Nifty Wipes Off 2019 Gains On Kashmir Tensions, Global Woes
Closing Bell: Nifty Wipes Off 2019 Gains On Kashmir Tensions, Global Woes
Indian equity benchmark NSE Nifty 50 erased 2019 gains as the escalating tensions concerning Jammu & Kashmir and the trade dispute between China and the U.S. spooked investors.
The 50-stock index dropped over 10 percent from its record high. It closed 1.23 percent lower today at 10,862.50.
“The economic slowdown is likely to continue and the April-June growth numbers will show the same,” Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance Co told Bloomberg. “At such a time, global trade headwinds are strong and we expect U.S. President Donald Trump to continue with a tough stance against China.”
“The developments in Kashmir are also adding to the uncertainty,” Bloomberg reported quoting Prakash Pandey, head of research at New Delhi-based Fairwealth Securities Ltd.
Besides, the S&P BSE Sensex closed 418 points or 1.13 percent lower at 36,699.34. The broader market represented by the NSE Nifty 500 fell 1.25 percent.
The market breadth was tilted in favour of sellers. About 1,278 shares declined and 508 stocks advanced on National Stock Exchange.
Ten out of 11 secotral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 3.38 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.63 percent.
Open To Hear FPI On Issues They Have, Nirmala Sitharaman Says
Finance Minister Nirmala Sitharaman said:
- Want to make it absolutely clear that government is ready to hear out FPIs on issues they are facing.
- Stock market representatives to meet the government.
- Economic Affairs Secretary to meet FPI representatives.
Sensex Falls 450 Points; Nifty Tests 10,850
Indian equity benchmarks are set to end at five-month low.
The S&P BSE Sensex fell 450 points to 36,663 as of 3 p.m. and the NSE Nifty 50 fell 1.3 percent to 10,852.
The market breadth was tilted in favour of sellers. About 1,307 shares declined and 467 stocks advanced on National Stock Exchange
Fab Four Stocks Of The Day
- Stock rose as much as 14.8 percent to Rs 1,368.
- June quarter’s revenue up 20 percent year-on-year to Rs 905.3 crore.
- Poultry segment revenue up 30 percent.
- Stock rose as much as 9.2 percent to Rs 72.40.
- Shares gain ahead of results announcement.
- Stock rose as much as 5.3 percent to Rs 56.50.
- Company to increase capacity addition for paper by 20,000MTPA for an investment of Rs 222 crore
- Revenue up 15.4 percent to Rs 1,312 crore.
- Net profit up 2.1 times to Rs 122.4 crore.
- Ebitda up 25.7 percent to Rs 297.7 crore.
- Margin at 22.7 percent versus 20.8 percent.
- Forex loss of Rs 41.6 crore in the base quarter.
Alkyl Amines Chemicals
- Stock rose as much as 4.4 percent to Rs 719.
- Trading volume was more than eight times its 20-day average.
Indian Bank Falls After Q1 Results
Shares of Indian Bank fell 4.4 percent after the lender announced their June quarter results.
Key Earnings Highlights (Q1, YoY)
- Net profit up 74.6 percent to Rs 365.37 crore.
- Net interest income down 1 percent to 1,785.4 crore.
- Provisions down 51 percent to Rs 794.81 crore (QoQ).
- Gross NPA at 7.33 percent versus 7.11 percent (QoQ).
- Net NPA at 3.84 percent versus 3.75 percent (QoQ).