Sensex pares all intraday gains to settle 115 points lower, Nifty below 10,750; RIL at record high
Vinod Nair, Head of Research, Geojit Financial Services
Market continued to be under pressure as trade tensions between the U.S. and China is getting escalated. Emerging markets including India were under performing due to FIIs selling. OPEC meeting tomorrow will be a key event, relaxation in production cuts will provide some relief to Indian markets.
Bank of Maharashtra share price hit its 52-week low, dipping a whopping 7 per cent after economic Offences Wing (EOW) arrested Ravindra P Marathe, the Chairman and Managing Director of Bank of Maharashtra, and six others in a case of around Rs 2,043 crore fraudulent loans extended to Pune's DSK Group. The stock dipped as much as 7.20 per cent to Rs 12.50 on the BSE.
The EOW has also arrested Bank of Maharashtra's Executive Director Rajendra K Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.
VIP Industries (Buy)
Target: Rs 453
Stoploss: Rs 435
- Buying in consumption stocks
- The stock found support after three-session long losing streak
Asian shares were subdued on Thursday as a lull in the Sino-US trade tussle helped calm nerves enough for the Nasdaq to reach a record high, while tensions in the oil market grew ahead of an OPEC meeting that may expand crude supply. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.05 percent firmer, while Japan's Nikkei .N225 edged up 0.12 percent in thin trade. Futures for the S&P 500 ESc1 added 0.14 percent as traders waited for new developments on global trade.
The Sensex and Nifty ended higher on Wednesday despite lingering trade tensions between the United States and China that roiled markets in previous sessions, with index heavyweight Reliance Industries and financial stocks leading the gainers. The Sensex ended at 35,547, up 260.59 points, while the Nifty closed at 10,772, up 61.60 points. Experts believe investor sentiment got a boost after the Reserve Bank yesterday announced purchase of government securities of up to Rs 10,000 crore on June 21 to help in liquidity management.