A smart recovery by the bulls in the last hour helped the market close off their low points. The Sensex recovered around 180 points from the day’s low, while the Nifty recovered around 50 points.
Having said that, the Nifty closed below 10,750-mark, while the Sensex closed the session with cuts of over 150 points.
Weakness was visible among banks in particular. ICICI Bank and HDFC Bank contributed over 100 points to Nifty Bank’s loss. Infrastructure and metals were the other big losers, while Nifty Pharma has ended higher. The Nifty Midcap has ended 0.39 percent lower.
The day began on a somber note, tracking mixed Asian cues as well as oil price movements. Selling pressure gripped the market in the afternoon session, with the Sensex falling over 300 points intraday. The last hour recovery helped indices cut some losses.
Only 12 Nifty stocks have ended in the green.
At the close of market hours, the Sensex was down 156.28 points or 0.43% at 35853.56, and the Nifty down 57.40 points or 0.53% at 10737.60. The market breadth was negative as 1053 shares advanced, against a decline of 1477 shares, while 168 shares were unchanged.
Yes Bank and Infosys were the top gainers, while Larsen & Toubro, IndusInd Bank, Wipro and GAIL lost the most.
Stocks in the News
Infosys’ shares ended over 3 percent higher even as the company’s results for December quarter missed estimates. Its net profit had fallen 12 percent QoQ and 30 percent YoY.
Meanwhile, Avenue Supermarts, the operator of DMart chain of stores, plunged over 11 percent intraday. The stock has seen its worst day since its listing.
Yes Bank’s shares surged on the back of possible speculation coming to an end over its new CEO and MD.
Shares of Jet Airways soared after sources told CNBC-TV18 that Etihad could raise stake in the airline to 49 percent.
Shares of Jammu and Kashmir Bank (J&K Bank) gained 3 percent on the back of strong numbers declared by the company for the quarter ended December 2018 (Q3FY19).
BL Kashyap & Sons shares climbed 9 percent after the company received orders worth Rs 652 crore.
Surya Roshni shares rallied 4 percent after Kotak Securities initiated coverage on the stock with buy rating and a target price of Rs 328, implying 36 percent upside from Friday’s closing levels.
Cyient shares gained 2 percent ahead of the meeting of board of directors to consider share buyback later this week.
European markets were lower as investors reacted to a sharp cut in Chinese export, which raised fears of slowdown among global economics. Stoxx 600 was down around 0.8 percent during mid-morning deals, with all sectors and major bourses in negative territory.
Asia Pacific markets started the week on a lower note as Chinese data spooked investors. The Shanghai composite slipped about 0.7 percent to 2,535.77. The Shenzhen composite declined 0.73 percent to 1,303.75, while the Shenzhen component index fell around 0.86 percent to 7,409.19.