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Saturday, May 30, 2020

Sensex falls 242 points, Nifty ends a tad below 9,200; financials, FMCG, banks top laggards

The S&P BSE Sensex slipped 242.37 points (0.76 per cent) to end at 31,443.38, while the broader Nifty 50 settled at 9,199.05, down 71.85 points (0.78 per cent).

By: Express Web Desk | New Delhi | Updated: May 7, 2020 4:19:03 pm
On the Sensex, gains in the early trade were being led by HCL Technologies, Sun Pharmaceutical Industries, Maruti Suzuki India, Mahindra & Mahindra (M&M), Axis Bank and Infosys. (File photo)

After registering gains for a single day, the benchmark equity indices on the National Stock Exchange (NSE) and BSE resumed their losing trend on Thursday, slipping a little over 0.75 per cent weighed by financial, fast-moving consumer goods (FMCG) and banking stocks.

The S&P BSE Sensex slipped 242.37 points (0.76 per cent) to end at 31,443.38, while the broader Nifty 50 settled at 9,199.05, down 71.85 points (0.78 per cent). Both the indices had opened nearly 1 per cent lower earlier in the day and after a momentary recovery in the morning deals, the indices continued to trade in a range with negative bias throughout the session.

As many as 25 out of 30 stocks on the Sensex ended lower on Thursday. ONGC, NTPC, Kotak Mahindra Bank, Bharti Airtel, Titan and Power Grid were the top losers on the BSE benchmark. On the other hand, IndusInd Bank, M&M, Reliance Industries, Axis Bank and Tech Mahindra settled higher. (see heatmap below)

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

Most of the sectoral indices on NSE ended in the negative territory with Nifty Financial Services index slipping 1.55 per cent dragged by Kotak Mahindra Bank, Shriram Transport Finance Company and Power Finance Corporation. The Nifty FMCG index too declined 1.41 per cent weighed by Godrej Consumer Products, Dabur India and Colgate Palmolive (India). Apart from these, the Bank Nifty too ended 1.03 per cent lower dragged by Kotak mahindra Bank, HDFC Bank and RBL Bank.

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, S&P BSE MidCap index ended at 11,419.68, down 60.90 points (0.53 per cent), while the S&P BSE SmallCap index closed at 10,686.75, down 14.56 points (0.14 per cent).

The rupee was not traded as the forex market was shut today on account of Buddha Purnima.

“Market ended at volatile even as we witnessed the largest block deal as GSK sold HUL stake. Oil &Gas stocks together with pivotals like Kotak Bank dragged indices even as Reliance held its ground firmly with gains. The key highlight of the day was selective buying seen in Speciality Chemicals & Pharmaceuticals as the space continues to attract value buyers,” S Ranganathan, Head of Research at LKP Securities said in a statement.

Global market

World shares climbed on Thursday after Chinese exports proved far stronger than even bulls had imagined, while bond investors were still daunted by the staggering amount of US debt set to be sold and a tussle over ECB bond buying.

Beijing reported exports rose 3.5 per cent in April on a year earlier, completely confounding expectations of a 15.1 per cent fall and outweighing a 14.2 per cent drop in imports.

The surprise stoked speculation the Asian giant could recover from its coronavirus lockdown quicker than first thought and support global growth in the process.

The news had helped Japan’s Nikkei and Seoul’s Kopsi recover from shaky starts and Europe’s main London, Paris and Frankfurt bourses all made 0.4 per cent-0.7 per cent early gains.

E-Mini futures for the S&P 500 fared better with a bounce of 1.2 per cent, though there were ominous signs too.

– with global market input from Reuters

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