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Sensex ends 120 points lower at 36,034, Nifty drops 38 points to 10,794

The Benchmark Sensex Gained Over 150 Points In Early Trade On Wednesday But Ended 120 Points Lower At 36,034. The 30-share Barometer Was Trading Higher By 169.36 Points, Or 0.47 Per Cent, At 36,322.97 In The Early Session But The Net Results Ended By 119.51 Points At 36,034.11.

News Nation Bureau | Edited By : Assem Sharma | Updated on: 13 Feb 2019, 06:00:02 PM
Sensex ends 120 points lower at 36,034 (file photo)

New Delhi:

The benchmark Sensex gained over 150 points in early trade on Wednesday but ended 120 points lower at 36,034. The 30-share barometer was trading higher by 169.36 points, or 0.47 per cent, at 36,322.97 in the early session but the net results ended by 119.51 points at 36,034.11. The gauge had lost over 720 points in the previous four days. The NSE Nifty too climbed 29.20 points, to 10,860.60 in the morning session but in the ended dropped by 37.75 points or 0.35 per cent to 10,793.65.

Sustained selling by domestic institutional investors (DIIs) and foreign institutional investors (FIIs) too dented market mood, brokers said.

Meanwhile, industrial output growth remained subdued at 2.4 per cent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector. Both sets of data were released by the Central Statistics Office (CSO) Tuesday after market hours.

Top losers include ONGC, SBI, PowerGrid, L&T, Yes Bank, Asian Paints, Bajaj Finance, Maruti and NTPC, falling up to 2.84 per cent. On the other hand, gainers include Tata Motors, TCS, HDFC, HCL Tech, Infosys, ITC, HDFC Bank and HUL, rising up to 2.18 per cent.

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"Given the current relatively low growth and inflation scenario coupled with high real interest rate situation, we expect the RBI to cut the policy rate by another 25 bps during the next policy meet," said Sujan Hajra, Chief Economist, Anand Rathi Financial Services, adding that the data releases are modestly positive for both the equity and debt market.

Sun Pharma emerged as the top gainers in the Sensex pack by surging 2.77 per cent after the drug major on Tuesday reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018.

Other big gainers were ITC, PowerGrid, HDFC, TCS, ONGC, HUL, NTPC, Kotak Bank, HDFC Bank, HUL, Coal India, Vedanta, Bajaj Finance, L&T and Yes Bank, rising up to 2.60 per cent.

However, M&M, Hero MotoCorp, HCL Tech, SBI, Infosys, Maruti Suzuki and Bajaj Auto were down on some selling.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 466.78 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 122.64 crore Tuesday, provisional data showed.

Overseas, Asian shares were trading higher after US market gained as investors grew more optimistic about the prospects of a resolution to the trade dispute between the US and China.

Japan's Nikkei rose 1.21 per cent, while Korea's Kospi was up 0.40 per cent in early trade. Hong Kong's Hang Seng too was trading higher. On Wall Street, the US Dow Jones Industrial Average closed 1.49 per cent higher in Tuesday's trade. 

Despite global markets trading higher as US President Donald Trump hinted a more conciliatory stance toward China, Indian markets have not been able to sustain higher levels, suggesting caution on the part of investors and profit taking, he added. 

(With inputs from PTI) 

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First Published : 13 Feb 2019, 04:03:51 PM