Equities end lower for 6th straight session

Rise in crude prices and a marginal depreciation in rupee, among others, weighed on the indices. Benchmarks closed the session in the red, but a last hour recovery helped them trim these losses.

The Nifty managed to hold 10,700, while the Sensex ended above 35,800-mark.

The Nifty Midcap index underperformed the benchmarks, which kept the market breadth in favour of declines. While banks such as HDFC twins and Kotak Bank weighed on indices, but Reliance, Infosys, and Larsen and Toubro tried to bat for the bulls.

Among sectors, pain was visible among Nifty Auto, consumption, metals, and pharmaceuticals.

Nifty Energy and infrastructure were the big gainers.

At the close of market hours, the Sensex was down 67.27 points or 0.19% at 35808.95, while the Nifty was down 21.60 points or 0.20% at 10724.40. The market breadth was negative as 913 shares advanced, against a decline of 1581 shares, while 134 shares were unchanged.

NTPC, Power Grid, and BPCL were the top gainers, while Sun Pharma, Tata Steel, and JSW Steel lost the most.

Stocks in the News

Dr Reddy’s Labs recovered from the biggest intraday fall to end 4 percent lower.

Yes Bank failed to hold on to gains after its no divergence report.

ONGC was up over 2 percent after reporting a net realisation of over USD 66 per barrel.

Divis Labs slipped 1 percent as income tax department conducted searches at its headquarters and manufacturing unit.

Global Markets

European stocks were mixed. European Stoxx 600 was flat.

Major Asian stock markets closed lower amid wait for developments from the ongoing U.S-China trade negotiations in Beijing.

The Shanghai composite slipped 1.37 percent to close at 2,682.38 while the Shenzhen component declined 1.148 percent to finish its trading day at 8,125.63. The Shenzhen composite also declined 0.67 percent to close at 1,389.47.

Hong Kong’s Hang Seng index slipped 1.91 percent in its final hour of trading.