Key equity benchmarks declined for third day in a row, weighed by losses in Larsen & Toubro, Yes Bank and Maruti Suzuki India. Gains in HDFC, HDFC Bank and ITC supported the indices at lower levels. The market was volatile since morning as the indices slipped into red soon after opening higher. The indices remained choppy through the day, triggered by mixed global cues. The Nifty ended below 11,000 mark after flirting with that level in intraday trade.
The Sensex fell 97.03 points or 0.27% to settle at 36,227.14, its lowest closing level since 9 July 2018. The index rose 227.69 points, or 0.63% at the day's high of 36,551.86. The index fell 338.54 points, or 0.93% at the day's low of 35,985.63.
The Nifty 50 index fell 47.10 points or 0.43% to settle at 10,930.45, its lowest closing level since 9 July 2018. The index rose 56.55 points, or 0.52% at the day's high of 11,034.10. The index fell 127.25 points, or 1.16% at the day's low of 10,850.30.
Broader market slumped. Among secondary barometers, the BSE Mid-Cap index fell 1.61%. The BSE Small-Cap index fell 3.41%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 527 shares rose and 2128 shares fell. A total of 146 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Metal index (down 5.01%), the S&P BSE Realty index (down 4.85%), the S&P BSE Telecom index (down 4.01%), the S&P BSE Basic Materials index (down 3.31%), the S&P BSE Capital Goods index (down 2.67%), the S&P BSE Industrials index (down 2.56%), the S&P BSE Power index (down 2.37%), the S&P BSE Auto index (down 2.32%), the S&P BSE Consumer Durables index (down 2.23%), the S&P BSE Consumer Discretionary Goods & Services index (down 2.18%), the S&P BSE Utilities index (down 2.13%), the S&P BSE Healthcare index (down 1.38%), the S&P BSE Teck index (down 0.85%) and the S&P BSE IT index (down 0.53%), underperformed the Sensex. The S&P BSE FMCG index ended flat. The S&P BSE Finance index (down 0.19%), the S&P BSE Bankex (up 0.03%), the S&P BSE Energy index (up 0.09%) and the S&P BSE Oil & Gas index (up 0.12%), outperformed the Sensex.
Yes Bank (down 9.72%), Hero MotoCorp (down 5.16%), Bharti Airtel (down 5.01%), Tata Steel (down 4.85%), Vedanta (down 3.6%), Bajaj Auto (down 3.43%), Coal India (down 3.42%), Power Grid Corporation of India (down 3.26%), Larsen & Toubro (down 3.21%) and Maruti Suzuki India (down 2.72%), were the major Sensex losers.
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Axis Bank (up 2.28%), HDFC (up 1.49%), HDFC Bank (up 1.40%), ITC (up 1.18%), Wipro (up 1.12%), ONGC (up 0.71%), Asian Paints (up 0.58%), Infosys (up 0.51%) and Reliance Industries (up 0.42%), were the major Sensex gainers.
Shares of Infibeam Avenues plunged 70.24% to Rs 58.80. The crash came a day ahead of the company's scheduled annual general meeting (AGM) on Saturday. The company in voluntary clarification to BSE said it had always provided timely information and clarifications as sought by the stock Exchanges. There is no pending information or announcement from the company which may have a bearing on price behaviour of the scrip, the firm said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.575, compared with its close of 72.60 during the previous trading session.
Overseas, European stocks were trading lower while Asian shares settled mixed on Friday, as investors monitor political turmoil seen in Europe and overseas.
The moves in Japanese stocks came after the release of data that showed the country's unemployment rate fell 0.1% from the previous month to 2.4%. The country also saw an increase in its month-on-month industrial output in August, while retail sales in August was higher as compared to a year earlier.
In the Bank of Japan's release of its summary of opinions for its meeting earlier in September, the central bank said "the contrast between the favorable US economy and other economies is becoming more evident, mainly reflecting US trade policy, and uncertainties regarding their outlook have been heightening as well."
US stocks closed higher Thursday, with the S&P 500 and the Dow Jones Industrial Average snapping a multiday losing streak, as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year.
Fed Chairman Jerome Powell said on Thursday that the US does not face a large chance of a recession in the next two years and the Federal Reserve plans to keep gradually raising interest rates.
In the latest US economic data, jobless claims rose less than expected in the latest week, remaining near multi-decade lows. Orders for durable goods rose 4.5%, faster than had been expected. US real gross domestic product for the second quarter rose at a 4.2% annualized rate, unchanged from the earlier estimate, the Commerce Department said. US pending home sales unexpectedly dropped in August, falling 1.8% in the latest example of weak housing data.
In the global commodities markets, Brent for November 2018 settlement was up 34 cents at $82.06 a barrel. The contract had risen 38 cents, or 0.47% to settle at $81.72 a barrel during the previous trading session.
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