Sensex, Nifty Fall For Second Day As Banks, FMCG Stocks Drag
India's equity benchmarks closed lower, dragged by losses in banking, fmcg and auto stocks, despite the surge in the final hour of the session that limited the decline.
The S&P BSE Sensex Index shed 0.43% to 59,413.27 while the NSE Nifty 50 Index fell 0.21% to 17,711.30. Housing Development Finance Corp. contributed the most to the index decline and had the largest move, decreasing 2.1%. Today, 22 of 50 shares fell, while 28 rose.
The broader indices outperformed their larger peers with the S&P BSE MidCap gaining over 0.6% and S&P BSE SmallCap adding 0.4%. Twelve of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Utilities index rising nearly 4% and S&P BSE Power index adding over 3.5%.
The market breadth was skewed in favour of bulls. About 1,930 stocks advanced, 1,351 declined and 153 remained unchanged.
India Plans To List Export Credit Guarantee Corporation
Cabinet approves Rs 4,400 crore extra capital injection in Export Credit Guarantee Corporation of India.
Government planning to list ECGC
- Piyush Goyal, Minister of Commerce & Industry
NSE Nifty Bank Pares Most Of The Day's Losses
Nifty 50 Index Erases Loss Of Nearly 0.8%
NSE Nifty 50 Index is now up 0.1%; dropped as much as 0.8% earlier; S&P BSE Sensex -0.1%.
State Bank of India +2.3%, Sun Pharmaceutical +4.5% are the biggest boosts to the Nifty gauge
MSCI Asia Pacific Index down 1.2%
Fifteen of 19 sector indexes compiled by BSE Ltd. advanced, led by a gauge of utilities
City Union Bank Shares Up Nearly 7%, Trading Volume Triples
Shares of City Union Bank Ltd. rose nearly 7% in intraday trade, the most in over 5 months, to Rs 160.7 apiece.
Trading volume on the stock was triple the 20-day average for this time of the day.
City Union Bank trades at 17 times its estimated earnings per share for the coming year.
Analysts have 21 'buy', five 'hold' and two 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 21.8%.
Shares of City Union Bank crossed the 50-day simple moving average, indicating potential upward price momentum.