Share Market Update: Sensex, Nifty Snap Three-Day Winning Streak; Banking, Metal Stocks Decline

The losses, however, were capped by gains in stocks of information technology (IT), which ended on positive note in the backdrop of weaker rupee closing against the US dollar.

Share Market Update: Sensex, Nifty Snap Three-Day Winning Streak; Banking, Metal Stocks Decline
Sectorally, only three sectors ended in the green. (File Photo/ Getty)
By: ABP News Bureau
Updated: 20 Aug 2019 05:51 PM
Share Market Update: Snapping their three-days winning streak, domestic benchmark indices BSE Sensex and NSE Nifty ended Tuesday's volatile session in red with largely dragged by stocks of public sector banks. The losses, however, were capped by gains in stocks of information technology (IT), which ended on positive note in the backdrop of weaker rupee closing against the US dollar. According to market reports, S&P BSE Sensex ended 74 points or 0.2 per cent lower at 37,328 and the NSE Nifty 50 Index declined 37 points or 0.3 per cent to close at 11,017.

Analysts say that the sentiment at the D-street remained subdued today with both the domestic bourses were dragged by banking shares after the financial irregularities at CG Power and Industrial Solutions hampered both banking and NBFC companies.


Yes Bank was the biggest loser in the Sensex pack, plummeting up to 7.11 per cent, followed by IndusInd Bank, ITC, Axis Bank, Vedanta and ICICI Bank, which fell up to 2.43 per cent. Maruti, Tata Motors, HCL Tech, and Infosys were the top gainers at the 30-share index.

Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent. While, BSE IT, auto, teck and consumer durables indices ended in the green. Broader BSE midcap and smallcap indices closed up to 0.62 per cent lower.

Even in the intra-day trade, domestic stocks ditched positive note in the Asian peers to tank 182 and 69 points at the Sensex and Nifty50, respectively. Nifty PSB index closed 2.4 per cent lower, followed by Nifty metal index, down 1.7 per cent. Unexpectedly, Nifty auto index went up by 1.2 per cent, followed by Nifty IT which gained 1.18 per cent.

"Volatility continued in the market as investors remained risk averse due to uncertainties over economic growth. While, IT index outperformed given its defensive tag helping investors to tide over the volatility. Good monsoon, transmission of the rate cuts and effective measures by government will add some stability to the market," Vinod Nair, Head of Research, Geojit Financial Services, told news agency PTI.

Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon. Traders said cautious opening in domestic equities, rising crude oil prices and foreign fund outflows weighed on the local unit.

The Indian rupee depreciated 33 paise to 71.76 against the US dollar intra-day. Meanwhile, brent crude futures, the global oil benchmark, rose 0.17 per cent to USD 59.84 per barrel.

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