Market Wrap, July 10: Sensex sheds 177 pts, Nifty below 11,500

Indices ended Wednesday's volatile session in the negative territory. Spooked by fresh trade war concern between India and the United States, markets remained flat with a positive bias for better part of the day. They, however, saw sharp decline during last trading hour. 

The benchmark S&P BSE Sensex ended 174 points, or 0.45 per cent, lower at 38,557 levels with Bajaj Finance, Tata Steel and Tata Motors being the top losers. On the contarry, YES Bank, Sun Pharma and ICICI Bank were the top gainers for the day. The broader Nifty50, too, settled 57 points, or 0.49 per cent, lower at 11,498 levels. 

The Sensex dipped as much as 256 points intra-day while the Nifty50 lost up to 80 points today.

In the broader market, the S&P BSE Mid-Cap slipped 110 points, or 0.75 per cent, to close at 14,414 levels while the S&P BSE Small-Cap ended 103 points, or 0.75 per cent, lower at 13,699 levels.

Sectorally, all the indices, except Nifty Private Bank index, closed in the red. Nifty auto, metals, PSU bank and realty counters closed nearly 1.5 per cent lower each. This was followed by losses in Nifty IT and Nifty FMCG indices, which were down 0.81 per cent and 0.54 per cent respectively. 

BUZZING STOCKS

Shares of IndiGo, India’s largest airline, nosedived as much as 17.54 per cent to hit a low of Rs 1,291 apiece on the BSE in the early morning deals on Wednesday after promoters Rahul Bhatia and Rakesh Gangwal made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene. 

Shares of Manpasand Beverages were locked in 5 per cent lower circuit at Rs 38.85 apiece on Wednesday after the company’s auditor Mehra Goel & Co. resigned owing to the ongoing Goods and Services Tax (GST) scam investigations against the company.