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Indices erase opening losses, Nifty nears 10,900; Hero Motocorp fall 2%

Share Source By

Dion Global

02 Jan 2019

The domestic benchmark indices have trimmed their early losses and are now trading in a narrow range with some negative bias taking cues from their Asian peers. The rupee opened 9 paise lower at 69.52 against the US dollar on Wednesday. Minutes later, the currency declined further to 69.63, down 20 paise. US oil began 2019 in positive territory on Wednesday, although the general outlook for the year is weak amid soaring US crude supply and concerns of an economic slowdown. The shares of Tata Motors were trading in red in early trade on Tuesday after the company on Monday reported an 8 per cent fall in domestic sales to 50,440 units in December, compared with 54,627 units in the same month last year. The shares of Hero Motocorp declined 2.3 percent intraday Wednesday after company reported poor sales numbers for December 2018. The shares of state-run NMDC dropped 2 per cent in Wednesday’s after the company said it will consider a share buyback proposal on January 8.

At 11:15 hours, the BSE SENSEX was trading at 36168.66 down by -85.91 points or by -0.24 per cent and then NSE Nifty was at 10875.75 down by -34.35 points or by -0.31 per cent. The BSE Sensex touched intraday high of 36236.7 and intraday low of 36035.78 The NSE Nifty touched intraday high of 10895.35 and intraday low of 10839.3.

Tata Consultancy Services Ltd. (Rs. 1930.75,+1.49%), YES Bank Ltd. (Rs. 186.35,+1.14%), Infosys Ltd. (Rs. 671.50,+1.03%), ICICI Bank Ltd. (Rs. 366.40,+0.76%), State Bank of India (Rs. 301.00,+0.55%), were among the top gainers of the BSE Sensex. The top losers of the BSE Sensex were Vedanta Ltd. (Rs. 195.00,-3.54%), Mahindra & Mahindra Ltd. (Rs. 747.25,-3.41%), Tata Steel Ltd. (Rs. 503.60,-2.32%), Tata Motors Ltd. (Rs. 170.35,-1.87%), Tata Motors Ltd. (Rs. 91.45,-1.72%).

Sectorally, the BSE IT index was trading at 14277.04 up by 134.18 points or by 0.95%. Kellton Tech Solutions Ltd. (Rs. 48.30,+16.39%), D-Link (India) Ltd. (Rs. 81.65,+12.78%), Firstsource Solutions Ltd. (Rs. 49.50,+1.85%), Tanla Solutions Ltd. (Rs. 31.25,+1.79%), NIIT Technologies Ltd. (Rs. 1171.20,+1.71%). Whereas, BSE Metal index was trading low at 11503.21, down by -248.8 points or by -2.12%. Vedanta Ltd. (Rs. 195.00,-3.54%), JSW Steel Ltd. (Rs. 293.90,-3.18%), Hindalco Industries Ltd. (Rs. 216.80,-2.69%), Jindal Steel & Power Ltd. (Rs. 158.45,-2.55%), Tata Steel Ltd. (Rs. 503.60,-2.32%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2193 , shares advanced were 1045 while 1010 shares declined and 138 were unchanged.