Business Today
Loading...

Sensex ends 81 points lower, Nifty at 9,239; auto stocks lead gains

On the currency front, Indian Rupee ended slightly stronger today at 75.74 per dollar compared to the last close of 75.75 against the dollar

Rupa Burman Roy        Last Updated: May 11, 2020  | 18:45 IST
Sensex ends 81 points lower, Nifty at 9,239; auto stocks lead gains
Stock specific action in index heavyweights like RIL that crossed 10 lakh crore Mcap mark today also helped gain momentum

Benchmark Sensex and Nifty erased early gains in the last hour of trade and closed lower in trade today. Reversing trend after three sessions of straight gains, Sensex closed 81 points lower at 31,561 and Nifty ended 12 points lower to 9,239.

Experts said domestic markets sentiments turned volatile, with Bank Nifty turning negative following reports that FM's meeting with Public Sector Banks was rescheduled later this week.

Weak trend in European and Asian counterparts in the second half of the session also led the benchmark indices close lower today.

Ajit Mishra, VP - Research, Religare Broking said," Benchmark indices opened with strong gains, following supportive global cues but the pressure in the index majors mainly from the banking space erased all the gains by the end. However, rebound in the auto and IT majors capped the downside."

Earlier, market opened sharply higher, in line with strong global indices. BSE Sensex rose 567 points higher at 32,210 and Nifty climbed to 9,425, rising 173 points.

Traders said investors shook off weak economic data and focused on the upcoming earnings season. Wockhardt share climbed 5%, Godrej Properties rose 2.85% after Q4 earnings announcement. ICICI Bank shares fell 2% after the company reported its quarterly results as it missed street estimates.

Meanwhile, Godrej Agrovet, Motilal Oswal Financial Services, Sonata Software, Dharamsi Morarji Chemical, Orient Abrasives, Piramal Enterprises, Saint-Gobain Sekurit, Subex, Welcure Drugs, ADF Foods, Artson Engineering will also report their Q4 earnings later today.

Stock specific action in index heavyweights like RIL that crossed 10 lakh crore Mcap mark today also helped gain momentum.

Auto stocks climbed with Tata Motors, Maruti, Hero MotoCorp each rising over 7% on Nifty today.

S Ranganathan, Head of Research at LKP Securities said, "In a day which saw Reliance notch up an MCAP of Rs 10 lakh crore, profit-taking in afternoon trade trimmed all gains even as the automotive sector displayed strength throughout the day led by the resumption of production and expectation of the much-awaited scrappage policy".

Overseas, Asian indices started the day in green after a number of countries reported the fewest deaths from the coronavirus since March. US stocks logged solid gains and closed higher on Friday despite record job losses.

Although, domestic bourses lost all gains as investors turned cautious during the last hour of trade, with PM Modi's video conference call with all Chief Ministers starting at 3 pm.

Moreover, all three European indices erasing gains in the first hour of trade also weakened investors' sentiments. In Asia, China's Shanghai, Singapore's SGX Nifty and Korea's Kospi also reversed the trend and fell into red territory.

"Globally, with countries talking about emerging from lockdown measures, there were also warnings of a resurgence in infections from others," said Vinod Nair, Head of Research at Geojit Financial Services.

Besides this, the rising numbers of coronavirus cases despite complete lockdown also kept bourses volatile.

On the currency front, Indian Rupee ended slightly stronger today at 75.74 per dollar compared to the last close of 75.75 against the dollar.

India registered a record jump of 4,213 COVID-19 cases in 24 hours, pushing the country's tally to 67,152 on Monday and the death toll due to the disease rose to 2,206 with 97 fresh fatalities. Globally, there are 41.80 lakh confirmed cases and 2.8 lakh deaths from the coronavirus COVID-19 outbreak.

Experts said investors turned cautious ahead of key economic data such as March IIP and April CPI that will be released tomorrow.

Share Market Update: Sensex ends 81 points lower, Nifty at 9,239; ICICI Bank, Dr Reddy, BPCL, HDFC top losers

Coronavirus Live Blog: Maharashtra COVID-19 count crosses 22,000; Gujarat past 8,000 mark

Rupee vs Dollar: Rupee slips 16 paise to 75.70 amid rising coronavirus cases

Sovereign Gold Bond Series II opens today: 10 things to know about the scheme

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close