A pedestrian walking past the Bombay Stock Exchange (BSE) is reflected in a puddle in Mumbai, India. (Photographer: Dhiraj Singh/ Bloomberg)

Sensex, Nifty End Mixed After Volatile Trade

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Sensex, Nifty End Mixed After Volatile Trade

Indian equity benchmarks ended mixed after a topsy-turvy trading session as the gains HDFC Bank Ltd. and Kotak Mahindra Bank Ltd. were offset by the losses in Infosys Ltd. and IndusInd Bank Ltd.

The S&P BSE Sensex ended 0.04 percent or 15 points lower at 39,741.36 while the NSE Nifty 50 ended 0.07 percent higher at 11,914.05. The broader market index represented by the NSE Nifty 500 Index ended 0.03 percent lower.

The market breadth was tilted in favour of sellers. About 1,164 stocks declined and 598 shares advanced on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 1 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.15 percent.

In the currency market, the Indian rupee traded at day’s low against the U.S. dollar. The home currency depreciated 0.25 percent intraday to 69.35 against the greenback.

On the macro front, Brent crude traded 3.5 percent higher at $62.06 a barrel. The Asian crude benchmark jumped nearly 4.5 percent intraday. This after a report that a crude tanker caught fire in the Gulf of Oman.

Sensex, Nifty End Mixed After Volatile Trade

Stocks Moving On Heavy Volumes

Indiabulls Integrated Services

  • Stock rose as much as 5 percent to Rs 215.40.
  • Trading volume was more than eight times its 20-day average.

Yes Bank

  • Stock fell as much as 13.9 percent to Rs 116.
  • Trading volume was almost triple its 20-day average.

Music Broadcast

  • Stock rose as much as 2.7 percent to Rs 59.
  • Trading volume was almost 30 times its 20-day average.

Fab Four Stocks Of The Day

SAIL

  • Stock rose as much as 2.3 percent.
  • About 14.3 lakh shares of SAIL changed hands in block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Tata Sponge Iron

  • Stock rose 2.6 percent.
  • The company’s board approved rights issue of 3.3 crore shares amounting to Rs 1,650 crore. The rights entitlement ratio was at 15:7 and the issue price was set at Rs 500 apiece.

Mishra Dhatu Nigam

  • Stock rose 2.8 percent.
  • The company secured an order worth Rs 197 crore. Its total order book stood at Rs 1,900 crore.

Neogen Chemicals

  • Stock rose 6.9 percent to hit an all-time high.
  • Trading volume was 16 times its 20-day average, Bloomberg data showed.

Market Check: Sensex, Nifty Head For Volatile Close

Indian equity benchmarks are headed for a volatile close.

The S&P BSE Sensex traded 0.1 percent lower at 39,733 and the NSE Nifty 50 traded 0.1 percent higher at 11,911 as of 3 p.m. The broader market index represented by the NSE Nifty 500 Index traded little changed.

In the currency market, the Indian rupee traded at day’s low against the U.S. dollar. The home currency depreciated 0.24 percent intraday to 69.51 against the greenback.

The Four Banks In Which Morgan Stanley Expects 30-50% Returns In FY20

Four large lenders in India have grown 30 percent in terms of market cap over the previous financial year. The stellar run may continue over the next 12 months, according to a Morgan Stanley research report.

“The big players become bigger and the weak ones will keep getting weaker,” said Anil Agarwal, head for Asian Financial Research of Morgan Stanley in an interview on the sidelines of its annual India Summit. “The big guys can just take away (market) share with a large chunk of them not being able to lend.”

Listen in to the conversation with Morgan Stanley here to find their top picks

Markets Are Showing Intolerance Towards Corporate Governance, Provisioning Issues, Says Nipun Mehta

The markets are showing intolerance towards corporate governance and provisioning issues, Market Expert Nipun Mehta Told BloombergQuint in an interaction.

The markets will continue to revolve around the companies which have balance sheets cheaper valuations., Mehta said, adding that there are certain mid caps which looks interesting in the sectors like auto, NBFCs real estate among others.