Markets erase early gains to end flat

Mumbai, Nov 14: Erasing all its morning gains, the domestic equity market settled flat with negative bias on Wednesday.
The S&P BSE Sensex ended marginally lower at 35,142, down just two and a half points while NSE’s Nifty50 index slipped below the crucial 10,600 level to end at 10,576, down 6 points. TCS, Infosys, Sun Pharma and Mahindra & Mahindra contributed the most to the Sensex’s fall.
Among individual stocks, shares of Sun Pharma dropped over 7 per cent to Rs 521 on BSE after the company posted a consolidated loss of Rs 2.18 billion for the quarter-ended September (Q2FY19), on account of a one-time loss of Rs 12.14 billion on Modafinil antitrust litigation. Ashok Leyland shares declined 10 per cent after Vinod K Dasari resigned as the company’s Managing Director and CEO. He had joined Ashok Leyland as Chief Operating Officer (COO) fourteen years ago and took over as the MD seven years back.
On the other hand, ICICI Bank hit an all-time high of Rs 367 up 1.5 per cent on Wednesday, extending its Tuesday’s 2.4 per cent gain on BSE.
Shares of oil-related sectors such as oil marketing, paints and aviation companies rallied up to 12 per cent in the intra-day, following a sharp fall in the global crude prices due to ongoing worries over weakening demand and oversupply. This fall in crude prices reflected positively for oil marketing companies like Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC), which rallied in the range of 10 per cent to 12 per cent during the intra-day trade.