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Sensex Ends Nearly 200 Points Lower; Nifty Closes Below 11,500; IndiGo Falls Over 11%

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Closing Bell: Sensex Ends Nearly 200 Points Lower; Nifty Closes Below 11,500

Indian equity benchmarks ended lower, dragged by Bajaj Finance Ltd., Axis Bank Ltd. and Larsen & Toubro Ltd.

The S&P BSE Sensex closed 174 points or 0.45 percent lower at 38,557.04 and the NSE Nifty 50 Ended at 11,498.0, down 0.49 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.59 percent lower.

Meanwhile, shares of InterGlobe Aviation registered their steepest decline since January 2016 after the company’s promoter Rakesh Gangwal has alleged “questionable” related-party transactions between the IndiGo’s parent and private entities of the other promoter Rahul Bhatia. (Here’s all you need to know about the promoter dispute)

The market breadth was tilted in favour of sellers. About 1138 stocks declined and 607 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Realty Index’s 1.6 percent fall.

Sensex Ends Nearly 200 Points Lower; Nifty Closes Below 11,500; IndiGo Falls Over 11%

FPIs, AIFs Can Opt For Corporate Structure To Avoid Paying Additional Surcharge, CBDT Chairman Says

The foreign portfolio investors and alternative investment funds can opt for a corporate structure to avoid paying additional surcharge, CBDT Chairman PC Mody said.

Sensex Ends Nearly 200 Points Lower; Nifty Closes Below 11,500; IndiGo Falls Over 11%

Tata Motors Decline After JLR Sales Fall, Block Deal

Shares of Tata Motors fell 2.6 percent lower at Rs 151.80. The stock fell 4.3 percent intraday.

The company’s Jaguar Land Rover sales fell 9.6 percent on a yearly basis to 47,060 units, according to its stock exchange filing.

Besides, about 12 lakh shares of the automaker changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Bajaj Finance Worst Performer On Nifty

Shares of the consumer finance company declined as much as 5 percent to Rs 3,423.

Trading volume was more than two times the 20-day average, Bloomberg data showed. The stock gained 46 percent in the past 12 months compared to a 6.5 percent gain in the Sensex.

Brookfield Said to Plan Offer for Majority Stake in Suzlon Energy; Shares Jump

Brookfield Asset Management Inc. is planning an offer for a majority stake in India’s debt-laden Suzlon Energy Ltd., Bloomberg reported quoting people familiar with the matter.

“The Toronto-based investment firm is working with a financial adviser for due diligence on Suzlon, the unidentified people told Bloomberg.

Shares of Suzlon Energy pared loss and jumped over 5 percent intraday to Rs 5.

Sensex Ends Nearly 200 Points Lower; Nifty Closes Below 11,500; IndiGo Falls Over 11%

Fab Four Stocks Of The Day

SpiceJet

  • Stock rose as much as 9.4 percent to Rs 128.25.
  • With the current turmoil in InterGlobe Aviations, the company may benefit from operational issues.

Autoline Industries

  • Stock rose as much as 11.2 percent to Rs 55.90.
  • The Government of Maharashtra has approved additional industrial promotion subsidy claim of Rs 44.61 crore, according to its statement on the exchanges. Of this, the company has received Rs 14.50 crore on July 8 and will receive the remaining Rs 35.12 crore in three tranches shortly, the statement added.

Minda Industries

  • Stock snapped three-day losing streak and rose as much as 11.2 percent to Rs 305.70.
  • Trading volume was five times its 20-day average.

PVR

  • Stock rose as much as 3.2 percent to Rs 1,713.
  • Fresh longs seen with high OI of 18.4 percent.

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