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Post Session: Bearish momentum continues as Sensex ends 377 pts lower

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Dion Global

03 Jan 2019

Weak global cues, nervousness ahead of the start of third quarter corporate earnings and selling in metals, auto, IT and financial counters triggered another 1 per cent decline in the domestic stocks on Thursday. Equities on Wednesday, too, shed around 1 per cent. European markets fell when fears of global slowdown intensified after Apple cut its guidance on revenues. In Asia, stocks were mostly lower following weak handover from Wall Street and Apple’s forecast. Upward direction of crude prices along with a weaker rupee made investors wary of markets in general. Amid an all-round sell-off among sectors, financials, automobiles, and metals bled. Globally, traders were cautious about slowdown worries in the US and China and that reflected in the movement of markets as well.

Among individual stocks, the shares of Vijaya Bank and Dena Bank tanked up to 20% on Thursday following an unfavorable share-swap ratio on their merger with Bank of Baroda. Dena Bank plunged 20%. The shares of Jet Airways (India) slipped over 6% to Rs 247 on Thursday, falling over 11% in the past two trading days on BSE, after the rating agency ICRA on Wednesday downgraded the airline’s Rs 10,963 crore loan and debenture ratings. “ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C.

The 30-benchmark indices closed at 35513.71 down by -377.81 points or by -1.05 per cent and then NSE Nifty was at 10672.25 down by -120.25 points or by -1.11 per cent. The BSE Sensex touched intraday high of 35999.66 and intraday low of 35475.57 The NSE Nifty touched intraday high of 10814.05 and intraday low of 10661.25

HCL Technologies Ltd. (Rs. 950.60,+0.50%), Bajaj Auto Ltd. (Rs. 2700.40,+0.41%), Asian Paints Ltd. (Rs. 1386.00,+0.32%), Hindustan Unilever Ltd. (Rs. 1789.25,+0.29%), Bharti Airtel Ltd. (Rs. 313.15,+0.11%), were among the top gainers of the BSE Sensex. Whereas, the top losers of the BSE Sensex were Mahindra & Mahindra Ltd. (Rs. 718.95,-3.04%), Oil and Natural Gas Corporation Ltd. (Rs. 143.20,-2.98%), Vedanta Ltd. (Rs. 188.00,-2.64%), Tata Steel Ltd. (Rs. 481.05,-2.59%), Larsen & Toubro Ltd. (Rs. 1393.95,-2.27%).

On the sectoral front, BSE FMCG index was trading high at 11724.75, up by 7.7 points or by 0.07%. Dhampur Sugar Mills Ltd. (Rs. 168.00,+4.67%), Mawana Sugars Ltd. (Rs. 47.00,+3.75%), Avadh Sugar & Energy Ltd. (Rs. 388.50,+3.71%), Dalmia Bharat Sugar and Industries Ltd. (Rs. 94.55,+3.39%), Prabhat Dairy Ltd. (Rs. 94.65,+2.71%). On the flip side, BSE Oil&Gas index was at 13400.13 down by -239 points or by -1.75%. Indian Oil Corporation Ltd. (Rs. 132.50,-3.43%), Hindustan Petroleum Corporation Ltd. (Rs. 248.00,-3.22%), Oil and Natural Gas Corporation Ltd. (Rs. 143.20,-2.98%), Bharat Petroleum Corporation Ltd. (Rs. 352.90,-1.52%), Reliance Industries Ltd. (Rs. 1091.75,-1.32%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2906 , shares advanced were 1054 while 1684 shares declined and 168 were unchanged.