MARKET WRAP: Sensex dips 80 pts, Nifty below 11,600; India VIX up 2.3%

All that happened in the markets today

Markets ended in the red for the second consecutive session on Tuesday, weighed down by auto stocks, to hit their lowest levels in almost a month.

The BSE Sensex ended the day at 38,565, down 80 points, or 0.21 per cent, with Maruti, YES Bank, IndusInd Bank, TATA Steel and NTPC among the biggest losers.  Out of 30 components, 20 scrips ended in the red and rest 10 in the green. Broader index Nifty50 failed to hold the 11,600 level and ended the day at 11,576, slipping 18 points, or 0.16 per cent.  

India VIX, a guage to measure volatility, moved up over 2.3 per cent to 24.60 levels.

In the broader market, the S&P BSE Midcap index ended with a gain of five points, or 0.03 per cent, at 15,153 while the S&P BSE Smallcap index ended at 14,804, down around 217 points or 1.44 per cent. 

In the broader market, the S&P BSE MidCap index was trading 50 points higher at 15,199.01, while the S&P BSE SmallCap index was trading at 14,785, down 19 points or 0.13 per cent.

BUZZING STOCKS

Bharti Airtel ended the day at Rs 316.5, down 1.45 per cent, as the stock turns ex-date for rights issue today (on Tuesday). READ MORE

Shares of Avenue Supermarts slipped 2.75 per cent to settle at Rs 1289.30 on the BSE on concerns of flat operating margin in the March quarter (Q4FY19). READ MORE

HEG slipped 4.27 per cent to end at Rs 1,847.05 after hitting a 52-week low of Rs 1,839 earlier in the day after as institutional investors reduced their stake in the company in the March quarter. READ MORE

GLOBAL MARKETS

Despite the move by Washington, analysts said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers. Brent crude futures were at $74.58 per barrel at 0628 GMT, up 0.7 per cent from their last close and their highest level since November 2018. US West Texas Intermediate (WTI) crude futures marked their strongest since October 2018 at $65.10 per barrel, up 0.8 per cent from their previous settlement.

(With inputs from Reuters)

4:13 PM

MARKET COMMENT :: Jayant Manglik, President - Retail Distribution, Religare Broking

We expect markets to continue to remain volatile in the near term given the earnings outcome and central election progress. On the global front, crude oil is trading at 2019 highs after US announcement of ending all Iran sanction waivers by May thereby putting pressure on importers.

India is one of the key importers of Iranian oil and hence the developments on the sanction waiver would be closely monitored along with currency movement. We believe that any correction in quality large / mid cap companies with strong growth prospects should be considered as a good buying opportunity for long term investors

4:13 PM

MARKET COMMENT :: Dr Joseph Thomas, head research, Emkay Wealth Management

The market traded lower during the day and closed in the red mainly guided by the situation woven around the rising oil prices in international markets. The rise in oil prices was occasioned by the warning from the US that all oil imports from Iran should be stopped by this month-end, in the absence of which, the countries which import would face US sanctions. This is specifically addressed to the eight countries including India and China, which were granted waivers by the US when the sanctions were initially imposed. There is also a streak of profit booking after the momentum built up in the run up to general elections

3:38 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
AEGIS LOGISTICS	188.85	-17.30	-8.39	156436
INFIBEAM AVENUES	43.55	-3.95	-8.32	1396079
REL. COMM.	1.99	-0.10	-4.78	6181111
HEG	1844.00	-85.35	-4.42	48397
RELIANCE POWER	7.65	-0.32	-4.02	7899435

3:37 PM

MARKET CHECK

3:36 PM

Nifty sectoral indices at close

3:35 PM

Market at close

3:34 PM

Market at close | NSE Nifty sheds 18 points to close at 11,576

3:33 PM

Market at close | BSE Sensex closes 80 points lower at 38,565

3:23 PM

NEWS ALERT| Aviation Min says slots of Jet Airways will be returned once airline starts operations

3:07 PM

Sudden slip in late trading hours, Sensex slips nearly 100 pts

Maruti Suzuki, Hero Motocorp, IndusInd Bank biggest losers

2:44 PM

Nifty erases gains; Bank, Auto indices drag

2:42 PM

NEWS ALERT | Tata Power to sell 32 MW wind assets in Maharashtra, reports CNBC TV 18

2:29 PM

SpiceJet to start 28 new daily flights connecting Delhi, Mumbai with key metros: Cogencis

2:14 PM

Ahead of Earnings

At 2:10 pm,
ACC Ltd was trading 0.8 per cent higher at Rs 1,676 apiece
Indiabulls Integrated Services was trading 1.87 per cent higher at Rs 341 apiece 
Tata Global Beverages was trading 0.19 per cent lower at Rs 208.65 apiece

1:59 PM

Oil check

Brent crude back at $74.40 after touching a low of $74.21 at 1:20 pm

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