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Tuesday, July 07, 2020

Indices end marginally lower; Sensex slips 46 points, Nifty ends at 10,302

The S&P BSE Sensex slipped 45.72 points (0.13 per cent) to end at 34,915.80, while the broader Nifty 50 settled at 10,302.10, down 10.30 points (0.10 per cent).

By: Express Web Desk | New Delhi | Updated: June 30, 2020 4:13:11 pm
bse, bse sensex, investors wealth, covid 19, coronavirus, covid 19, business news, indian express BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The frontline equity indices on the BSE and National Stock Exchange (NSE) erased all its intraday gains and ended a tad lower on Tuesday weighed by market heavyweight Reliance Industries (RIL), HDFC Bank, Bharti Airtel and Tata Consultancy Services (TCS).

The S&P BSE Sensex slipped 45.72 points (0.13 per cent) to end at 34,915.80, while the broader Nifty 50 settled at 10,302.10, down 10.30 points (0.10 per cent). Both the indices had opened over 0.5 per cent higher earlier in the day and trading on a positive note for the bulk of the session before losing steam in the late afternoon deals and giving up all its gains.

Power Grid, Sun Pharmaceutical Industries, Bharti Airtel, Oil and Natural Gas Corporation (ONGC), Bajaj Finance and HDFC Bank were the biggest losers of the day on the Sensex. On the other hand, Nestle India, Maruti Suzuki India, ICICI Bank, Ultratech Cement, Tata Steel and Housing Development Finance Corporation (HDFC) were the top gainers on Tuesday. (see heatmap below)

Gainers and losers of the day on the Sensex. (Source: BSE)

Among the sectoral indices, the Nifty PSU Bank index was the worst performer of the day, slipping 1.76 per cent weighed by Central Bank of India, The Jammu & Kashmir Bank and Indian Overseas Bank. The Nifty Pharma too slipped 1.49 per cent dragged by Cadila Healthcare and Torrent Pharmaceuticals.

on the other hand, the Nifty Auto index climbed 1.10 per cent driven by gains in Bosch, MRF and Maruti.

Here’s how the sectoral indices performed:

Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, the S&P BSE MidCap index ended at 13,055.28, down 18.44 points (0.14 per cent), while the S&P BSE SmallCap settled at 12,380.75, down 93.69 points (0.75 per cent).

“In Spite of trading positive for most part of the day, the benchmark indices gave up its gains and ended flat with a negative bias. The markets were impacted by the uncertainties surrounding PM’s address to the nation. Irrespective of this, many Indian cities, are extending their lockdowns in the face of unabated growth in virus infections, which has added to the uncertainty surrounding economic recovery. The market direction for tomorrow may also largely be guided by the content of the PM’s address and global cues,” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement post market hours.

Rupee

The rupee on Tuesday settled 7 paise higher at 75.51 (provisional) against the US dollar tracking gains in the domestic equity market.
Forex traders said rupee traded in a narrow range as positive domestic equities supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.

The rupee opened strong at 75.48 and settled for the day at 75.51 against the US dollar, up 7 paise over its previous close.

It had settled at 75.58 against the greenback on Monday.

During the four-hour trading session, the domestic unit saw an intra-day high of 75.45 and a low of 75.58 against the American currency.

Global markets

European shares edged down, oil fell and the dollar erased some gains on Tuesday, with little of the optimism of the Asian session extending into early London trading, as markets took stock at the end of the first half of 2020.

The MSCI world equity index, which tracks shares in 49 countries, was up about 0.1 per cent at 0830 GMT, after Asian shares rose on strong data from the US housing market and Chinese factories.

World shares are down around 8 per cent so far this year, having slumped 35 per cent between Feb. 20 and March 23 in the most destructive sell-off since the Great Depression. But the world equity index is up 17.5 per cent this quarter – on track for its biggest quarterly gain since the third quarter of 2009.

Rising COVID-19 cases continue to show signs of a second deadly wave of the pandemic, but markets still expect a global economic recovery with lockdown measures easing.

– rupee input from PTI; global market input from Reuters

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