Mumbai, Jan 10: The market cracked its winning streak on Thursday, following weak global cues. The Nifty, however, managed to hold 10,800, while the Sensex ended with cuts of over 100 points.
There was some weakness in the financials space, which weighed on the indices. Automobiles and pharmaceuticals, among others, were the other big gainers. There was a considerable outperformance by the Nifty Midcap segment, gaining almost half a percent.
The day began on a flat note, as the market tried to shrug off jittery global cues. Both Asian and US markets had seen negative moves over worries on trade talks between US and China. Additionally, lower Chinese inflation data, among others, weighed on the indices. This spilled over Indian markets as well.
Additionally, Brent crude rising above USD 60 per barrel also hit the market’s movements here. The rupee, as a result, saw some depreciation as well.
“Markets remained sideways for yet another session and lost nearly half a percent. Participants preferred to sit on sidelines in absence of fresh trigger and caution ahead of TCS results. Mostly sectoral indices traded in tandem with the benchmark index and settled marginally lower,” Jayant Manglik, President, Religare Broking said in a statement.
At the close of market hours, the Sensex was down 106.41 points or 0.29% at 36106.50, and the Nifty down 33.60 points or 0.31% at 10821.60. The market breadth was negative as 1217 shares advanced, against a decline of 1362 shares, while 153 shares were unchanged.
Tata Motors, NTPC, and Titan were the top gainers, while IndusInd Bank, Kotak Mahindra Bank, and HPCL lost the most.
Stocks in the News
Share price of Delta Corp fell 1.5 percent despite company reporting better numbers for the quarter ended December 2018 (Q3FY19).
Shares of Vakrangee were locked at 5 percent upper circuit after no irregularities were found by Ministry of Corporate affairs (MCA) during the inspection.
Shares of Glenmark Pharma added 2 percent after company entered into agreement with Yuhan Corporation.
Shares of Goa Carbon slipped 2 percent after the company reported net loss for the quarter ended December 2018.
Bandhan Bank reported a growth of 10 percent for December quarter at Rs 331.3 crore against Rs 300 crore during the same period of last year. The net interest income grew 54 percent at Rs 1,124 crore against Rs 732 crore last year. The stock ended 4 percent higher.
Shares of Tata Consultancy Services (TCS) ended flat ahead of Q3 results.