Sensex, Nifty Register Longest Stretch Of Losses In Two Months
- Oldest First
India's equity benchmarks closed lower for the third consecutive session making it the longest losing streak in two months, dragged by losses in metals, information technology and auto stocks.
The S&P BSE Sensex Index shed 0.48% to 59,126.36 while the NSE Nifty 50 Index declined by similar magnitude to 17,618.15. The index dropped to the lowest closing level since Sept. 22. Infosys Ltd. contributed the most to the index decline, decreasing 1.0%. Power Grid Corp. of India had the largest drop, falling 2.6%. Today, 40 of 50 shares fell, while 10 rose.
The broader indices outperformed their larger peers with the S&P BSE MidCap gaining over 0.3% and S&P BSE SmallCap adding 0.56%. Thirteen of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Bankex index and S&P BSE Metal index shedding nearly 1%.
The market breadth was skewed in favour of bulls. About 1,844 stocks advanced, 1,425 declined and 155 remained unchanged.
"Investors booked profit on the expiry day due to lack of fresh triggers and tepid global cues. Benchmark Nifty is hovering within the range of 17,600-17,780 and on intraday charts it has formed a lower top formation which is largely negative. However, the medium term structure is still positive. The intraday trading setup suggests 17,700 could act as a strong resistance level, and below the same the correction could continue up to 17,500-17,450 levels. On the flip side, beyond 17,700 the immediate hurdle would be the 17,750 level. On the contrary, any revival could lift the index up to 17,800", Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. wrote in a note.
Sterling and Wilson Solar Sheds Nearly 5%
Shares of Sterling and Wilson Solar Ltd. shed nearly 5% in intraday trade to Rs 394.05 apiece after the company’s promoters Shapoorji Pallonji and Company and Khurshed Daruvala facilitated the repayment of the balance outstanding loans of Rs 741 crore along with interest accrued till day, by Sterling and Wilson and its subsidiary Sterling and Wilson International FZE to the company. With this the entire outstanding loans of Rs 2,563 crore along with interest accrued till date has been repaid.
Trading volume on the stock was 1.9 times the 30-day average volume for this time of the day.
Metal Stocks Decline; S&P BSE Metal Index Declines Nearly 1%
JMC Projects Jumps 20% After Bagging Orders Worth Rs 1,849 Crore
Shares of JMC Projects India Ltd. rose 20% to Rs 119.6 apiece after the company secured new order worth Rs 1,849 crore.
In an exchange filing, JMC Projects provided the breakup of the orders, as follows.
B&F Projects in India worth Rs 857 crore
Social Housing Project in Maldives worth Rs 992 crore.
With the above orders, the order inflows for this year have reached Rs 7,959 crore.
All the six analysts tracking the company maintained ‘buy’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 22.6%.
Trading volume on the stock was 14 times the 30-day average volume for this time of the day. Shares of JMC Projects crossed above 50-day simple moving average, indicating potential upward price momentum.