Domestic stocks settled with modest losses weighed by slide in index heavyweights Reliance Industries, HDFC Bank and Infosys. The barometer index, the S&P BSE Sensex, lost 173.70 points or 0.45% to settle at 38,722.93. The Nifty 50 index fell 46.60 points or 0.40% to settle at 11,691.90.
After a volatile opening, indices were almost flat in morning trade. Following some range bound trading, indices hit fresh intraday low in late trade as selling intensified.
The barometer index, the S&P BSE Sensex, lost 173.70 points or 0.45% to settle at 38,722.93. The Sensex rose 93.02 points, or 0.24% at the day's high of 38,989.65 in early trade. The index fell 217.06 points, or 0.56% at the day's low of 38,679.57 in late trade.
The Nifty 50 index fell 46.60 points or 0.40% to settle at 11,691.90. The Nifty rose 14.70 points, or 0.13% at the day's high of 11,753.20 in early trade. The index fell 59.65 points, or 0.51% at the day's low of 11,678.85 in late trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.47%. The BSE Small-Cap index rose 0.05%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1281 shares rose and 1429 shares fell. A total of 166 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.11%), the S&P BSE Realty index (up 1.09%), the S&P BSE Oil & Gas index (up 0.23%) outperformed the Sensex. The S&P BSE Teck index (down 0.5%) underperformed the Sensex.
Coal India (down 2.58%), Reliance Industries (down 1.8%), Power Grid Corporation of India (down 1.58%), Yes Bank (down 1.44%) and IndusInd Bank (down 1.36%) were the major Sensex losers.
ONGC (up 1.58%), State Bank of India (up 1.54%), Tata Steel (up 0.8%), ICICI Bank (up 0.53%) and Tata Motors (up 0.5%) were the major Sensex gainers.
Shares of banking major HDFC Bank fell 0.88%.
Shares of software major Infosys declined 0.98%.
State Bank of India (SBI) rose 1.54%. The bank said that the appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958% of stake of SBI in National Stock Exchange of India (NSE) through secondary sale. The announcement was made after market hours yesterday, 28 August 2018.
TCS rose 0.01%. The company announced during trading hours today, 29 August 2018, that its flagship product, TCS BaNCS was deployed by PostFinance, one of the five largest financial institutions in Switzerland. With a vision to become Switzerland's leading digital retail bank by 2020, PostFinance embarked on an ambitious program to replace its legacy core systems with a new platform that would help deliver a consistently positive customer experience and support future digital innovation.
Wipro rose 0.37%. The company announced before market hours today, 29 August 2018, that it has been awarded a multi-year business process services engagement and chosen as a finance transformation partner by Falck. Headquartered in Denmark, Falck is a leading international supplier of ambulance services, employee health care and roadside assistance and is active in 35 countries, worldwide and has over 37,000 employees. As part of the contract, Wipro will help transform Falck's finance operations through its enterprise operations transformation model.
Telecom major Bharti Airtel fell 0.43%. Bharti Telemedia, a subsidiary of the company, has been granted the approval dated 28 August 2018 from the Ministry of Information and Broadcasting for transfer of its 15% stake to an affiliate of Warburg Pincus. The announcement was made after market hours yesterday, 28 August 2018.
Sun Pharmaceutical Industries fell 0.08%. Sun Pharma Consumer Healthcare, a division of Sun Pharmaceutical Industries today announced the launch of Volini Maxx, a pain relief spray. Volini Maxx is a new variant of Sun Pharma's popular brand, Volini. Its unique formulation of 2% diclofenac makes it 100% stronger than the existing 1% diclofenac sprays available in the Indian market. Volini Maxx is targeted for severe pains including musculoskeletal, joint and low back. The announcement was made during market hours today, 29 August 2018.
The overall topical analgesic market in India is valued at Rs 3380 crore growing at 11% (AC Nielsen MAT June 2018). Out of this, the spray category is around Rs 356 crores growing at 18% (AC Nielsen MAT June 2018).
JSW Steel jumped 8.97%. Lupin fell 1.59%. The former is set to replace the latter from the Nifty 50 index with effect from 28 September 2018. NSE after market hours yesterday, 28 August 2018 said that the Index Maintenance Sub-Committee (IMSC) has decided to make the replacement of stocks in various indices as part of its periodic review. The National Stock Exchange of India (NSE) is the leading stock exchange in India.
Artson Engineering surged 11.91%. The company received a Purchase Order (PO) from Thyssenkrupp Industries India of approx Rs 15 crore (Excluding GST). The announcement was made after market hours yesterday, 28 August 2018.
Overseas, most European were trading higher, while most Asian settled higher. Traders were cautious ahead of a looming deadline on tariffs with China. In US, the S&P 500 and the Nasdaq on Tuesday finished at records for a third consecutive session after a measure of consumer confidence hit a nearly 18-year high. However, the market's gains were muted, with indexes closing off of intraday peaks. The Conference Board said its index of consumer confidence climbed to 133.4 this month from 127.9 in July.
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