The market extended losses and hit fresh intraday low in mid-afternoon trade. The Nifty slipped below 11,900 mark after holding above that level for most part of the session.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 173.01 points or 0.44% at 39,510.28. The Nifty 50 index was down 49.65 points or 0.42% at 11,875.10.
Among secondary barometers, the BSE Mid-Cap index was down 0.04%. The BSE Small-Cap index was up 0.03%.
The market breadth, indicating the overall health of the market, was almost even. On BSE, 1288 shares rose and 1225 shares fell. A total of 149 shares were unchanged.
Cement shares declined. ACC (down 0.7%), Ambuja Cements (down 0.63%) and UltraTech Cement (down 0.55%), edged lower.
Grasim Industries was down 1.85%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Punjab National Bank was down 3.70%. The bank reported net loss of Rs 4749.64 crore in Q4 March 2019 compared with net loss of Rs 13416.91 crore in Q4 March 2018. Total income rose 13.75% to Rs 14725.13 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 28 May 2019.
Bharti Airtel was down 1.46%. The company inform during trading hours today, 28 May 2019, that Airtel Africa, a subsidiary of the company, has announced its potential intention to undertake an initial public offering (IPO) for listing its equity shares on London Stock Exchange and the expected publication of a Registration Document that has been submitted for approval to the UK Financial Conduct Authority.
Manpasand Beverages was locked in 20% lower circuit for second consecutive session to trade at Rs 70.40. The Commissioner of Central GST and Customs carried out search and seizure proceedings at various premises of the company on 23 May 2019, and further inquiry was conducted on 24 May 2019 at GST Bhavan office of Vadodara.
Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the company and Harshvardhan Singh are under judicial custody of Authority on 24 May 2019. The company is contesting these allegations in accordance with the due process of law. Considering the present status of the case estimated impact on the company and amount involved is not identifiable till the outcome in the matter, the company said on Saturday, 25 May 2019.
On the political front, Rahul Gandhi has reportedly called a meeting of senior Congress leaders at 4:30 pm today. Media reports suggest that Rahul Gandhi remains firm on quitting as Congress president after the party's national election rout but may agree to lead the party in the Lok Sabha.
The Congress won only 52 out of 542 parliamentary seats in the Lok Sabha polls. In comparision, Narendra Modi-led BJP bagged 303 seats.
Taking responsibility for the defeat, Rahul Gandhi on Saturday (25 May 2019) reportedly offered to resign as party president at a meeting of the Congress Working Committee (CWC), the highest decision-making body of the party, but it was "unanimously rejected".
Modi will be inaugurated for a second term as Prime Minister of India on Thursday, 30 May 2019.
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