Sensex, Nifty Clock Longest Losing Streak In Over Month
Closing Bell: Sensex, Nifty Clock Longest Losing Streak In Over Month
Indian equity benchmarks extended declines for the third consecutive trading session, their longest losing streak in over a month.
The S&P BSE Sensex fell 0.94 percent or 362 points to close at 38,305 and the NSE Nifty 50 declined 1 percent to end at 11,359. The broader markets represented by the NSE Nifty 500 Index fell 1.12 percent.
The 31-stock index had declined 740 points intraday and the 50-share gauge had declined as much as 2 percent to 11,247.90.
The declines in markets are technical in nature rather than fundamental, according to Deven Choksey of KRChoksey Investment Managers.
“The markets are seeing collateral damage because of the failure of the co-operative bank. Besides, some derivative contracts are now under delivery, which could have led to offloading and squaring-off of these contracts,” Choksey told BloombergQuint in an interaction, adding that he does not expect the markets to further fall beyond these levels.
Dalton Capital Advisors’ UR Bhat, however, expects markets to decline further. “The markets might continue to correct a bit especially due to uncertainties in the banking sector,” Bhat told BloombergQuint.
“The revival in banks, which was expected, might get postponed as exposure to NBFCs is quite high. Besides, auto sales numbers have been dismal which has also led to the negative sentiment,” he added.
The market breadth was tilted in favour of sellers. About 1,367 stocks declined and 410 shares advanced on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 4.3 percent fall.
Market Commentary: Expect Further Correction Due To Uncertainty In Financial Space, UR Bhat Says
“The markets might continue to correct a bit especially due to uncertainties in the banking sector,” Dalton Capital Advisors’ UR Bhat told BloombergQuint.
“The revival in banks, which was expected, might get postponed as exposure to NBFCs is quite high. Besides, auto sales numbers have been dismal which has also led to the negative sentiment,” Bhat said.
Bosch Drops The Most In Over Four Years
Shares of Bosch fell as much as 9.4 percent, the most since August 2015, to Rs 12,735.95.
Of the shares traded, 41 percent were at the ask price and 38 percent were at the bid, according to Bloomberg data.
Money Market Update: Rupee At Day’s Low
The Indian rupee, which reversed opening gains at around noon, was trading near day’s low against the U.S. dollar.
The home currency depreciated 0.31 percent against the greenback. The local legal tender had depreciated 0.35 percent intraday.
Stocks Moving On Heavy Volumes
- Stock rose as much as 10.1 percent to Rs 666.
- The government plans to seek approval for stake sale in Container Corporation of India and Shipping Corporation of India, Bloomberg reported quoting unnamed official.
- Stock rose as much as 5.6 percent to Rs 136.40.
- Oil Ministry cuts price of locally produced natural gas.
- Price cut to $3.23 per metric miilion British thermal unit from $3.69.
- Stock rose as much as 5.5 percent to Rs 612.
- September Sales up 2.2 percent at 10,855 units.
General Insurance Corporation
- Stock rose as much as 4.9 percent to Rs 230.75.
- Trading volume was three times its 20-day average.
Market Commentary: Sensex, Nifty Set For Longest Losing Streak In Over A Month
Indian equity benchmarks are set for their longest losing streak in over a month.
The S&P BSE Sensex fell 0.97 percent to 38,292 as of 3 p.m. and the NSE Nifty 50 fell 0.99 percent to 11,365. The broader markets represented by the NSE Nifty 500 Index fell 1.09 percent.