Share Market Today: Nifty below 11900, Sensex down 247 pts, Yes Bank tanks 10%

 

As indicated by the SGX Nifty, the Indian share market today opened flat. Both Nifty and Sensex were marginally up in the opening session and later it was trading in the negative zone and closed in the red. Yes Bank, SBI, TCS and Reliance stocks were most active today.

 

Share Market: Yes Bank, SBI the biggest loser

At close, Nifty fell 80.70 points and closed at 11856.80 while Sensex was down 247.55 points and closed at 40,239.88. Yes Bank and SBI were the biggest losers today and dragged Bank Nifty by 156.40 points. The Bank Nifty closed at 31160.30.

The Nifty midcap 100 index fell 214.60 points or 1.28% and closed at 16512.70. Whereas the Nifty smallcap 100 index was down 64 points or 1.13% and closed at 5590.55

The top gainers in the Nifty50 stocks are Eicher Motors, Cipla, Bajaj Finance, HUL, and HDFC Bank. The losers in the Nifty50 stocks are Yes Bank, Zee Ent, GAIL, JSW Steel and Power Grid Corporation.

In the Nifty midcap space, the gainers are Sun Pharma Adv, Reliance Power and the losers are JSW Energy, NBCC (India). The gainers in the Nifty smallcap index are India tourism D, Linde India, and the losers are Dr. Lal Path Lab, RITES

The sectors which closed in green today are Footwear, Manufacturings, Aviation, and Dimond and Jewelry. Almost all the major sectors ended in red today like Media, IT & Software, Metal, Automobiles, Banks, Capital goods and Industrial Gas.

Yesterday, both FIIs and DIIs were the buyers in the cash segment. For today FIIs/FPIs sold Rs 366.79 crore and DIIs bought Rs338.4 crore in the cash segment.

 

Share Market: Stocks like Yes Bank, SBI, Sun Pharma are in the news

Dilip Buildcon has emerged as the lowest bidder for quite a few projects of Delhi MRTS and Delhi Metro. The share price of Dilip Buildcon gained 0.62% and closed at Rs 379.50 per share.

CRISIL has downgraded PC Jeweller, the share price of PC Jeweller has touched 52 weeks low today at 22.25  and closed at Rs 22.80 per share.

The Foreign brokerage house Morgan Stanley has kept an overweight rating on Sun Pharma with a target of Rs 530 per share. The share price of Sun Pharma gained 0.15%  and closed at Rs 427.65 per share.

Morgan Stanley remained bearish on RBL due to the concern on the asset quality of the Bank. It has kept an underweight rating on the stock with a target of Rs 240 per share. The share price of RBL Bank fell 4.30%  and closed at Rs 320.75 per share.

The government has appointed a legal advisor, transaction advisor and asset valuer for partial disinvestment of 30.8% equity in Container Corporation of India ( CONCOR). The share price of CONCOR fell 1.02%  and closed at Rs 553.55 per share.

Banking news today- Yes Bank and SBI

Today SBI has reported Rs 12000 crore divergence in their bad loans for the last fiscal. As per the RBI assessment, the gross NPA of SBI was 11932 crore at Rs 184682 as against 172750 reported by the Bank in 2018-19. The share price of SBI fell 1.04%   and closed at Rs 313.40 per share.

Today the Board meeting of Yes Bank is scheduled for the decision of fundraising. It is expected that Yes Bank may reject Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion towards fundraising. Rakesh Jhunjunwala may also withdraw plans to invest in Yes Bank. 

In the Board meeting today it is decided that the Bank likely to consider the $500 million offer of Citax Holdings. The decision is pending until the next board meeting. The share price of Yes Bank tanks 10.13% and closed at Rs50.55 per share

Crude and Rupee Update

The Brent crude oil future price is trading flat (at 8.20 pm IST), it is currently trading at $ 64.25 per barrel. Indian rupee got appreciated 0.17% and closed at Rs 70.92 against the US dollar.

 

Conclusions:

The negative global market dragged down the domestic share market today. Indian share market looks mild down to sideways for tomorrow. Yes Bank and SBI to remain active stocks in the market for tomorrow also. Today, again FIIs sold in the cash market, they are a net seller in the December series. 

Next three days we can see range-bound volatility because of several events like FED meetings, CPI inflations, UK election and also developments in the US-China Trade deal. Traders can follow our Nifty and Bank Nifty daily views and Weekly Market analysis for more information.

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Happy Investing!!

Editor’s Desk