Sensex pares all intraday gains to settle 115 points lower, Nifty below 10,750; RIL at record high
Sensex pares all intraday gains to settle 115 points lower, Nifty below 10,750; RIL at record high
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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.
Market Breadth Turns Negative
Market breadth, indicating the overall health of the market, turned sharply negative. On the BSE, 1,760 stocks declined, 832 stocks rallied, while 140 stocks remained unchanged.
Markets At Close
The Sensex ended at 35,432, down 114.94 points, while the broader Nifty50 settled at 10,741, down 30.95 points. The BSE Midcap slipped 0.5 per cent, while the BSE Smallcap index dipped 0.8 per cent, respectively.
Bank of Maharashtra share price hits record low, tanks 7% in a day
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.
Watch all top 20 intraday trading ideas here
Market Breadth Turns Positive
Market breadth, indicating the overall health of the market, turned positive. On the BSE, 731 stocks rallied, 409 stocks declined, while 47 stocks remained unchanged.
Broader Market
The BSE Midcap added 0.1 per cent, while the BSE Smallcap index gained 0.2 per cent, respectively.
Markets At Open
At 9:20 am, the Sensex was trading at 35,629, up 82.30 points, while the broader Nifty50 was ruling at 10,795, up 23.90 points.
FAST MONEY: Here are key intraday trading tips
VIP Industries (Buy)
Target: Rs 453
Stoploss: Rs 435- Buying in consumption stocks
- The stock found support after three-session long losing streak
Asian markets subdued amid lull in Sino-US trade war, oil eases ahead of OPEC meet
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.
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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.
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