Sensex, Nifty Drop Over 1% A Day Ahead Of F&O Expiry
A man monitors stock movements on his mobile phone at a securities brokerage in Beijing, China. (Photographer: Qilai Shen/Bloomberg)

Sensex, Nifty Drop Over 1% A Day Ahead Of F&O Expiry

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Closing Bell: Sensex, Nifty Drop Over 1% A Day Ahead Of F&O Expiry

Indian equity benchmarks ended over a percent lower ahead of F&O expiry tomorrow.

The S&P BSE Sensex fell 1.29 percent or 503.62 points to close at 38,593.52 and the NSE Nifty 50 fell 1.28 percent to end at 11,440.20. The broader markets represented by the NSE Nifty 500 Index fell 1.38 percent.

The markets could witness further short covering ahead of F&O expiry, according to Angel Broking.

“Given that the index has rallied very sharply in just two trading sessions, such range bound session should just be seen as a pause within an uptrend. Hence, traders are advised not to take any contra trades in anticipation of any reversal,” the homegrown brokerage said in a note.

One should rather use a ‘Buy on Dips’ strategy and look forbuying opportunities, Angel Broking said.     

The market breadth was tilted in favour of sellers. About 1,269 stocks declined and 515 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 5.6 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.27 percent.

Sensex, Nifty Drop Over 1% A Day Ahead Of F&O Expiry

Bond Market Update: 10-Year Yield Falls One Basis Point

The yield on the 10-year note fell one basis point to 6.77 percent. It fell three basis points intraday.

A drop in crude oil prices and U.S. Treasury yields are likely to support sovereign bonds that have been under pressure on government’s second half borrowing plans.

The administration so far plans to stick to earlier announced borrowing calendar and there has been no decision on the overseas bond sale, a government official told reporters yesterday. Yield on the 10-year note is expected to trade in a range of 6.75-6.80 percent in the day.

Fab Four Stocks Of The Day

Shipping Corporation of India

  • Stock rose as much as 8.9 percent to Rs 41.40.
  • Government said to plan strategic sale of the company, Bloomberg reported quoting unnamed officials.

DHFL

  • Stock rose s much as 9.7 percent to Rs 49.30.
  • Lenders said to hold 60 percent stake in upon resolution of debt based on rules approves by SEBI, CNBC-TV18 reported quoting unidentified people.

Gati

  • Stock rose as much as 4.9 percent to Rs 56.20.
  • Allcargo Logistics is said to be in discussions to acquire stake in the company, Bloomberg reported quoting unnamed sources.

Centum Electronics

  • Stock rose as much as 8.9 percent to Rs 456.40.
  • The company inaugurated its space facility in Bengaluru with an investment of Rs 50 crore.

Market Check: Sensex, Nifty Set For Worst Drop In A Week Ahead Of F&O Expiry

Indian equity indices are set to clock their worst fall in a week ahead of F&O expiry tomorrow.

The S&P BSE Sensex fell 1.1 percent to 38,652 as of 3 p.m. and the NSE Nifty 50 fell 1.11 percent to 11,460.10. The broader markets represented by the NSE Nifty 500 Index fell 1.25 percent.

The market breadth was tilted in favour of sellers. About 1,300 stocks declined and 469 shares advanced on National Stock Exchange.

Stocks Moving On Heavy Volumes

Century Plyboard

  • Stock rose as much as 3.7 percent to Rs 155.45.
  • Trading volume was more than nine times its 20-day average.

Fine Organic Industries

  • Stock rose as much as 10.5 percent to Rs 1,789.95.
  • Trading volume was more than six times its 20-day average.

ICICI Securities

  • Stock fell as much as 8.9 percent to Rs 274.
  • Trading volume was more than 8.8 times its 30-day average.

New India Assurance

  • Stock fell as much as 6 percent to Rs 99.55.
  • Trading volume was more than six times its 20-day average.

Yes Bank Says Firmly On Course To Raising Growth Capital

Yes Bank Ltd. today said that the lender has received strong interest from multiple foreign, domestic private equity and strategic investors for fund raising, according to its stock exchange filing

“The bank remains firmly on course to raising growth capital subject to the necessary approvals,” the statement added.

Shares of the Mumbai-based lender fell 3.2 percent to Rs 54.20.

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