Market Wrap, November 26: Sensex slips 68 pts, Nifty ends at 12,038

After touching record high during the day, benchmark indices ended Tuesday's session with minor cuts as investors creamed off profit. The S&P BSE Sensex ended at 40,821 levels, down 68 points or 0.17 per cent while NSE's Nifty50 index settled at 12,038, down 36 points or 0.30 per cent.
 

In the opening deals, the 30-share index of BSE hit a new high of 41,120.28 levels. ICICI Bank (up over 2.50 per cent) ended as the top gainer on the index while Bharti Airtel (down over 4 per cent) emerged as the biggest loser.

 

On the NSE, the broader Nifty50, too, scaled a fresh peak of 12,132.45 levels in the early trade. 

 

In the broader market, the Nifty Midcap 100 index slipped 0.85 per cent to end at 16,915 levels while the Nifty SmallCap 100 index lost 0.42 per cent to end at 5,721. 

 

Sectorally, media counters took the biggest hit, led by steep fall in ZEE Entertainment Enterprises (ZEEL) shares following the resignation of Subhash Chandra as Chairman of the company. The Nifty Media index declined 3.63 per cent to close at 1,889 levels. Next on the list was IT stocks as the Nifty IT pack lost over a per cent to 14,922 levels. 

 

India VIX settled nearly a per cent lower at 14.89 levels.

 

Buzzing stocks of the day:

 

Zee Entertainment Enterprises (ZEEL) slumped up to 9 per cent to Rs 312.50 on the BSE after its founder Subhash Chandra stepped down as the company's chairman.  Chandra becomes non-executive director with immediate effect. The decision was taken following a board meet on Monday. The stock settled at Rs 320, down 7 per cent.

 

Bharti Airtel shares declined over 4 per cent to Rs 432 on the BSE after rating agency ICRA downgraded the company’s long-term rating from "AA" to "AA-"on higher-than-anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

 

On the upside, shares of Aavas Financiers hit a new all-time high of Rs 1,840, up 8 per cent on the BSE, thus zooming more than 100 per cent so far in the calendar year 2019 (CY19), on the back of strong financial performance and sustained buying by foreign portfolio investors (FPIs). The scrip ended at Rs 1,817, up 6.30 per cent. 

 

Global markets:

 

World stocks hit their highest in almost two years on Tuesday, keeping record highs in sight, following fresh signs that the United States and China were working to end a bitter trade war that has dealt a blow to the global economy. Besides, a strong Hong Kong debut for Chinese e-commerce giant Alibaba in the world's largest share sale of this year, boosted stock markets in Asia. 

 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent to a one-week high. Australian shares were up 0.83 per cent, while Japan's Nikkei stock index rose 0.54 per cent. US stock futures edged 0.08 per cent higher in Asia after Wall Street’s three main stock averages closed at record highs on Monday, buoyed by hopes for a trade deal and by M&A activity.

 

In European market, the pan-region Euro Stoxx 50 futures were up 0.03 per cent, German DAX futures were up 0.12 per cent, while FTSE futures were up 0.14 per cent on Tuesday.

 

In commodities, oil prices rose as optimism returns to US-China trade talks.