Sensex, Nifty Snap Two-Day Rally As Financial Stocks Weigh
Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Snap Two-Day Rally As Financial Stocks Weigh

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Closing Bell: Sensex, Nifty Halt Two-Day Rally As Financial Stocks Weigh

Indian equity benchmarks halted a two-day rally, led by the declines in financial companies.

The S&P BSE Sensex and the NSE Nifty 50 ended little changed at 39,097 and 11,588.20 respectively. The broader markets represented by the NSE Nifty 500 Index ended 0.12 percent lower.

Indian equity markets are expected to touch new highs before the bi-monthly monetary policy due in October.

That’s according to Avendus Capital Alternate Strategies’ Andrew Holland. “We're not near the highs yet, but we will quickly get there,” he told BloombergQuint in an interaction.

“The market is expecting more positive news on personal tax front and capital gains tax and will try to hit new highs within next couple of weeks,” Holland added.

The market breadth was tilted in favour of sellers. About 955 stocks declined and 813 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 2.3 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.9 percent.

Sensex, Nifty Snap Two-Day Rally As Financial Stocks Weigh

Stocks Moving On Heavy Volumes

Mahindra Logistics

  • Stock rose as much as 9.1 percent to Rs 410.
  • Trading volume was almost seven times its 20-day average.

Zee Entertainment

  • Stock rose as much as 5.7 percent to Rs 286.95.
  • Trading volume almost eight times its 20-day average.

Banco Products

  • Stock fell as much as 14.4 percent to Rs 98.
  • Trading volume was almost 15 times its 20-day average.

HBL Power Systems

  • Stock rose as much as 19.1 percent to Rs 21.80.
  • Trading volume was more than 11 times its 20-day average.

Bond Market Update: 10-Year Yield Gains Three Basis Points

The yield on the 10-year note rose three basis points to 6.77 percent.

Bond traders are awaiting the government’s second half borrowing plan amid concern that the $20 billion tax break may weigh on the fiscal deficit.

Investors will also watch if the borrowing calendar includes an overseas sale of bonds after the government said it will refrain from extra borrowing. The 10-year yield is seen trading between 6.70-6.80 percent in the day.

Sensex, Nifty Snap Two-Day Rally As Financial Stocks Weigh

Money Market Update: Rupee Reverses Loss

The Indian rupee reserved gains against the U.S. dollar. The home currency traded little changed at 70.94 against the greenback.

Sensex, Nifty Snap Two-Day Rally As Financial Stocks Weigh

Market Check: Sensex, Nifty Head For A Volatile Close

Indian equity benchmarks are headed for a volatile close.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,135 and 11,602 as of 3 p.m. after fluctuating between gains and losses. The broader markets represented by the NSE Nifty 500 Index also traded little changed.

Fab Four Stocks Of The Day

BASF India

  • Stock rose as much as 11.2 percent to Rs 1,141.
  • Company’s Group to sell its ultrafiltration membrane business to membrane
  • Closing for this deal is anticipated by end of 2019.

Dish TV

  • Stock rose as much as 9.8 percent to Rs 22.45.
  • About 11 lakh shares of Dish TV changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Marico

  • Stock rose as much as 3.3 percent to Rs 399.
  • Fresh longs seen with high open interest of 26 percent.

JBM Auto

  • Stock hits 20 percent upper circuit at Rs 194.40.
  • Nitin Gadkari says all buses in India will switch to electric in next two years.
  • India to become manufacturing hub for vehicles running on electric and bio-fuels.
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