Market ends lower; Kotak Bank, L&T, Hero MotoCorp, Tata Steel top losers : Bulletin: Business Today
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Market ends lower; Kotak Bank, L&T, Hero MotoCorp, Tata Steel top losers

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July 19, 2018

Erasing early gains, the Sensex closed lower by 22 points at 36,351  in range-bound trade amid lower-than-expected results.

The Nifty too fell 23 points to 10,957 level.

Investors were not in a mood to make fresh bets ahead of the voting on the no-confidence motion against the NDA government tabled in the Lok Sabha, brokers said.

A depreciating rupee, which again breached the 69-mark against the dollar in intra-day trade, too weighed on sentiment, they added.

Kotak Mahindra Bank was the top Sensex loser falling 3.69% or 51.80 points after the private sector lender reported a rise in provisions for bad loans doubled to Rs 469.63 crore in Q1.  The bank reported 12.29 per cent rise in standalone net profit at Rs 1,024 crore for June quarter.

L&T (2.61%), Hero MotoCorp (1.22%) and Tata Steel (0.98%) were the other major Sensex losers.

Market breadth was negative with 827 stocks closing higher compared with 1754 ending lower on BSE.

Meanwhile, domestic institutional investors bought shares worth Rs 111  crore, while foreign portfolio investors bought shares worth Rs 95.68 crore yesterday, provisional data showed.
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