Share Market Wrap: Sensex, Nifty ends flat after volatile trade : Podcast: Business Today
Business Today

Share Market Wrap: Sensex, Nifty ends flat after volatile trade

Loading the player...

BusinessToday.In | June 13, 2019

Market recovered from day's low on Thursday, with Sensex closing at 39,741,down 15 points, while Nifty, closed in the green, up by 7 points to close at 11,914 level. Broader indices especially the midcaps witnessed selling pressure in today's volatile trade.

Sector- wise, Media, Realty, Financial services, Infra and bank indices closed in the green today, while biggest fall was seen in PSU Bank and IT sector, each declining around 1%, followed by decline in Pharma and Auto, which fell byover 0.40%.

On the currency front, the Indian rupee depreciated marginally to 69.37 against the US dollar at the interbank forex market. Later rupee extended losses after hitting new day's low and reaching 69.48 after declining 14 paise.

Benchmark indices started today's session on a bearish note, as investors remained on the sidelines ahead of Nifty and Bank Nifty's weekly expiry, amid continued worries about global trade tensions.

Sensex opened at 39,646, down by 110 points, while Nifty slipped 40 points to 11,865 with the opening bell.

Looking at the domestic cues, IIP data showed improvement as growth firmed up to 3.4% in April, aided by the growth in capital goods and consumer durables segments

In major stock news, The National Stock Exchange of India (NSE) informed that shares of Jet Airways would be pulled out of daily trading effective from June28, after which the shares tanked over 23%. Shares price of Indiabulls housing Finance recovered from losses and rose 10% after the writ petition  filed in the Supreme Court was withdrawn. Reliance Capital shares were trading lower for the second consecutive day after PwC resignation as Statutory auditors.

IndusInd Bank and Yes Bank fell by over 8% and 13% intraday respectively due to the downgrade by UBS on concerns of rising NPLs and credit costs and the exposure of these banks to non-investment grade companies.

In International news, two oil tankers were attacked in Gulf of oman near Iran, that caused rise in oil prises, that opened flat today at 63.61$ per barrel. Brent crude futures were up 4.45% to $62.64.

In UK, Conservative lawmakers have begun voting today to replace Prime Minister Theresa May. China's commerce ministry said on Thursday Beijing will not yield to any "maximum pressure" from Washington, while President Trump said that he won't complete an agreement unless Beijing returns to terms negotiated earlier in the year.

Global stock markets stayed under a cloud on Thursday as stocks across the world ticked lower, in the wake of the trade tensions that have plagued markets and major economies over the past year.Asian shares slumped as Hong Kong market was affected by the continued massive protests which created a drop of almost 1 percent after losses of more than 2 percent the previous session. Tokyo and Seoul benchmarks fell and U.S. futures were lower as well.

Although, a surge in telecom stocks pulled European shares higher on Thursday.

As per markets experts at Samco Securities, traders are advised to play this correction smartly and start taking long positions only after the volatility subsides. This on going correction phase may end before or post budget announcement.