Sensex down 219 points, Nifty ends at 10527; Adani Gas rises 14%

Sensex down 219 points, Nifty ends at 10527; Adani Gas rises 14%

Mumbai, Nov 22: The benchmark indices ended lower for the third consecutive session, settling over 0.5 per cent lower led by fall in banking and metal stocks.
The S&P BSE Sensex ended at 34,981, down 219 points or 0.6 per cent, while the broader Nifty50 index settled at 10,527, down 73 points or 0.7 per cent.
In the broader market, S&P BSE MidCap index fell 0.7 per cent to end at 14,880 levels, while the S&P BSE SmallCap index slipped 0.4 per cent to 14,351.
Among individual stocks, Adani Gas rose 14 per cent to Rs 110.85 on the National Stock Exchange (NSE) on Thursday, extending its rally of over 25% in the past two days. Following the rally, the company entered the Rs 100-billion market capitalisation (market cap) club.
In the sectoral indices, Nifty Metal index, the top sectoral loser, fell 1.8 per cent weighed by Hindalco Industries and NMDC. The Nifty Bank too slipped 1 per cent due to a fall in The Federal Bank and Axis Bank.
Stocks in News
Vakrangee shares were locked in 5 percent upper circuit after getting a clean chit from Economic Offences Wing (EOW) with respect to price and volume manipulation.
NMDC shares fell 2.5 percent after global brokerage house Macquarie downgraded the stock to neutral amid Donimalai lease issue.
Huhtamaki PPL shares rose 6 percent even as it got closure directions from Maharashtra Pollution Control Board for its Thane plant in Maharashtra.
Indoco Remedies shares were locked in 20 percent upper circuit at Rs 206.40 on Thursday after company’s Goa Plant II & III cleared the US health regulator’s inspection.
Royal Enfield maker Eicher Motors shares fell a percent intraday after brokerage house Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.
Indian Hotels Company shares rallied 3 percent after Motilal Oswal initiated coverage on the stock with a buy rating and target price of Rs 163, implying a 21 percent potential upside.
Global Markets
Stocks in China were negative as investors remained cautious. Hong Kong’s Hang Seng index was higher by 0.4 percent during the final hour of trade.
Markets in Europe were negative as investors remained cautious in the face of Brexit and Italy budget difficulties in Europe. Stoxx 600 was down 0.6 percent.
Oil Prices
Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.
US West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel, down 16 cents, or 0.3 per cent below their last settlement. Front-month Brent crude oil futures were at $63.34 per barrel, down 14 cents, or 0.2 per cent.