Snapping its
three-day winning streak, the domestic equity market slipped into the negative
territory on Wednesday amid heavy selling in auto and financial stocks. The
S&P BSE Sensex lost 383 points or 1 per cent to settle at 34,780
with YES Bank being the top loser (down nearly 7 per cent) and ITC (up over 1
per cent) the top gainer. The broader NSE's Nifty50 index lost 132 points or
1.24 per cent to end at 10,453. Bank stocks came
under pressure on the back of weekly expiry. The Nifty Bank Index
fell 401 points or 2 per cent to settle at 25,189. Auto stocks too tumbled
during the session with the Nifty Auto index ending 3 per cent lower
at 8,835. Shares of non-banking
financial companies (NBFCs), mainly housing finance companies (HFCs) were under
pressure with Repco Home Finance, Dewan Housing Finance Corporation (DHFL),
Indiabulls Housing Finance and Edelweiss Financial Services plunging up to 13%
on the BSE.Among individual stocks, Reliance Industries (RIL) ended over 1 per cent lower
at Rs 1,149 ahead of its Q2 results, due later in the day. In a Bloomberg
poll, seven analysts expect RIL to report consolidated revenue of Rs
1.40 trillion and 10 analysts expect RIL’s net income to be Rs 96.29 billion.
In the corresponding quarter last year, RIL reported a net profit of
Rs 81.09 billion. Analysts expect the petrochemicals business to drive most of
this profitability.
On the other hand, shares of NIIT Technologies rose 6% to Rs 1,199 on the BSE
after the company reported a strong 29% sequential growth in its consolidated
net profit at Rs 1,167 million in September quarter (Q2FY19). The information
technology company had reported a profit of Rs 904 million in the same quarter
last fiscal.
TOP GAINERS:WIPRO,COALINDIA,ITC
MAJORLOOSERS: BPCL,YESBANK,ADANIPORTS
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