Sensex, Nifty Resume Declines After One-Day Rally
Closing Bell: Sensex, Nifty Resume Declines After One-Day Rally
Indian equity indices resumed declines after a one-day rally.
The S&P BSE Sensex ended 0.43 percent lower at 38,822.57 and the NSE Nifty 50 closed 0.51 percent lower at 11,512.40. The broader market Index represented by the NSE Nifty 500 Index 0.51 percent lower.
The 31-stock index and the 50-share gauge registered their best weekly gains in four months.
The market breadth was tilted in favour of sellers. About 1,128 stocks declined and 652 shares declined on National Stock Exchange.
All the 11 sectotal gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.64 percent fall.
Piramal Enterprises Drops 7%
Shares of Piramal Enterprises fell as much as 8.1 percent, the most since January, to Rs 1,710.
The stock declined in seven out of 10 trading sessions. The scrip traded at 17 times its estimated earnings per share for the coming year.
L&T Finance Holdings Falls On Preferential Shares Allotment
Shares of L&T Finance Holdings fell as much as 3.1 percent to 93.
The company’s board approved allotment of up to Rs 150 crore of preferential shares.
Of the shares traded, 44 percent were at the ask price and 50 percent were at the bid, according to Bloomberg data.
Fab Four Stocks Of The Day
- Stock rose as much as 6.5 percent to Rs 145.
- Volumes Trading at 2.5 times its 20-day average.
General Insurance Corporation
- Stock rose as much as 9.2 percent to Rs 222.75.
- SBI Cap Securities Reiterated ‘Buy’ rating with a price target of Rs 320.
- SBI Cap Securities said corporate tax rate reduction will results in higher earnings and post-tax fair value.
- Stock rose as much as 11.8 percent to Rs 59.80.
- About 74.6 lakh share or 2.97 percent equity of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Tata Global Beverages
- Stock rose as much as 2.8 percent to Rs 287.70.
- Fresh longs seen with high open interest of 46 percent.
Bond Market Update: 10-Year Yield Rises Two Basis Points
The yield on the 10-year note rose two basis points to 6.74 percent. It rose nearly six basis points intraday.
Money Market Update: Rupee Near Day’s High
The Indian rupee was trading near day’s high against the U.S. dollar. The home currency appreciated 0.16 percent to 70.76 against the greenback. The local legal tender had appreciated 0.25 percent intraday.