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Share Market Update: Nifty falls for fourth consecutive day, slips below 11,500; Sensex tanks 174 pts

ABP News 2019-07-10 17:42:00

After opening on a positive note, domestic benchmark indices BSE Sensex and NSE Nifty ended Wednesday's volatile session in negative territory as investors awaited for direction from key global and domestic events.

Share Market Update:

After opening on a positive note, domestic benchmark indices BSE Sensex and NSE Nifty ended Wednesday's volatile session in negative territory as investors awaited for direction from key global and domestic events scheduled later this week. The benchmark S&P BSE Sensex ended 174 points, or 0.45 per cent, lower at 38,557 levels whereas  broader Nifty50, too, settled 57 points, or 0.49 per cent, lower at 11,498 levels. The indices were dragged down by PSU bank, auto, and metal stocks in today's session.

Bajaj Finance was the biggest loser in the Sensex pack, cracking 4.91 per cent. Share of Tata Steel, Tata Motors, Axis Bank, L&T, Hero MotoCorp, M&M, Bajaj Auto and SBI also ended up to 2.94 per cent lower. According to reports, the shares of Tata Consultancy Services finished 1.16 per cent lower after the company's June quarter earnings failed to meet market expectations. On the other hand, Yes Bank, Sun Pharma, Kotak Bank, ICICI Bank and PowerGrid bucked the weak market trend, rising up to 1.81 per cent.


Investors were also spooked after US President Donald Trump on Tuesday launched a fresh attack on India over its tariffs on American imports, traders said. Unabated foreign fund outflows, weak auto sales data and a depreciating rupee further weighed on the bourses, they added. Auto stocks fell after SIAM data showed that domestic passenger vehicle (PV) sales declined for the eighth consecutive month in June.



"Consolidation continued as weak auto sales have dimmed growth expectation while surge in oil prices further impacted the sentiment. Focus remains on the earnings season where the preliminary subdued results in IT stocks have triggered gradual downgrade in earnings expectation," said Vinod Nair, Head of Research, Geojit Financial Services told news agency PTI.

All BSE sectoral indices ended in the red, with capital goods, realty, industrials, metal, auto, oil and gas, basic materials and power falling up to 1.65 per cent. In the broader markets, the BSE midcap and smallcap indices fell 0.75 per cent each. According to traders, sentiment turned fragile following Trump's tweet on Indian tariffs. Later this week, US Commerce Secretary Wilbur Ross and Energy Secretary Rick Perry are scheduled to address a major India centric conference in Washington DC.

Global markets, meanwhile, were awaiting cues from US Federal Reserve Chairman Jerome Powell's testimony before the Congress, traders said. On the currency front, the Indian rupee depreciated 6 paise to 68.57 against the US dollar (intra-day). The global oil benchmark Brent crude futures surged 1.79 per cent to USD 65.31 per barrel.