Sensex, Nifty End Lower Led By Private Banks, I.T.
- Oldest First
Markets At Close
- Benchmark indices end with cuts of 3 percent each
- Nifty ends 3 percent lower at 8,981
- Sensex ends 3.2 percent lower at 30,636
- Nifty Bank ends 5.4 percent lower at 19,409
- Nifty Midcap index ends 3.1 percent lower
- Nifty Smallcap index ends 3.8 percent lower
- India Volatility Index up 4.35 percent to 45.34
- Nifty Pharma (Up 2.5 percent) the only sectoral gainer
- Nifty Bank (Down 5.4 percent), Nifty Auto (Down 5.3 percent), Nifty Media (Down 5.1 percent) and Nifty Metal (Down 5.1 percent) fall over 5 percent each
- Nifty PSU Bank and Nifty I.T. index fall over 3 percent each
- Dr. Reddy's Laboratories ends as top Nifty gainer; up 4.4 percent
- IndusInd Bank ends as top Nifty loser, down 12.2 percent
- 1,311 stocks ends the day with losses while 495 gain
Dragging The Nifty Lower
Closing Bell: Weak Start, Weaker Finish
Indian equity markets mirrored weak global cues and ended lower on Tuesday after a subdued session on Monday.
The S&P BSE Sensex ended 3.2 percent lower at 30,636 while the NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent. The Sensex ended over 1,000 points lower while the Nifty shed 280 points. Private Banks and I.T. were the principal laggards in today's trading session.
Among sectoral indices, barring Nifty Pharma (Up 2.2 percent), all indices ended with losses. The Nifty Bank, Nifty Auto, Nifty Metal and Nifty Media ended with cuts of over 5 percent while the Nifty PSU Bank and Nifty I.T. index fell over 3.5 percent each.
1,318 stocks ended the session with losses while 488 managed to end with gains.
ICICI Bank Clarifies On Singapore Exposure
Mumbai-based private lender ICICI Bank, in a notice to the exchanges confirmed media reports that it has exposure to the Singapore-based Hin Leong group after it suffered huge financial losses owing to the crash in oil prices.
The latest report from Bloomberg states that the Singapore police has started probing the company, which owes more than $3.85 billion dollars to 20 banks. Hin Leong also revealed in court filings that it hid about $800 milion in losses.
The bank in the normal course of its business, has exposure to the borrower group in question and is taking due steps to protect its interest and will appropriately reflect the same in its financial statements.Statement From ICICI Bank
The stock currently trades 8.9 percent lower at Rs 329 and is the top contributor to the Nifty downside.
Aberdeen's Hugh Young On The Indian Markets
Earnings Expectations: ACC Q1CY20
- Revenue seen 11.3 percent lower at Rs 3,475.8 crore
- Ebitda seen 11.4 percent lower at Rs 528.45 crore
- Ebitda Margin seen flat at 15.2 percent
- Net profit seen 17.4 percent lower at Rs 279.61 crore
- Volumes seen 4 percent lower at 7.2 MT
- All numbers are standalone and compared on a year-on-year basis.
The stock trades 3.1 percent lower ahead of its earnings at Rs 1,138.95, snapping a six-day gaining streak.