Market Wrap: Market gains for third straight day, Nifty fails to hold 11,687; PSU Bank stocks rally : Bulletin: Business Today
Business Today

Market Wrap: Market gains for third straight day, Nifty fails to hold 11,687; PSU Bank stocks rally

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July 17, 2019

Indian equity market closed higher for the third straight session, despite pressure in broader Asian markets.

BSE S&P Sensex closed above 39K at 39,215, up 84 points, and NSE Nifty50 closed 24 points higher at 11,687. Market breadth was in favour of bears today, registering advance-decline ratio of less than one on both the bourses.

PSU Bank and FMCG stocks offered mild support to the indices but Energy and Auto stocks restricted the upside move.

In major result announcements, YES Bank reported net profit below expectations at Rs 113.8 cr for the June quarter but recorde gross slippages at Rs 6,632 cr, following which the stock fell 6.11% intraday and closed 5% down at Rs 98.45 on BSE. Wipro's net profit surged 13% up to Rs 2,387.60 crore, however, the revenue & EBIT slipped on a sequential basis and missed estimates. Wipro stock closed down at Rs 259.70 on BSE.

In other stock related news, media reports suggested that the Reddy family was looking to sell assets or bring an outside investor so as to reduce debt. Meanwhile, Apollo Hospital's stock rose 2.62% to touch a fresh 2-week high of Rs 1,427.05.

At the Interbank Foreign Exchange, Indian rupee opened unchanged compared to yesterday's close of 68.71 against the dollar and later fell 11 paise to 68.82 per dollar amid rising crude oil prices and foreign fund outflows.

Globally, MSCI's index of Asian shares outside of Japan fell 0.25%, while a pan-European index opened flat. Wall Street, which had surged to record highs last week on Federal Reserve's rate-cut expectations, was disappointed on quarterly earnings reported by the big banks.

A threat from US President Donald Trump, to put tariffs of $325 billion on Chinese goods, also added to the jitters in the global market. Meanwhile, United States too could face Chinese sanctions following a World Trade Organization ruling on Tuesday.

Brent crude futures, that ended 3.2 % down the previous session, were up 16 cents at $64.51, or 0.3% at the international commodity market.

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