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Closing Bell: Sensex drops 17 points to end at 37,831, Nifty also slips by 19 points

Equity Indices Surrendered Early Gains To End Modestly Lower On Thursday, Extending Their Loss-making Streak To The Sixth Straight Session, Amid Expiry Of July Series Derivative Contracts.

News Nation Bureau | Edited By : Assem Sharma | Updated on: 25 Jul 2019, 05:53:51 PM
Closing Bell: Sensex drops 17 points to end at 37,831, Nifty also slips by 19 points

Closing Bell: Sensex drops 17 points to end at 37,831, Nifty also slips by 19 points

New Delhi:

Equity indices surrendered early gains to end modestly lower on Thursday, extending their loss-making streak to the sixth straight session, amid expiry of July series derivative contracts.

After soaring over 300 points in opening trade, the 30-share BSE Sensex  came under selling pressure to finally close at 37,830.98, showing a loss of 16.67 points or 0.04 per cent.

The broader NSE Nifty too shed 19.15 points or 0.17 per cent to settle at 11,252.15.

Tata Motors was the biggest loser in the Sensex pack, cracking 4.56 per cent, ahead of its quarterly results.

Bajaj Finance, RIL, Yes Bank, NTPC and Tata Steel too fell up to 3.95 per cent.

On the other hand, Vedanta, Sun Pharma, IndusInd Bank, Axis Bank, PowerGrid, TCS, Tech Mahindra and Infosys gained up to 3.82 per cent.

According to traders, market turned highly volatile on the expiry of July futures and options (F&O) contracts. Despite a positive opening, stock-specific action in index heavyweight RIL, Bajaj Finance, ITC and L&T steered the market in the negative terrain, they said.

In the previous session, the 30-share index tumbled 135.09 points or 0.36 per cent to close at an over two-month low of 37,847.65. Similarly, the Nifty dropped 59.75 points or 0.53 per cent to 11,271.30. In early trade, IndusInd Bank, HDFC Bank, Sun Pharma, Vedanta, HDFC, Axis Bank, Infosys and Maruti led the gains on Sensex, rising up to 2.35 per cent.

On the other hand, Tata Motors, Kotak Bank, Yes Bank, Asian Paints, ONGC and M&M fell up to 2.28 per cent. According to traders, besides tracking firm global cues, benchmark indices rallied on gains in index heavyweight HDFC and HDFC Bank stocks.

“Market settled on a negative note in-spite of positive global market and short covering, which did not provide adequate support given mixed Q1 results... The 10-yr (bond) yield inched higher and rupee weakened due to lack of clarity over India sovereign bond issuance and likely delay in Jalan report.

“Fearing longevity of the current bear phase, investors choose to wait and watch in the near-term,” said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, the BSE energy, oil and gas, metal, industrials, capital goods and utilities declined up to 1.91 per cent. However, healthcare, IT, teck, consumer durables, bankex, realty and finance indices ended up to 1.61 per cent higher.

The BSE midcap index outperformed the benchmark, rising 0.53 per cent, while the smallcap gauge slipped 0.09 per cent. On a net basis, foreign institutional investors sold equities worth Rs 1,393.71 crore Wednesday, while domestic institutional investors purchased shares to the tune of Rs 2,140.26 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, most bourses ended on a positive note on hopes of a resolution to the US-Chine trade tiff as US and Chinese officials prepared to restart negotiations in an effort to resolve the year-long trade dispute, with two days of talks due next week.

Shanghai Composite Index, Hang Seng and Nikkei ended higher, while Kospi settled in the red. Bourses in Europe were also trading on a mixed note in their early sessions.

On the currency front, the Indian rupee depreciated marginally to 69.02 against the US dollar (intra-day). Meanwhile, the global oil benchmark Brent crude futures rose 0.79 per cent to USD 63.68 per barrel.

(With inputs from PTI) 

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First Published : 25 Jul 2019, 05:53:51 PM