Domestic stocks ended with sharp losses led by slide in index pivotals ITC, HDFC Bank and Infosys. Global cues were mixed. The Nifty ended below 10,900 mark after hovering above that level for most part of the day.
After opening on a flat note, key indices declined to fresh intraday low in morning trade. Indices sharply pared losses in mid-morning trade. Benchmarks turned positive in early afternoon trade and continued hovering near flat line in mid-afternoon. Indices slumped in late trade amid sudden selling pressure, triggered by ITC's muted third quarter earnings.
The barometer index, the S&P BSE Sensex, fell 336.17 points or 0.92% to settle at 36,108.47. The index hit high of 36,521.47 and low of 36,037.90 in intraday trade.
The Nifty 50 index fell 91.25 points or 0.84% to settle at 10,831.50. The index hit high of 10,944.80 and low of 10,811.95 in intraday trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.28%. The BSE Small-Cap index fell 0.16%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1068 shares rose and 1477 shares fell. A total of 144 shares were unchanged.
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Among the sectoral indices on BSE, the S&P BSE FMCG index (down 1.38%), the S&P BSE Power index (down 1.24%), the S&P BSE Consumer Durables index (down 1.16%) underperformed the Sensex. The S&P BSE Metal index (up 0.63%), the S&P BSE Oil & Gas index (down 0.03%), the S&P BSE Telecom index (down 0.05%) outperformed the Sensex.
Power Grid Corporation of India (down 1.85%), Infosys (down 1.73%), Mahindra & Mahindra (down 1.65%), NTPC (down 1.58%) and State Bank of India (down 1.31%) were the major Sensex losers.
Sun Pharmaceutical Industries (up 3.04%), Yes Bank (up 2.71%), Tata Steel (up 1.53%), Hindustan Unilever (up 0.9%) and Bajaj Finance (up 0.75%) were the major Sensex gainers.
Index heavyweight ITC lost 4.16% after net profit rose 3.84% to Rs 3209.07 crore on 15.79% increase in total income to Rs 12267.65 crore in Q3 December 2018 over Q3 December 2017. The result was announced during trading hours today, 23 January 2019.
Maruti Suzuki India shed 0.37%. Maruti Suzuki India launched the 3rd generation WagonR today. The Big New WagonR is poised to impress customers with its bold design, enhanced space, comfort, next generation infotainment system and advanced K-series engine offering excellent fuel efficiency and driving pleasure. Maruti Suzuki and its partners have invested approx. Rs 670 crore for development of Big New WagonR. The announcement was made during market hours today, 23 January 2019.
ICICI Prudential Life Insurance Company lost 11.13%. The company's net profit dropped 34.36% to Rs 296.77 crore on 35.26% fall in total income to Rs 8786.70 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
HDFC Standard Life Insurance Company dropped 2.82%. The company's net profit rose 18.48% to Rs 245.63 crore on 3.69% fall in total income to Rs 9386.57 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
Oberoi Realty fell 1.37%. The company's consolidated net profit rose 14.76% to Rs 137.93 crore on 52.79% rise in total income to Rs 552.03 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
Va Tech Wabag rose 0.79% after the company announced securing desalination order worth Rs 467 crore from Mangalore Refinery and Petrochemicals. The announcement was made after market hours yesterday, 22 January 2019.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.3350, compared with closing of 71.445 during the previous trading session.
In global commodities markets, Brent crude oil futures edged higher. Brent for March 2019 settlement was up 56 cents at $62.06 a barrel.
Overseas, shares in Europe and Asia were mixed on Wednesday on the back of concerns over the state of ongoing US-China trade negotiations, amid reports that the White House had canceled a trade planning meeting with Beijing this week.
The Bank of Japan (BoJ) cut its inflation forecasts and stuck to its ultra-loose monetary policy on Wednesday. The central bank maintained its view that Japan's economy, the world's third largest, will continue to expand at a modest pace. The BoJ cut its forecast for core consumer inflation to 0.9% in the fiscal year beginning in April from 1.4%.
US stocks closed lower Tuesday, snapping a four-day winning streak, as trade woes and fresh concerns over the state of the global economy greeted investors returning from the long holiday weekend.
Shares dropped following a media report which said the US had canceled a trade meeting with Chinese officials due to a lack of progress in areas including "forced" technological transfers and economic reforms. However, the market trimmed its losses late in the session after White House adviser Larry Kudlow reportedly denied that the US rejected China's overtures.
Investors also digested a fresh round of corporate earnings and paid close attention to management commentary on the global economic outlook. Meanwhile, a partial US government shutdown stretched into its 32nd day on Tuesday.
On US data front, existing-home sales fell to a seasonally adjusted annual rate of 4.99 million in December, their lowest in three years, according to the National Association of Realtors.
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