Nifty Halts Longest Stretch Of Gains In Nearly Six Months
Intraday stock charts are displayed on a monitor. (Photographer: Daniel Acker/Bloomberg)

Nifty Halts Longest Stretch Of Gains In Nearly Six Months

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Closing Bell: Sensex Ends 167 Points Lower; Nifty Halts Longest Stretch Of Gains In Nearly Six Months

India’s equity benchmark NSE Nifty 50 halted its five-day gaining streak, its longest in nearly six months.

The 50-stock index ended 0.48 percent lower to close below 11,000.

Besides, the S&P BSE Sensex halted to three-day gaining streak to close 0.45 percent lower at 37,104.25. The broader markets represented by the NSE Nifty 500 Index ended 0.37 percent lower.

The markets are expected to undergo a consolidation phase with the increasing volatility, according to ICICI Securities.

“Heightened concerns over new tariff imposition by U.S. on China and general global growth slowdown added to the domestic slowdown worries that hampered investors’ sentiment,” the brokerage firm said in a note on Sept. 11.

In the latest update, President Donald Trump said he will delay the next U.S. tariff increase on China by about two weeks.

The recent sharp correction in last two months offers investment opportunity, particularly in multi-cap and mid-cap oriented funds. Investors should start accumulating from current levels.
ICICI Securities Research Report

The market breadth, however, was tilted in favour of buyers. About 975 stocks advanced and 828 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Auto Index’s 1.8 percent fall. On the flipside, the NSE Nifty Financial Services Index was the top sectoral gainer, up 0.24 percent.

Nifty Halts Longest Stretch Of Gains In Nearly Six Months

Bond Market Update: 10-Year Yield Falls Ahead Of CPI, IIP Data

The yield on the 10-year note fell to its day’s low. It declined four basis points 6.64 percent.

Sovereign bond traders are awaiting the release of data on consumer price inflation and industrial production, which may have a bearing the central bank’s rate decision next month.

CPI probably rose 3.32 percent year on year in August, according to the median estimate in a Bloomberg survey. That’s against July’s pace of 3.15 percent. Industrial output production likely expanded 2.3 percent year on year in July, faster than 2 percent seen in June.

Money Market Update: Rupee Near Day’s High

The Indian rupee extended gains to trade near day’s high. The home currency appreciated 0.48 percent to 71.32 against the greenback.

The local legal tender had appreciated 0.29 percent intraday.

Fab Four Stocks Of The Day

Dishman Carbogen Amcis

  • Stock rose as much as 10.1 percent to Rs 198.
  • Received approval from DGCA for Tuberculosis medicine in India.
  • Shares extended gains for the eighth consecutive trading session, the longest since its listing in September 2017.

Granules India

  • Stock rose as much as 6.7 percent to Rs 105.60.
  • The company received EIR for Hyderabad Facility by the U.S. FDA
  • Had received one observation during inspection of this facility which manufactures Paracetamol.

Kridhan Infra

  • Stock rose as much as 4.8 percent to Rs 9.80.
  • Secured orders worth Rs 112 crore for infra work in Bengaluru International Airport

Eris Lifesciences

  • Stock rose as much as 13.5 percent to Rs 443.95.
  • Trading volume was eight times its 20-day average.

Market Check: Sensex Drops Nearly 300 Points From Day’s High; Nifty Set To Snap 5-Day Gaining Streak

Indian equity benchmarks extended declines to trade near day’s low.

The S&P BSE Sensex fell 0.26 percent to 37,173 as of 3 p.m., falling 270 points from day’s high. The NSE Nifty 50 is set to snap its five-day gaining streak, its longest in nearly six months. The broader markets represented by the NSE Nifty 500 Index fell 0.22 percent.

The market breadth, however, was tilted in favour of buyers. About 1,016 stocks advanced and 769 shares declined on National Stock Exchange.

Stocks Moving On Heavy Volumes

KPR Mill

  • Stock rose as much as 1.5 percent to Rs 558.
  • Trading volume was almost 50 times its 20-day average.

SKF India

  • Stock rose as much as 1.8 percent to Rs 1,914.
  • Trading volume was almost 30 times its 20-day average.

3M India

  • Stock fell as much as 0.8 percent to Rs 20,100.
  • Trading volume was more than 19 times its 20-day average.

Wockhardt

  • Stock rose as much as 18 percent to Rs 343.75.
  • Trading volume was more than 15 times its 20-day average.
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