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Sensex down 70 pts, Nifty tests 10,777; Dena Bank tanks 19% post merger deal

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Dion Global

03 Jan 2019

Indian benchmark indices opened on a flat note on Thursday following mixed Asian cues. Continuing its slide, the rupee opened 11 paise lower at 70.29 against the US dollar amid mixed Asian cues. On Wednesday, the domestic unit crashed 75 paise, its first loss in last four sessions, to close at 70.18 amid strengthening of the greenback and heavy selling in domestic equities. US stock futures fell on Thursday after a rare revenue warning from Apple Inc added to worries about slowing global growth, but a move by China's central bank to help struggling smaller firms lifted shares there, cushioning losses for Asian markets. Among sectors, there is a flat trend across all names. Pain is visible among infrastructure and metals. The shares of Dena Bank tanked 19 per cent while that of Vijaya Bank slipped over 6 per cent in the early trade post merger deal. The Union Cabinet on Wednesday gave its nod to the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB). OMCs shares were trading lower as crude oil prices have inched higher. The shares of Tata Power gained nearly 2 percent in the early trade on Thursday after BEST extended the existing PPA with company.

At 9:22 hours, the BSE SENSEX was trading at 35821.79 down by -69.73 points or by -0.19 per cent and then NSE Nifty was at 10777.05 down by -15.45 points or by -0.14 per cent.

The top gainers of the BSE Sensex were Tata Motors Ltd. (Rs. 90.65,+0.67%), Asian Paints Ltd. (Rs. 1390.00,+0.61%), Hindustan Unilever Ltd. (Rs. 1794.60,+0.59%), Bajaj Finance Ltd. (Rs. 2631.75,+0.58%), Infosys Ltd. (Rs. 673.10,+0.57%). The top losers of the BSE Sensex were Oil And Natural Gas Corporation Ltd. (Rs. 144.95,-1.80%), Tata Steel Ltd. (Rs. 486.95,-1.40%), Bharti Airtel Ltd. (Rs. 310.10,-0.86%), Larsen & Toubro Ltd. (Rs. 1417.00,-0.66%), Power Grid Corporation of India Ltd. (Rs. 194.25,-0.59%).

On sectoral front BSE Realty index was at 1819.48 up by 6.05 points or by 0.33%. Mahindra Lifespace Developers Ltd. (Rs. 406.15,+1.72%), Sobha Ltd. (Rs. 476.00,+0.74%), Oberoi Realty Ltd. (Rs. 452.40,+0.50%), DLF Ltd. (Rs. 173.45,+0.32%), Godrej Industries Ltd. (Rs. 670.55,+0.27%). On the flip side BSE Oil&Gas index was at 13482.8 down by -156.33 points or by -1.15%. Hindustan Petroleum Corporation Ltd. (Rs. 250.50,-2.24%), Bharat Petroleum Corporation Ltd. (Rs. 351.20,-2.00%), Oil And Natural Gas Corporation Ltd. (Rs. 144.95,-1.80%), Indian Oil Corporation Ltd. (Rs. 135.65,-1.13%), GAIL (India) Ltd. (Rs. 348.40,-0.88%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1105 , shares advanced were 600 while 459 shares declined and 46 were unchanged.