Sensex tanks 216 points in a volatile session, snaps three-session winning streak
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Vinod Nair, Head of Research, Geojit Financial Services
Market turned to profit booking on weak global cues and PSU banks underperformed after recent rally. Consolidation in market may continue due to fear of downgrade in FY19 numbers and worsening domestic macros. Additionally, higher retail fuel price is adding inflationary pressures. Investors are expecting volatility ahead of F&O expiry which may direct them to stay cautious.
Markets At Close
Sensex falls 216.24 points to end at 34,949.24; Nifty sheds 55.35 points to 10,633.30.
Sensex, Nifty extend losses
At 2:08 pm, the Sensex was trading at 35,002, down 162.60 points, while the broader Nifty50 was ruling at 10,639, down 48.75 points.
Reliance Communications, shareholders ink amicable settlement; share price soars 18% in 2 days
Reliance Communications share price extended gains on Tuesday after rising over 7 per cent in the previous session. The stock rallied as much as 9.80 per cent to Rs 16.80 on the BSE, rising 18 per cent in the last two days.
The Anil Ambani-owned RCom said its unit Reliance Infratel has informed the bankruptcy appeals court of reaching a settlement with its minority shareholders in relation to the sale of its tower and fibre assets.
Big blow to Jet Airways! Icra downgrades its credit rating to junk status; check why
Credit rating agency Icra on Monday downgraded the rating of premium airliner Jet Airways to junk status after the aviation major reported losses in the March quarter of financial year 2018-19.
The airline's long term rating assigned to "Long term Loans" and "Non-Convertible Debentures" was revised to lCRA BB+ (negative outlook) from ICRA BBB- (negative outlook).
BB+ Rating is just below the investment grade rating of BBB-. It is considered as highest junk rating.
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Market Breadth Remains Positive
Market breadth, indicating the overall health of the market, remained positive. On the BSE, 563 stocks rallied, 507 stocks declined, while 52 stocks remained unchanged.
Markets At Open
At 9:18 am, the Sensex was trading at 35,108, down 57.43 points, while the broader Nifty50 was ruling at 10,667, down 20.80 points. In the broader market, the BSE Midcap and the BSE Smallcap indices remained little changed.
Corporate News
- Vedanta ordered by Tamil Nadu government to seal and permanently close the Copper Smelter plant
- Binani Cement lenders vote in favour of UltraTech Bid
- Government of India increases its stake in IDBI Bank by 5% by acquiring 109.7 crore shares to 85.96%
- Arihant Superstructures subsidiary gets loan sanction amounting to Rs 250 crore from HDFC for Panvel Project
FII/DII data on Monday
Provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 795.06 crore, while the domestic institutional investors bought stocks worth Rs 1,017.65 crore.
The Sensex and Nifty rallied for a third straight session on Monday, with the 30-share index closing above the 35,000-mark as sentiments improved after a sharp correction in global crude prices and a continuous recovery in the rupee. The broader 50-share Nifty breached the psychological 10,700-level.
The Sensex settled at 35,165, up 240.61 points, while the broader Nifty50 ended at 10,688, up 83.50 points. In the broader market, the BSE Midcap and the BSE Smallcap indices gained 1.4 per cent and 1.6 per cent respectively.
Market breadth, indicating the overall health of the market, remained positive. On the BSE, 1,843 stocks rallied, 842 stocks declined, while 175 stocks remained unchanged.
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Apex Frozen (Buy)
Target: Rs 604
Stoploss: Rs 588
Income at Rs 203 crore from Rs 164
Profit at Rs 17.5 crore from Rs 6.92 crore
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