Stocks registered modest losses in volatile trade weighed by slide in ICICI Bank, Reliance Industries and HDFC Bank. The barometer index, the S&P BSE Sensex, lost 218.78 points or 0.62% at 34,981.02, as per the provisional closing data. The Nifty 50 index lost 73.30 points or 0.69% at 10,526.75, as per the provisional closing data. The Sensex dropped below the psychological 35,000 level in late trade.
Stocks drifted higher in early trade as buying resumed in the market after a two-day slide. Key benchmark indices extended gains in morning trade. Indices trimmed gains in mid-morning trade. Indices hovered in a small range with positive bias in early afternoon trade. Volatility struck bourses in afternoon trade as the key benchmark indices erased intraday gains to sink in negative zone. Key benchmark indices hovered in negative zone in mid-afternoon trade. Fresh selling dragged indices to day's low in late trade.
Domestic stock markets will remain closed tomorrow, 23 November 2018 on account of Gurunanak Jayanti. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.
The S&P BSE Mid-Cap index fell 0.74%. The S&P BSE Small-Cap index fell 0.44%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1107 shares rose and 1496 shares fell. A total of 155 shares were unchanged.
Adani Ports and Special Economic Zone (up 1.73%), L&T (up 0.49%), ONGC (up 0.3%), TCS (up 0.19%) and HDFC (up 0.09%) edged higher from the Sensex pack.
M&M (down 3.02%), Tata Steel (down 2.28%), Wipro (down 2.1%), Axis Bank (down 1.92%) and Coal India (down 1.61%) edged lower from the Sensex pack.
Deepak Fertilisers & Petrochemicals Corporation rose 9.56% after the company said that the Income tax team has left the company's offices and normal day-to-day business has resumed fully. The company does not anticipate the search and seizure operations to have any materially adverse impact, Deepak Fertilisers and Petrochemicals Corporation said. The announcement was made after market hours yesterday, 21 November 2018.
Overseas, European stocks edged lower on Thursday, dragged down by declines in utility and banking stocks. Asian stock markets were mixed ahead of the Thanksgiving holiday in the US.
US stock indexes ended mostly higher Wednesday, with the S&P and Nasdaq recapturing a small share of the of the ugly losses accumulated Monday and Tuesday, led by the same growth technology stocks which had been a main driver of market's recent woes.
In US economic data, orders for US-manufactured durable goods fell by 4.4% in October, the largest decline in 15 months. Existing-home sales rose for the first time in six months, at a seasonally adjusted annual rate of 5.22 million in October, up 1.4% from September. The University of Michigan's consumer-sentiment index fell to 97.5 in November from 98.6 in October.
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