Markets shut with modest losses

The Indian markets ended the session with modest losses amid volatility led by selling in IT, metal FMCG, realty companies’ shares

Major headlines

Wipro slides after Q3 results

PNB Q3 net profit up by 8% yoy

ITC Q3 PAT rises by 21% yoy



Indian indices

The Indian markets shut the session with modest losses after trading in a tight band all throughout the day. The markets witnessed extreme volatility. The Sensex flirted with 19000 levels and closed a tad above that mark. The Nifty was unable to hold 5700 mark and shut slightly below those levels. BSE Information technology (IT) was the major loser, dragged lower by Wipro on lower-than-expected quarterly numbers and resignations of key officials.

Selling in IT, metal FMCG, realty companies’ shares alongwith ONGC and Bharti Airtel led to a fall in the markets.

In Mid-cap space, Motilal Oswal rallied by 12%. Cholamandalam, HMT, BOC India and Peninsula Land gained 4.5-5% while Financial Technologies, Persistent, KGN Industries, Kirloskar Brothers and Polaris slipped 3.8-6%. In Small-cap space, Valecha Engineering, Lloyds Metals, Hanung Toys, Hyderabad Industries and Splash Media rallied 8-17% whereas Rossell Tea, SML Isuzu, Spectacle Info, Prabhav Industries and Centrum Finance lost 4.6-5%.

Weak global cues led the Sensex to start the trade 39 points lower at 19007. The index remained in the negative zone all through the morning session. The Sensex erased all its morning losses and turned positive to hit the day’s high of 19065 at the start of afternoon session. From day’s high, the index slipped again and hit the day’s low of 18932 in mid-afternoon session. In late trade, the index trimmed some losses and ended the session lower.

The Sensex shut shop at 19008, down by 39 points and the Nifty closed 15 points lower at 5697.

Market sentiment

The market breadth stood positive. Out of the 2,983 stocks traded on the BSE, 1,478 advanced while 1,328 declined. Whereas, hundred and seventy-seven stocks traded unchanged.

Sectoral & stock screening

Among 13 sectors, seven closed higher, while rest six down. BSE Oil & Gas was the major gainer, up by 0.78%, followed by BSE Bankex up by 0.77% and BSE Power rose by 0.67%. The losing sectors were - BSE IT dipped the most by 1.29%, followed by BSE FMCG down by 1.28% and BSE TECk declined by 1.02%

In 'A' group stocks, LIC housing Finance was the star performer of the day rising by 11.80%, followed by Bank of India up by 6.50% post Q3 results and Welspun Corp gained by 6.26%. Top three losers were - Financial Technologies slid by 6.18%, Wipro dropped by 4.59% post Q3 results announcement and Indusind Bank fell by 3.36%.

Viewing volumes

Leading home finance company - LIC Housing Finance was traded the most with over 1.19 crore shares changing hands on the BSE, followed by wind turbine major - Suzlon Energy (0.44 crore shares), industrial finance company - IFCI (0.28 crore shares), construction firm - Hindustan Construction Company (0.21 crore shares) and India's second largest developer - Unitech (0.18 crore shares).

Global signals

The European shares rose as miners got support from key metal prices which bounced back after steep losses in the previous session on concerns about further monetary tightening in China.

All the major Asian markets ended the session in the negative territory except China’s Shanghai Composite. Jakarta Composite fell by 2.12%.

The US stock index futures point to a marginally higher start on the Wall Street.