BSE Sensex closed 194 points or 0.48 percent lower at 39,756.81. The NSE Nifty 50 closed 0.5 percent lower but managed to end above 11,900. The broader market index represented by the NSE Nifty 500 Index ended 0.56 percent lower.

“The Indian markets are highly overvalued compared to their historical trends and emerging market peers,” Jagannadham Thunuguntla, senior vice president and head of research (Wealth) at Centrum Broking said.

“The markets will find it difficult to have a sustained rally until the valuations are settled down,” Thunuguntla told BloombergQuint in an interaction, adding that the upside for Nifty, if any, is limited.

The market breadth was tilted in favour of sellers. About 1047 stocks declined and 695 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty Realty Index’s 2 percent decline. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 0.39 percent.

Sensex, Nifty Break Three-Day Winning Streak As Private Banks Drag

Stocks Moving On Heavy Volumes

BASF India

  • Stock rose as much as 6.3 percent to Rs 1,472.95.
  • Trading volume was more than six times its 20-day average.

Bharat Dynamics

  • Stock rose as much as 8.8 percent to Rs 317.80.
  • Trading volume as triple its 20-day average.

Indiabulls Housing Finance

  • Stock fell as much as 9.8 percent to Rs 608.75.
  • Trading volume was more than triple its 20-day average.

Jammu & Kashmir Bank

  • Stock fell as much as 12.9 percent to Rs 42.30.
  • Trading volume was more than double its 20-day average.

Mid-Cap Index Falls Nearly 1%; Indiabulls Ventures Worst Performer

The mid-cap index represented by the NSE Nifty MidCap 100 fell 0.82 percent, led by the declines in Indiabulls Ventures Ltd. and Reliance Capital Ltd.

Sensex, Nifty Break Three-Day Winning Streak As Private Banks Drag

Sintex Industries Defaults On Bond Obligation

Sintex Industries defaulted in payment of interest, repayment of principal amount on non-convertible debenture, according to its statement on the exchanges.

The company has defaulted on the seven-year 10.7 percent bond maturing in 2021to the tune of Rs 89 crore, the statement added.

Fab Four Stocks Of The Day

DHFL

  • Stock rose as much as 6.4 percent to Rs 91.60.
  • The company paid Rs 962 crore in interest payments that were overdue on non-convertible debentures, it said in a statement.

Adani Green Energy

  • Stock rose as much as 2.7 percent.
  • Promoter groups plan to sell cumulatively 6 percent stake in the company at a floor price of Rs 43 per share. This is the second share offering to public in three weeks.

Sobha

  • Stock rose as much as 2.3 percent to Rs 583.90, the highest in over 16 months.
  • The Relative Strength Index was above 70, indicating that the stock may be overbought.

Just Dial

  • Stock rose as much as 3.6 percent to Rs 768.40.
  • The stock is witnessing fresh longs with higher open interest of 16 percent.

Market Check: Sensex, Nifty Set To End Three-Day Winning Streak

Indian equity benchmarks are set to halt three-day gaining streak, their longest in over two weeks.

The S&P BSE Sensex fell over 220 points to 39,729as of 3 p.m. and the NSE Nifty 50 traded below 11,897, down 0.56 percent. The mid-cap index represented by the NSE Nifty MidCap 100 Index underperformed benchmark indices after it fell 0.8 percent.

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