Indian equities settled with losses for third day in a row weighed by slide in ICICI Bank, Reliance Industries and HDFC Bank. The Sensex settled below the psychological 35,000 level after sliding below that level in late trade. Metal and mining stocks declined. Realty stocks fell.
The barometer index, the S&P BSE Sensex, lost 218.78 points or 0.62% at 34,981.02. The index hit high of 35,364.50 and low of 34,937.98 in intraday trade.
The Nifty 50 index lost 73.30 points or 0.69% at 10,526.75. The index hit high of 10,646.25 and low of 10,512 in intraday trade.
Intraday volatility was high. 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, 1106 shares rose and 1497 shares fell. A total of 155 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Capital Goods index (up 0.13%), the S&P BSE IT index (down 0.1%), the S&P BSE Teck index (down 0.19%) outperformed the Sensex. The S&P BSE Metal index (down 1.84%), the S&P BSE Power index (down 1.21%), the S&P BSE Realty index (down 1.2%) underperformed the Sensex.
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.
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.
Shares of index heavyweights, ICICI Bank (down 1.36%), Reliance Industries (down 0.85%) and HDFC Bank (down 0.7%) declined.
Metal and mining stocks declined. Tata Steel (down 2.28%), JSW Steel (down 1.93%), Vedanta (down 1.09%), National Aluminium Company (down 1.43%), Hindustan Zinc (down 1.07%), Jindal Steel & Power (down 1.4%), Hindalco Industries (down 2.33%) and NMDC (down 2.55%) edged lower. Steel Authority of India (Sail) (down 2.34%) and Hindustan Copper (down 1.67%) edged higher.
Realty stocks fell. DLF (down 2.85%), Indiabulls Real Estate (down 0.48%), Housing Development and Infrastructure (down 1.79%), Unitech (down 1.79%), Sobha (down 1.18%), Godrej Properties (down 1.03%) and Prestige Estates Projects (down 0.86%) declined. Oberoi Realty (up 0.13%) rose.
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.
Indraprastha Gas shed 0.04% to Rs 265.25 after a bulk deal of 10 lakh shares was executed on the scrip at Rs 265.15 per share at 09:28 IST on BSE.
Indoco Remedies jumped 20%. The company said that Rating Committee of ICRA has reaffirmed rating at [ICRA]A+ (pronounced ICRA ~ plus) for the long term borrowing programme of the company. The outlook on the long term rating is 'Stable'. The announcement was made after market hours yesterday, 21 November 2018.
Redington (India) rose 1.42%. Redington Gulf FZE, (Redington Gulf) a step-down subsidiary of Redington (India), that it had acquired additional 24.8% stake in Citrus Consulting Services FZ LLC (Citrus), its subsidiary company. With this acquisition, the total holding of Redington Gulf in Citrus had increased from 60% to 84.8%. 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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