An evening walk down Dalal Street | Sensex gives up 35,000, Nifty below 10,550; banking stocks crack

It’s a negative end for the market for this week as tomorrow is a trading holiday on account of Guru Nanak Jayanti.

The Nifty has given up 10,550-mark.

Private banks were major contributors to the Nifty Bank’s underperformance. Telecom pack, too, saw some pressure. Vodafone Idea sheds the most.

Among sectors, financials, consumption, energy, metals and pharma saw the most losses, while selling was visible in the midcaps space.

Adani Ports, TCS, and Zee Entertainment were the top gainers, while M&M, Tata Steel, and Grasim lost the most.

At the close of market hours, the Sensex was down 218.78 points or 0.62% at 34981.02, while the Nifty was lower by 73.20 points or 0.69% at 10526.80. The market breadth was negative as 1093 shares advanced, against a decline of 1489 shares, while 153 shares were unchanged.

Stocks in News

Vakrangee shares were locked in 5 percent upper circuit after getting a clean chit from Economic Offences Wing (EOW) with respect to price and volume manipulation.

NMDC shares fell 2.5 percent after global brokerage house Macquarie downgraded the stock to neutral amid Donimalai lease issue.

Huhtamaki PPL shares rose 6 percent even as it got closure directions from Maharashtra Pollution Control Board for its Thane plant in Maharashtra.

Indoco Remedies shares were locked in 20 percent upper circuit at Rs 206.40 on Thursday after company's Goa Plant II & III cleared the US health regulator's inspection.

Royal Enfield maker Eicher Motors shares fell a percent intraday after brokerage house Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.

Indian Hotels Company shares rallied 3 percent after Motilal Oswal initiated coverage on the stock with a buy rating and target price of Rs 163, implying a 21 percent potential upside.

Global Markets

Stocks in China were negative as investors remained cautious. Hong Kong’s Hang Seng index was higher by 0.4 percent during the final hour of trade.

Markets in Europe were negative as investors remained cautious in the face of Brexit and Italy budget difficulties in Europe. Stoxx 600 was down 0.6 percent.