INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Indian equities ended in the negative territory for a third consecutive session on Wednesday on losses in bank, FMCG and tech
stocks, even as global stocks advanced for a second day in a row and rupee recovered against the US dollar.
Market opened in the green and
traded with mild gains for the most part of the day, but lost steam in late afternoon session, eventually closing in the red.
The 30-share
Sensex finished 169 points, or 0.45 per cent, lower at 37,121, with 14 stocks in the green
The NSE Nifty suffered a loss of 45 points, or 0.39 per cent, settling at 11,234, with 27 stocks advancing and 23 declining.
Broader BSE
Midcap and Smallcap indices trailed benchmark Sensex, falling by 0.72 per cent and 0.98 per cent.
Let's take a look at the highlights of
Wednesday's session:Rupee gained some groundIndian rupee recovered on Wednesday by rising 58 paise to 72.38 against the US dollar on fresh
selling of the US currency by exporters and banks
Weakness in the dollar against other currencies and easing crude prices in the global market helped the domestic currency rebound
Sensex movers and shakersHDFC twins contributed over 100 points to the fall in Sensex
IndusInd Bank, Maruti, ITC and Reliance Industries also featured among top drag
In terms of percentage loss, IndusInd Bank (3.03 per cent), Maruti (2.30 per cent), HDFC Bank (1.58 per cent), YES Bank (1.44 per cent) and
HDFC (1.35 per cent) were the top five losers.
On the flip side, Coal India (up 2.60 per cent), ONGC (1.90 per cent), Tata Steel (1.31 per
cent), Hero Moto (0.99 per cent) and Sun Pharma (0.78 per cent) emerged as the top five gainers.
Metal pack bucked the trendEven as market
ended the day on a dull note, metal pack dazzled on reports that the government was to raise import duty on some steel products to 15 per
Another media report suggested that the US may exempt Indian steel and alumimium from the higher tariff regime announced by President Donald
Trump's administration this March
But the exemption is likely to come with riders
The BSE Metal pack climbed 1.25 per cent, with JSW Steel, SAIL, Tata Steel, Nalco and Hindalco among top gainers
Sugar stocks ralliedAfter approving a hike in ethanol purchase price by up to 25 per cent, the government is likely to raise minimum
selling price for sugar to Rs 32,000 per tonne for the 2018/19 season from Rs 29,000 in the current season, Reuters reported
Stocks such as Magadh Sugar Energy (up 10 per cent), Rajshree Sugars Chemicals (up 8.37 per cent), Dhampur Sugar Mills (up 7.32 per cent),
Kesar Enterprise (up 6.14 per cent), Avadh Sugar Energy (up 5.78 per cent) and Dalmia Bharat Sugar and Industries (up 5.57 per cent) surged
over 5 per cent.
World stocks extended winning streakGlobal stocks climbed for a second consecutive day and US bond slipped as investors
shrugged off fears of US-China trade war
China's Shanghai SE Composite Index and Japan's Nikkei 225 climbed over 1 per cent
French, German and UK stocks too were in the green at the time of writing this report
52-week high and low stocksAs many as 132 stocks, including InterGlobe Aviation, Adlabs Entertainment, AGC Networks, Agri-Tech (India),
Akzo Nobel India and Aptech, hit 52-week lows on NSE
On the other hand, Cipla, Delta Magnets, Gangotri Textiles, JSW Steel and Uniphos Enterprises featured among 15 stocks that hit 52-week
highs on NSE.
MACD bearish on 65 countersMomentum indicator moving average convergence divergence, or MACD showed Tata Power, Lupin, Cipla,
UPL, Cadila and Max Financial Services among the 65 stocks with bearish crossovers on NSE
However, 19 counters, including Apollo Tyres, MCX, Oil India, Pokarna and Asian Hotels showed bullish crossovers on NSE.
