Key benchmarks indices ended the volatile session with steep losses. The Sensex held above 36,000 mark while the Nifty ended below 10,800 level. Indices opened higher and hit fresh intraday high in morning trade. Benchmarks trimmed gains in mid-morning trade. After hovering in a narrow range in early afternoon trade, indices reversed trend and slipped into negative terrain in mid-afternoon trade. Barometers hit fresh intraday low in late trade.
The Sensex fell 169.56 points or 0.47% to settle at 36,025.54. The index rose 279.38 points, or 0.77% at the day's high of 36,474.48. The index fell 241.95 points, or 0.67% at the day's low of 35,953.15.
The Nifty 50 index fell 69.25 points or 0.64% to settle at 10,780.55. The index rose 81.90 points, or 0.75% at the day's high of 10,931.70. The index fell 93.35 points, or 0.86% at the day's low of 10,756.45.
Broader market tumbled. Among secondary barometers, the BSE Mid-Cap index fell 1.20%. The BSE Small-Cap index fell 1.58%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 698 shares rose and 1854 shares fell. A total of 152 shares were unchanged.
Among sectoral indices on BSE, the S&P BSE Realty index (down 4.09%), the S&P BSE Auto index (down 3.14%) and the S&P BSE Metal index (down 1.08%), underperformed the Sensex. The S&P BSE Oil & Gas index (up 0.18%), the S&P BSE IT index (up 0.2%) and the S&P BSE Telecom index (up 1.74%), outperformed the Sensex.
Hero MotoCorp (down 4.23%), Asian Paints (down 2%), Mahindra & Mahindra (down 1.94%), Tata Steel (down 1.77%), Tata Motors (down 1.23%) and NTPC (down 1.21%), were the major Sensex losers.
HCL Technologies (up 2.54%), Bharti Airtel (up 1.81%), TCS (up 0.91%), Vedanta (up 0.88%), HDFC (up 0.43%), Axis Bank (up 0.38%) and ITC (up 0.13%), were the major Sensex gainers.
Zee Entertainment Enterprises slumped 26.43% to Rs 319.35. On the BSE, 57.22 lakh shares were traded in the counter so far compared with average daily volumes of 2.88 lakh shares in the past two weeks.
ICICI Bank fell 2.16%. Media reports suggested that the Central Bureau of Investigation (CBI) has named ICICI Bank's former managing director and chief executive officer (MD and CEO) Chanda Kochhar and her husband Deepak Kochhar, along with his firms, as accused in the Rs 3,250-crore Videocon loan case. The first information report (FIR) registered on Thursday reportedly said the accused, including Videocon Industries (VIL) and its chairman and MD, Venugopal Dhoot, sanctioned certain loans to private companies in a criminal conspiracy and cheated ICICI Bank to the tune of Rs 1,730 crore.
Maruti Suzuki India fell 7.40% after the company announced Q3 December 2018 results during trading hours today, 25 January 2019.
Maruti Suzuki India's net profit fell 17.2% to Rs 1489.30 crore on 0.1% decline in net sales to Rs 18926.40 crore in Q3 December 2018 over Q3 December 2017. The company sold a total of 428,643 vehicles during the quarter, a decline of 0.6% over the same period the previous year. The company added that this quarter was marked by a combination of several adverse factors coming together which impacted profitability, such as adverse commodity prices, adverse foreign exchange rates, higher marketing & sales expenditure, higher costs in resources and capacities which were earlier planned to enable a higher estimated growth. This was partially offset by the company's regular efforts in cost-reduction, VA-VE exercises, suggestions from employees and supplier partners.
Engineering and construction major L&T fell 0.85% ahead of December quarter earnings.
Yes Bank rose 2.71%, extending yesterday's sharp gains triggered by RBI approval to name Ravneet Singh Gill as MD & CEO of the private sector bank. Shares of Yes Bank jumped 8.39% to end at Rs 213.85 yesterday, 24 January 2019.
Yes Bank said that Reserve Bank of India (RBI) has vide its letter dated 23 January 2019 approved the appointment of Ravneet Gill as the MD & CEO of Yes Bank for a period of 3 years from the date of joining. Gill is expected to join the bank latest by 1 March 2019. The appointment will be subject to the approval of shareholders at the ensuing annual general meeting of the bank to be held in June 2019.
The board of directors of Yes Bank have scheduled a special board meeting to be held on Tuesday, 29 January 2019, and will finalize on the delegation of powers for transition management in the interim period commencing from 1 February 2019 until Ravneet Gill assumes office.
Further, Yes Bank announced the appointment of Mr. Maheswar Sahu and Mr. Anil Jaggia as additional directors (independent) with effect from 24 January 2019 for a period of 5 years. The announcement was made after market hours yesterday, 24 January 2019.
Meanwhile, the Supreme Court on Friday, 25 January 2019, reportedly upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC). A bench headed by Justice R.F. Nariman said they have upheld the constitutional validity "in its entirety". The court, however, said that related parties in the Act should mean a person connected with the business. The bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC, media reports added.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.205, compared with its close of 71.075 during the previous trading session.
In the global commodities markets, Brent for March 2019 settlement was up 4 cents at $61.13 a barrel. The contract fell 5 cents, or 0.08% to settle at $61.09 a barrel during the previous trading session.
Overseas, stocks in Europe and Asia gained Friday despite fresh overnight uncertainties about US-China trade negotiations. In Japan, core consumer prices in Tokyo, a leading indicator of nationwide price trends, rose 1.1% in January from a year earlier, government data showed on Friday.
The European Central Bank (ECB) decided to maintain interest rates at 0% as expected on Thursday, but President Mario Draghi warned that growth risks in the region had shifted to the downside due to a number of external factors.
In US, stocks closed mostly higher Thursday as investors digested a tide of corporate earnings while monitoring US-China trade talks and a long-running US government shutdown -- all amid worries over the health of the global economy.
On the US data front, the number of Americans applying for unemployment benefits fell below 200,000 for the first time in nearly 50 years, the Labor Department reported Thursday. Further, the Conference Board's leading economic index fell 0.1% in December.
Private-sector activity continued to expand in January but at a more moderate pace compared with the same time last year, according to flash purchasing managers index data compiled by Markit. The manufacturing index rose to 54.9 from 53.8 in December, while the services gauge slipped to 54.2 from 54.4. A figure above 50 signifies growth in activity.
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