• Sensex   33745.19   441.67  sensex_up_arr
  • Nifty   9947.45   121.30   sensex_up_arr
  • Bank Nifty   20362.30   2.02   sensex_up_arr
  • BSE Midcap   12275.83   0.97  sensex_up_arr
  • USDINR   75.56   -0.24   sensex_dwn_arr
Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Sensex, Nifty trade lower; breadth negative
(14:29, 08 Nov 2019)

Key benchmarks sharply reversed trend after hitting fresh intraday high in mid-afternoon trade. The Nifty retracted after briefly crossing 12,000 mark. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 120.35 points or 0.3% at 40,533.39. The Nifty 50 index was down 43.55 points or 0.36% at 11,968.50.

In broader market, the S&P BSE Mid-Cap index was down 0.09%. The S&P BSE Small-Cap index was up 0.01%. Both these indices outperformed the Sensex.

The market breadth was negative. On the BSE, 1094 shares rose and 1289 shares fell. A total of 180 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) announced its Q2 earnings during market hours. M&M, along with its manufacturing unit MVML, witnessed 24% decline in profit after tax to Rs 1355 crore on a 15% decline in revenues to Rs 10,935 crore in Q2 September 2019 over Q2 September 2018. M&M and MVML reported an operating margin of 14.1% in Q1 FY20 as against 14.5% in Q2 FY 14.5%.

Shares of M&M rose 1.34% to Rs 588.15.

Engineers India reported its Q2 earnings after market hours yesterday. The PSU company's standlone net profit declined 2% to Rs 95.77 crore on a 6.2% rise in net sales to Rs 723.73 crore in Q2 September 2019 over Q2 September 2018.

Shares of Engineers India fell 0.59% at Rs 110.35.

Buzzing Index:

The Nifty Bank index was up 1% at 30,938.45, extending its winning streak for third session.

Private sector banks advanced. Yes Bank (up 5.71%), IndusInd Bank (up 4.28%), RBL Bank (up 4.7%), ICICI Bank (up 2.95%), Kotak Mahindra Bank (up 1.16%) and AU Small Finance Bank (up 0.68%) surged higher.

PSU Banks stocks declined. Punjab National Bank (down 0.16%), Bank of India (down 0.22%), Oriental Bank of Commerce (down 0.28%), Bank of Baroda (down 0.83%), Union Bank of India (down 0.9%), Canara Bank (down 1.77%) and Syndicate Bank (down 1.89%) were top laggards.

Economy:

Credit rating agency Moody's lowered nation's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Finance Minister Nirmala Sitharaman on Thursday chaired a meeting with members of the Financial Stability and Development Council (FSDC). The FSDC is an apex-level body constituted, with an aim to strengthen and institutionalise the mechanism of maintaining financial stability and financial sector development among others, by the government of India with the finance minister as its head.

The body also includes the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) as its members along with finance ministry officials. The last meeting of the FSDC was held on June 19, in which the global and domestic economic situation and financial stability issues including, inter-alia, those concerning banking and NBFCs were reviewed among others.

Numbers to watch:

The yield on 10-year benchmark federal paper rose to 6.528% at 14:25 IST compared with 6.502% in the previous trading session.

In the foreign exchange market, the Indian rupee edged lower against the dollar in mid-afternoon trade. In the spot currency market, the Indian unit was last seen trading at 71.215. On Thursday, it closed at 70.97 against the US dollar.

In the commodities market, Brent crude for January 2020 settlement was down 57 cents at $61.72 a barrel. The contract rose 0.89% to settle at $ 62.29 a barrel during the previous trading session.

MCX Gold futures for 5 December 2019 settlement edged 0.66% higher to Rs 37,822.

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