Market Wrap: Sensex, Nifty snap three-session gaining streak, YES Bank, Maruti, Kotak Bank top losers : Podcast: Business Today
Business Today

Market Wrap: Sensex, Nifty snap three-session gaining streak, YES Bank, Maruti, Kotak Bank top losers

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June 12, 2019

Benchmark indices Sensex and Nifty extended losses to close lower on Wednesday. Across the board selling was witnessed in the market as investors remained on the sidelines amid global trade war concerns and a softening in global demand.

Sensex declined 193 points to close at 39,756, with 22 componentsin the red, while broader index Nifty was down by 55 points to 11,906 level, with 35 stocks falling on the closing bell.

Except, FMCG and Metal, all the sectoral indices closed in the red, with major declines seen in realty, which slipped over 2 % and auto down over 1%, followed by other major indices such as Pharma, Bank, Media and Financial stocks, each declining over 0.50%.

While Nifty touched the day's low to almost 11,866.35 level today, Sensex fell to 39,623.53 level.

Financials dragged market at the opening bell, with Nifty opening at 11,933, down 31 points & Sensex down 120 points at 39,830.

Titan, UPL, Atul Ltd, Sobha Ltd, Maharashtra Scooters, NESCO were among the stocks that hit fresh 52-week high today, while share price of Central Bank of India, Coffee Day Enterprises, Monsanto India, Radico Khaitan , Jet Airways and Indiabulls Integrate hit new 52-week low today.

Indiabulls Housing Finance, YES Bank, Bharti Infratel, Tech Mahindra and Hero MotoCorp were among the top losers of today's closing session while Tata Steel, GAIL, ONGC, Vedanta and TCS were among gainers on NSE.

On the NSE, almost 1060 stocks fell against 598 advancing and 79 stocks remained unchanged, at an advance decline ratio of 0.56, implying that more stocks have shown negative movements.

On BSE, the ratio stood at 0.89, with 1485 stocks declining against 1025 advancing and 163 stocks unchanged.

In global trends, President Donald Trump said on Tuesday he was holding up a trade deal with China and expects to meet Chinese President Xi Jinping at the G20 leaders' summit in Osaka later this month, while China has not confirmed any such meeting.

In broader Asia, investors were worried about Washington's tough stance on the trade talks with China. On Wall Street, US stocks ended near flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the US trade war with China.

Trump also took aim at the Federal Reserve, saying interest rates were "way too high",  ahead of Fed policymakers meet on US inflation between June 18-19, that could shift the odds for an early cut in rates.

European shares pulled back from three-week highs on Wednesday after the trade war conflicts and data from Beijing showed factory inflation slowed in May, deepening fears of a global economic slowdown.

Meanwhile in domestic market, weak demand and a liquidity crisis at India's shadow banks put the brakes on automobile sales in the domestic market. Passenger vehicle sales in May declined over 20%, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

Crude extended losses today with Brent crude trading around $60.50/bbl.

Although, on the currency front, the Indian Rupee, after opening flat, traded up 7 paise higher at 69.38 against the US dollar, ahead of Index of Industrial Production data for April and CPI data by the RBI, that are later to be released today.