Local stocks logged strong losses for second day in a row weighed by slide in index pivotals Reliance Industries, Infosys and TCS. The barometer index, the S&P BSE Sensex, lost 274.71 points or 0.77% at 35,199.80. The Nifty 50 index lost 56.15 points or 0.53% at 10,600.05.
Domestic stocks began trading on a negative note on subdued Asian indices. A sudden sell-off in index pivotals dragged indices sharply lower in morning trade. Key benchmark indices hit intraday low in mid-morning trade. After a mild recovery in early afternoon trade, key benchmark indices gyrated in negative zone in afternoon trade. Key indices extended recovery in mid-afternoon trade as European stocks edged higher in early trade. Stocks extended fall in late trade on fresh selling in index pivotals.
The S&P BSE Mid-Cap index rose 0.64%. The S&P BSE Small-Cap index rose 0.06%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,264 shares rose and 1,321 shares fell. A total of 140 shares were unchanged.
TCS (down 3.51%), Infosys (down 3.14%), Power Grid Corporation of India (down 2.77%), Wipro (down 2.38%) and Bajaj Auto (down 2.27%) were the major Sensex losers.
Index heavyweight Reliance Industries lost 2.31% to Rs 1,112.30.
More From This Section
Dr. Reddy's Laboratories jumped 5.9% after the company announced favorable outcome in Buprenorphine and Naloxone Sublingual Film patent litigation. The United States Court of Appeals for the Federal Circuit issued a decision in favor of Dr. Reddy's Laboratories Inc., concluding that lndivior had not shown that it is likely to succeed on the merits of its infringement case on US Patent No. 9,931,305. This decision vacates the District Court's preliminary injunction that had prohibited Dr. Reddy's from selling its generic version of Suboxone (buprenorphine and naloxone) sublingual film. As a result of the ruling, Dr. Reddy's will resume its launch activities as soon as permitted. The announcement was made after market hours yesterday, 20 November 2018.
Adani Gas hit an upper circuit limit of 20% at Rs 97.80. Adani Gas has bagged authorization from the Petroleum and Natural Gas Regulatory Board, Government of India to expand its city gas footprint in 13 new geographical areas (GAs) in the recently concluded 9th round of CGD bidding. In addition, the company has also won 9 GAs in its joint venture company with Indian Oil Corporation, i.e. Indian Oil - Adani Gas (IOAGPL). The announcement was made during trading hours today, 21 November 2018.
Crude prices tumbled overnight amid a selloff in global stock markets fed by growing concerns about slowing global growth. In the global commodities markets, Brent for January 2019 settlement was up $1.01 a barrel at $63.54 a barrel. The contract had fallen $4.26 a barrel or 6.38% to settle at $62.53 a barrel during the previous trading session.
India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Overseas, European equities rose as investors returned to the market amid optimism of a compromise over Italy's budget. The European Commission is scheduled to take the first step toward disciplining Rome over its contentious draft fiscal proposal on Wednesday. Asian stocks were mixed.
Meanwhile, UK Prime Minister Theresa May is expected to make an appearance in Brussels on Wednesday, as she discusses Brexit developments with the President of the European Commission, Jean-Claude Juncker. The British leader is currently facing broad criticism from across the political spectrum, amid lingering concerns she could soon face a vote of no-confidence. The EU is due to hold a summit to discuss Britain's proposed deal on Sunday.
US stocks closed sharply lower Tuesday, extending a pre-Thanksgiving rout that has been fueled mostly by a selling in shares of technology and internet-related companies. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.
On the US data front, housing starts came in at a 1.228 million seasonally adjusted annual rate in October, while permits came in at a 1.263 million rate. Year-over-year, growth in housing starts has steadily slowed in 2018.
Powered by Capital Market - Live News