Sensex, Nifty End At Three-Week Low Ahead Of F&O Expiry
Oil retailers were among the top Nifty losers after crude rose for a second day in a row.
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Sensex, Nifty End At 3-Week Low
Indian equity benchmarks fell to their lowest level in three weeks and the rupee declined to a 19-month low on rising crude amid escalating trade tensions between U.S. and China.
The S&P BSE Sensex fell 0.77 percent or 273 points to 35,217 and the NSE Nifty 50 index declined 0.91 percent or 98 points to 10,671.
People are squaring off their positions and rollovers are very bad as new margin rules come into effect from July series that along with a weaker rupee and rising crude impacted the market sentiment, AK Prabhakar, head of research told BloombergQuint over phone.
Nine out of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index's 2.4 percent drop. On the flipside, Nifty IT index was the top gainer, up 0.5 percent.
The mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index fell 1.7 percent and Nifty Smallcap 100 index plunged 2.8 percent.
If Nifty Closes Below 50- And 20-DMA, It Can Test 10,480: Salil Sharma
The Nifty broke below 20-day moving average at 10,749 and 50-day moving average at 10,685. A close below these two levels can to lead it to test its support at 10,480, Salil Sharma, partner at Kapursharma.com, told BloombergQuint over phone. If the index breaks 10,480, it can fall further to 10,140, he said.
Manpasand Beverages Rebounds After March Quarter Earnings
Shares of the Vadodara-based fruit juice maker rebounded from intraday lows and rose as much as 5 percent to Rs 155.05 after it announced March quarter earnings.
Key earnings highlights:
- Revenue up 44 percent at Rs 385 crore versus Rs 267 crore (YoY)
- Net profit up 36.4 percent at Rs 42.7 crore versus Rs 31.3 crore (YoY)
- Ebitda up 40.8 percent at Rs 72.8 crore versus Rs 51.7 crore (YoY)
- Margin at 18.9 percent versus 19.4 percent (YoY)
Stocks Decline As Trade Fears Linger; Oil Climbs
Stocks came under increasing pressure as traders grappled with escalating global trade tension between the world’s biggest economic powers. Oil built on gains after the U.S. stepped up pressure on Iran.
Most sectors fell in Europe, with the Stoxx 600 Index touching the lowest level in two months.
Reliance Infra Falls For Third Straight Day
Shares of the Anil Ambani-led company fell as much as 6.4 percent, the most in over four months, to Rs 391.80 as trading volumes jumped.
Trading volume was 1.2 times its 20-day average.