Moneycontrol News
Despite firm global cues, equity benchmarks in India closed with cuts of 0.30 percent, with the Nifty ending below 10,800-mark. The Sensex ended over 100 points lower.
Global markets witnessed a rally as investors hoped for a positive outcome of the meeting between US and China. But the rally failed to have an impact on the Indian market as a weak rupee, higher crude prices and selling in index heavyweights weighed on the indices.
Among sectors, selling was visible among energy names, along with IT and metals index. Meanwhile, automobiles, pharmaceuticals and PSU banks ended in the green. The Nifty Midcap index outperformed in the benchmarks, closing with gains of over half a percent.
Index heavyweights such as HDFC twins, Reliance Industries, Infosys and Kotak Mahindra Bank weighed on frontline indices. Oil marketing companies, too, took a hit on the back of a rise in crude oil prices.
At the close of market hours, the Sensex was down 157.89 points or 0.44% at 35876.22, and the Nifty down 47.70 points or 0.44% at 10746.00. The market breadth was negative as 1167 shares advanced, against a decline of 1344 shares, while 121 shares were unchanged.
Yes Bank, Tata Motors, and Zee Entertainment gained the most, while Bharti Airtel, Infosys, BPCL and IOC were the top losers.
Stocks in the News
Shares of Yes Bank soared in trade on Thursday as investors reacted to no divergences by the bank. The stock ended over 31 percent higher.
Shares of Repco Home Finance declined 3.5 percent despite company posting robust numbers for the quarter ended December 2018.
Page Industries, the exclusive licensee of Jockey International Inc. (USA), has reported a 22.2 percent on year growth in profit at Rs 101.9 crore, driven by revenue as well as operating income. However, the stock ended 2 percent lower.
Ashok Leyland's third quarter profit fell sharply by 21.5 percent year-on-year due to lower sales performance and lower other income. Profit during the quarter declined to Rs 380.84 crore from Rs 484.86 crore in same period last year. Its stock ended 5 percent higher.
United Breweries surged in trade as it reported a profit of Rs 109.2 crore during the quarter, while volume growth came in at 16 percent.
Global Markets
European stocks were higher on Thursday morning as investors reacted to corporate earnings, and possible optimism in talks between US and China. Stoxx 600 was up around 0.4 percent.
Stocks in Asia were mixed as investors too waited for cues from US-China trade meet.
The Shenzhen component rose 0.597 percent to close at around 8,219.96 while the Shenzhen composite advanced 0.659 percent to finish its trading day at approximately 1,398.84. Meanwhile, the Shanghai composite closed slightly lower at about 2,719.70.
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