Sensex eases a bit ahead of Xmas holiday as banks spoil mood
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Sensex eases a bit ahead of Xmas holiday as banks spoil mood

The BSE Sensex climbed over 72 points to trade at 25,922.47 in the opening trade on Thursday, with sustained buying by participants and funds leading to across-the-board gains coupled with positive Asian cues.

business Updated: Dec 24, 2015 19:20 IST
The benchmark BSE Sensex slipped from a three-week high by giving up early gains to close 11.59 points down at 25,838.71.(File Photo)


In range-bound moments, domestic equities ended the holiday-shortened week on a sour note on Thursday, bogged down by banking stocks, after a Reserve Bank’s report painted a grim picture of lender’s deteriorating asset quality and lacklustre corporate profit growth.

However, there were some good news on a weekly basis as both the leading indexes logged their second-straight weekly rise. The BSE Sensex gained 319.49 points or 1.25% while the NSE Nifty went up by 99.10 points or 1.27% during the four-day period.

Stock Exchanges will remain shut on Friday on account of the Christmas holiday.

“The market ended flat with not much excitement throughout the day ahead of the long festive weekend,” said Gaurav Jain Director Hem Securities.

On the day, the 30-share BSE index settled the session lower by 11.59 points or 0.04% down at 25,838.71.

The gauge had gained 259.65 points in previous session. Nifty’s 50-issue NSE fell by 4.90 points or 0.06% to 7,861.05. Intraday, it moved between 7,888.75 and 7,835.50.

Volume remained low as foreign funds and local traders preferred to stay on the sidelines ahead of holiday on Friday amid absence of any domestic cues, brokers said.

Stocks of banking companies faced selling after RBI in its report on Wednesday raised concerns after loan growth at Indian banks slowed in the six months period through September while bad loans rose, signalling increased risks to lenders.

Shares of ICICI Bank fell the most among Sensex stocks by dropping 1.53% followed by Maruti Suzuki at 0.88%.

Other major losers included ONGC, SBI, HDFC, Dr Reddy’s, Axis Bank, RIL, Infosys, HDFC Bank, HUL, Lupin and Tata Steel.

The broader markets, however, outperformed the Sensex with the small-cap and mid-cap indexes ending higher by 0.49% and 0.28%, respectively.

In overseas stock markets, Asian and European indexes witnessed mixed trend.

Key Asian indexes like China, Japan and South Korea moved down by 0.43% to 0.65% while indexes in Hong

Kong, Singapore and Taiwan moved looked up between 0.10% and 0.49%.

Key European indexes like Germany and the UK rose by 0.15% to 2.28% while France’s CAC was quoted lower by 0.33%.

Back home, out of the 30-share Sensex, 13 ended lower Back home, out of the 30-share Sensex, 13 ended lower while NTPC ended unchanged at Rs 139.05.

Major gainers were Bharti Airtel (1.99 pc), GAIL (1.12 pc), Tata Motors (1 pc), Bajaj Auto (0.66 pc ), Hero MotoCorp (0.59 pc), TCS (0.54 pc), ITC (0.53 pc), Adani Ports (0.52 pc), Asian Paint (0.43 pc) and M&M (0.39 pc).

However, ICICI Bank fell by 1.53% followed by Maruti 0.88%, ONGC 0.62%, SBI 0.54%, HDFC 0.46% and Dr Reddy’s 0.32%.

Among the BSE sectoral indexes, telecom rose by 1.02% followed by metals 0.75%, utilities 0.84%, industrials 0.63%, power 0.67% and capital goods 0.55%.

While, consumer durables eased by 0.91%, bankex fell 0.42% and realty dropped 0.23%.

The market breadth turned positive as 1,556 stocks ended higher, 1,116 closed lower, while 233 ruled steady out of the total 2,905 stocks.

The total turnover dropped to Rs 2,732.75 crore from Rs 3,048.54 crore on Wednesday.

First Published: Dec 24, 2015 10:38 IST