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Post Session: Sensex ends 106 pts lower on weak global cues; Bank stock fall

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Dion Global

10 Jan 2019

Indian benchmarks extended losses on Thursday by breaking its four-day rising spree, heavy selling in Banks and Financial stocks amid weak global cues. The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 percent. However, Asian shares began cautiously on Thursday, struggling to rise after a multi-day rally as markets await more news on US-China trade talks that have raised hopes of a deal to avert an all-out trade war. On the macro front, the rupee depreciated 10 paise to 70.56 against the US dollar. Whereas, Oil prices dipped on Thursday on swelling US supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth.

On Corporate front, Shares of TCS ended 0.25 per cent lower at Rs 1,883 apiece ahead of its quarterly earnings.Among others, shares of VA Tech Wabag have moved higher by 16% to Rs 324 per share on Thursday, their highest level since September 27, 2018, on back of heavy volumes on the BSE. The stock was trading higher for the fifth straight day, rallying 27 per cent in past one week after fund buying.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE showed.

30-share benchmark index closed trading at 36106.5 down by 106.41points or by 0.29 per cent, while the NSE Nifty was at 10821.6 down by 33.55 points or by 0.31 per cent. During the day’s trade, Sensex touched intraday high of 36269.31 and intraday low of 36070.76 The NSE Nifty touched intraday high of 10859.35 and intraday low of 10801.8.

The top gainers of the BSE Sensex pack were ata Motors Ltd. (Rs. 185.55,+1.34%), Tata Motors Ltd. (Rs. 98.05,+1.13%), NTPC Ltd. (Rs. 147.80,+1.13%), Mahindra & Mahindra Ltd. (Rs. 733.30,+0.99%), Bajaj Auto Ltd. (Rs. 2718.75,+0.86%), among others. The top losers of the BSE Sensex pack were IndusInd Bank Ltd. (Rs. 1563.00,-2.36%), Kotak Mahindra Bank Ltd. (Rs. 1221.35,-1.42%), Oil And Natural Gas Corporation Ltd. (Rs. 143.55,-1.37%), Maruti Suzuki India Ltd. (Rs. 7385.95,-1.07%), Axis Bank Ltd. (Rs. 663.00,-1.05%), among others.

Among sectors, HCS index was at 14036.63 up by 65.69 points or by 0.47%. AstraZeneca Pharma India Ltd. (Rs. 1585.95,+6.98%), Panacea Biotec Ltd. (Rs. 159.50,+4.52%), Healthcare Global Enterprises Ltd. (Rs. 195.65,+4.35%), Merck Ltd. (Rs. 3356.35,+3.55%), Kopran Ltd. (Rs. 39.30,+3.29%),. Whereas, Bankex index was at 30933.09 down by -233.4 points or by -0.75%. IndusInd Bank Ltd. (Rs. 1563.00,-2.36%), Kotak Mahindra Bank Ltd. (Rs. 1221.35,-1.42%), Axis Bank Ltd. (Rs. 663.00,-1.05%), Federal Bank Ltd. (Rs. 95.70,-0.98%), ICICI Bank Ltd. (Rs. 379.70,-0.60%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2881 , shares advanced were 1343 while 1381 shares declined and 157 were unchanged.