Sensex, Nifty End Lower As U.S.-Iran Tensions Keep Investors On The Edge
Stock price information is reflected in a glass panel as a trader monitors financial data during the official opening of the stock trading floor. (Photographer: Andrey Rudakov/Bloomberg)

Sensex, Nifty End Lower As U.S.-Iran Tensions Keep Investors On The Edge

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Sensex, Nifty End Lower; Automakers Top Losers

Indian equity indices ended in negative territory as Iran firing more than a dozen missiles at U.S. airbases in Iraq kept investors on the edge.

The S&P BSE Sensex fell 0.13 percent to end at 40,817.74 and the NSE Nifty 50 declined 0.23 percent to close at 12,025.35. The broader markets represented by the NSE Nifty 500 Index fell 0.13 percent.

The trading range is expected from 11,800-12,100 in the near term. That's according to Sameet Chavan, chief analyst (Technical & Derivatives), Angel Broking.

"An investor should start buying at the lower range of 11,800 that acts as a support level and sell-off when it reaches 12,100 levels," Chavan said in an interview to BloombergQuint.

We don’t the current fall to extend beyond 11,800 which acts as a strong support level. 

The market breadth was tilted in favour of sellers. About 1054 stocks declined and 746 shares advanced on National Stock Exchange.

Nine out of the 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Auto Index’s 0.75 percent fall. Nifty IT Index was the top gainer, up 0.37 percent.

Neelachal Ispat Nigam Strategic Divestment Approved

The cabinet also approved an in-principle strategic disinvestment of equity shareholding, in Neelachal Ispat Nigam, of:

  • Minerals and Metals Trading Corp.
  • National Mineral Development Corp.
  • MECON (formerly known as Metallurgical & Engineering)
  • BHEL
Sensex, Nifty End Lower As U.S.-Iran Tensions Keep Investors On The Edge

Coal India Drops After Government Eases Rules For Private Mining

Shares of the world’s largest coal miner declined as much as 3.7 percent to a two-week low of Rs 198.20 each.

The cabinet on Wednesday approved an ordinance seeking removal of an end-use clause in coal mining auctions in order to attract large private investments into the sector.

Sensex, Nifty End Lower As U.S.-Iran Tensions Keep Investors On The Edge

The stock traded 7 times its estimated earnings per share for the coming year, according to Bloomberg data.

Catch all other cabinet decisions here:

Also read: Cabinet Decisions Live: Cabinet Approves Promulgation Of Mineral Laws (Amendment) Ordinance 2020

Downward Fall Not Seen To Extend Beyond 11,800, Says Angel Broking

The trading range is expected from 11,800-12,100 in the near term. That's according to Sameet Chavan, chief analyst (Technical & Derivatives), Angel Broking.

"An investor should start buying at the lower range of 11,800 that acts as a support level and sell-off when it reaches 12,100 levels," Chavan said in an interview to BloombergQuint.

We don’t the current fall to extend beyond 11,800 which acts as a strong support level. 

Adani Enterprises Slips After Over-Invoicing Probe

Shares of the Adani Group firm declined 4.7 percent to Rs 194.55 apiece, the lowest level in nearly two months.

Supreme Court will hear plea on over-invoicing probe against Adani Enterprises in two weeks, according to Bloomberg report. Supreme Court put on hold an October order by the Bombay High Court that quashed Directorate of Revenue Intelligence’s Letter Rogatory for information from foreign countries, the report added.

The stock traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.

HT Media Surges Over 7%

Shares of the New Delhi-based media firm surged 7.7 percent to Rs 17.40 apiece.

HT Media’s arm HT Learning Centers to restructure its ‘Studymate’ and ‘Englishmate’ businesses, according to its exchange notification. The arm will not accept new enrollment but will continue to honour existing commitments for the academic year 2019-2020, the notification added.

The trading volume was nearly three times the 20-day average for this time of the day, Bloomberg data showed.

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