Sensex, Nifty Snap Three-Day Winning Streak As I.T., Realty Stocks Drag
India's stock benchmarks snapped a three-day winning streak after fluctuating between gains and losses in a volatile session, as losses in I.T. and realty stocks offset the gains in consumer durables and telecom stocks.
The S&P BSE Sensex closed little changed at 58,279.48. The 30-stock index rose to a record 58,553.07 in intraday trade. The NSE Nifty 50 declined 0.09% to 17,362.10. The 50-stock index hit a record 17,436.60 in intraday trade. Infosys Ltd. contributed the most to the index decline, decreasing 1.4%. Sun Pharmaceutical Industries Ltd. had the largest drop, falling 1.8%. Today, 31 of 50 shares fell, while 19 rose.
The broader indices underperformed their larger peers with the S&P BSE MidCap shedding 0.2% and S&P BSE SmallCap slipping 0.42% respectively. Thirteen out of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Realty falling over 2%. On the flipside, S&P BSE Telecom rose over 3%
The market breadth was skewed in favour of bears. About 1,332 stocks advanced, 1,844 declined and 142 remained unchanged.
Telecom Stocks Gain, S&P BSE Telecom Top Sectoral Gainer
Thomas Cook Climbs After Launching ‘Bike Trips’ With Subsidiary SOTC
Shares of Thomas Cook India advanced 4.6% to Rs 64.85 apiece after the company and its group company SOTC have introduced Bike Trips to cater to the growing interest for non-standard holidays. The 5-12 night trips traverse terrains in Manali, Leh, Srinagar, Silliguri, Gangtok, Jaipur, Jodhpur, Jaisalmer, Udaipur, Bengaluru, Madikeri, Ooty among other places. The prices start from Rs 24,990 per person.
SIS Shares Up For 12th Day; On Track For Longest Winning Streak
SIS Ltd. is higher for the 12th straight day, on track for the longest winning streak since the company went public on Aug. 10, 2017.
SIS Ltd has gained a total of 13% during the streak. Today, the stock rose 1.38% to Rs 488.30 apiece.
All the nine analysts tracking the company maintained 'buy' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 19.9%
Rupee Slides On Importer Hedging, Slowing Flows: RBL Bank
India’s rupee slid by the most in more than six weeks amid potential slowing down of share-sale related inflows and importers hedging, according to Tushar Sharma, vice president for FX trading at RBL Bank in Mumbai.
The rupee fell 0.5% to 73.4325 against the dollar, the most since July 19; advanced ~1.86% against the dollar in the two weeks to Sept. 3
“The downside momentum for USD/INR ran out of steam,” says Sharma “It is a mix of supply of dollars running out and importers looking to hedge at these levels”