Market Wrap, Nov 5: Sensex slips 54 pts; S&P BSE MidCap plunges over 1%

Headlines of the day: 

>> Indices snap 7-day gaining streak; Sensex slips 54 pts; 

>> Broader market underperform as S&P BSE MidCap plunges over 1 per cent; 

>> PNB ends over 5% lower as asset quality for Sept qtr worsens; & 

>> IndiGo to announce strategic deal with Qatar Airways

Snapping their seven-day gaining streak, the benchmark indices ended in the red on Tuesday amid selling in private banks, auto and IT counters. 

The S&P BSE Sensex slipped 54 points or 0.13 per cent to end at 40,248 with YES Bank (up over 3 per cent) being the top gainer and IndusInd Bank (down over 2 per cent) the worst performer. During the session, the index witnessed a swing of 413 points. 

On the NSE, the broader Nifty50 ended at 11,917, down 24 points or 0.20 per cent with 27 constituents declining and 23 advancing. 

On the sectoral front, all the indices on the NSE but Nifty FMCG ended in the negative territory. Media stocks bled the most, followed by pharma and metal stocks. Nifty Media index slipped around 1.50 per cent to end at 1,839 levels. On the positive side, Nifty FMCG index ended 0.33 per cent higher at 32,361-mark. 

In the broader market, the S&P BSE MidCap index lost over a per cent to end at 14,724 while the S&P BSE SmallCap index ended at 13,522, down nearly a per cent. 

Stocks that made news today:

Bajaj Finance hit a record high of Rs 4,256.30 apiece on the BSE. The stock ended over 2.50 per cent higher at Rs 4,230. The company on Monday launched its Rs 8,500 crore qualified institutional placement (QIP). The shares will be offered in the range between Rs 3,860 and Rs 3,900 apiece. 

Punjab National Bank (PNB) ended over 5 per cent down at Rs 64.75 on the BSE after the bank's asset quality worsened for the September quarter of FY20. The bank's gross non-performing assets (GNPA) ratio increased to 16.76 per cent in the recently concluded quarter from 16.49 per cent reported in Q1FY20. Similarly, NNPA increased to 7.65 per cent from 7.17 per cent. 

The public sector lender's slippages jumped 38 per cent sequentially from Rs 5,412 crore reported in Q1FY20 to Rs 7,460 crore in the quarter under review, the bank's management said.

Shares of Dabur India rallied around 5 per cent to Rs 482 on the BSE after the company reported a better-than-expected 4.8 per cent year-on-year (YoY) volume growth in September quarter (Q2FY20). Analysts had forecast volume growth in the range of 3.0 - 3.5 per cent for the quarter.

In a yet another news, India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on Nov 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent. The stock eventually ended nearly 2 per cent up at Rs 1,461.45 on the BSE. 

Global markets:

Asian shares vaulted to six-month highs on Tuesday, surpassing their July peaks, as hopes that Washington may roll back some of the tariffs it has imposed on imports from China shored up optimism on the global economic outlook. European shares, too, gained in the trade. 

In commodities, oil prices steadied. Brent crude futures were down 1 cent at $62.12 a barrel after gaining 0.7 per cent in the previous session. US crude futures were down 9 cents at $56.45 a barrel. They gained 0.6 per cent on Monday.