An evening walk down Dalal Street | Sensex, Nifty snap 6-day gaining streak; IT stocks soar
Shares have closed lower, amid caution ahead of RBI’s monetary policy committee meeting outcome on Wednesday. Uncertainty over US-China trade truce has also weighed on indices.
Additionally, rise in crude oil prices as well as some negative moves on the rupee impacted the market too.
Among sectors, weakness was visible among automobiles, banks, consumption and infrastructure names, while IT and pharma index ended in the green. The Nifty Midcap index was lower by around one-third of a percent.
At the close of market hours, the Sensex closed down 106.69 points or 0.29% at 36134.31, while the Nifty was lower by 14.30 points or 0.13% at 10869.50. The market breadth is negative as 1154 shares advanced, against a decline of 1393 shares, while 143 shares were unchanged.
ONGC, Wipro, and BPCL were the top gainers, while Sun Pharma and M&M lost the most.
Stocks in News
Maruti Suzuki India shares declined nearly half a percent after the company offered exchange bonus and discounts on several car models.
Global investment firm Investec has reiterated its buy call on Rallis India as valuation of 13x FY20 EPS versus 5-year average of 20x is attractive. The stock gained 3 percent.
Shriram EPC shares rallied nearly 12 percent on winning orders from Jharkhand government.
Global brokerage house Citi has maintained buy call on Hero MotoCorp, the country’s largest two-wheeler maker, after November sales data announced over the weekend. The stock ended a percent lower.
HCL Technologies shares gained 2 percent after expansion of strategic relationship with Barclays.
Uflex shares rallied 4 percent on receiving patent from the United States for BOPET film.
Omax Autos shares rallied 3 percent as the company plans to set up new industrial unit in Uttar Pradesh.
European stocks were lower as investors spooked on doubts of whether a resolution is in sight to US-China trade dispute. Stoxx 600 was down around 0.3 percent.
Meanwhile, Asian markets mostly slipped as well. Japan’s Nikkei 225 fell by 2.39 percent to close at 22,036.05 while the Topix index shed 2.36 percent to 1,649.20 by the end of the trading day.