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As on Dec 06, 2019 12:00 AM Your results on : Mid Session    
Broader market tumbles
06-Dec-2019 (14:29)

The market further extended losses and hit fresh intraday low in mid-afternoon trade. The Nifty was trading near 11,900 mark. At 14:28 IST, the barometer index, the S&P BSE Sensex fell 380.75 points or 0.93% at 40,398.84. The Nifty 50 index fell 109.65 points or 0.91% at 11,908.75.

The broader market tumbled. The S&P BSE Mid-Cap index was down 1.46%. The S&P BSE Small-Cap index fell 0.95%.

The market breadth was weak. On the BSE, shares 721 rose and 1671 shares fell. A total of 164 shares were unchanged.

The sentiment was subdued after the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. In a surprise move, the RBI decided to hold the rates after delivering five consecutive rate cuts in 2019. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission.

RBI revised GDP growth downwards to 5% for 2019-20 from 6.1% projected in its October policy. The CPI inflation projection has also been revised upwards to 4.7-5.1% for the second half of FY20 and 3.8-4% for the first half of FY21.

Meanwhile, RBI's consumer confidence survey (CCS) released on Thursday reported a further drop in consumer confidence in November as households remained pessimistic about jobs and the general economic situation. The current situation index (CSI) dropped to 85.7 last month from 89.4 in September. The future expectations index (FEI) also fell to 114.5, down from 118 in September.

Consumers' sentiments on the general economic situation and the employment scenario weakened, but their one-year ahead expectations remained in the optimistic terrain for all parameters, except prices; expectations on income one-year ahead improved marginally over the previous survey round, said the RBI survey.

Buzzing Index:

The Nifty Auto index fell 1.63% to 7,812.65. The index has fallen 2.29% in two sessions.

Tata Motors (down 3.22%), Eicher Motors (down 3.02%), Escorts (down 2.51%), Maruti Suzuki India (down 1.53%), Hero MotoCorp (down 1.49%), TVS Motor Company (down 1.47%), Bajaj Auto (down 0.99%) and Ashok Leyland (down 0.39%) declined.

Stocks in Spotlight:

Eris Lifesciences surged 9.98% to Rs 486.55, in an otherwise range-bound market. The stock of the pharmaceutical company was trading at its highest level since July 2019.

This week, the company announced acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million.

Mahindra & Mahindra (M&M) fell 2.65% to Rs 510.70. The company said it has completed acquisition of 36.63% stake in Meru Travel Solutions in the first tranche as part of its Rs 201.5-crore deal to acquire 55% shareholding in the radio taxi operator.

M&M said it has invested Rs 44.71 crore (in cash consideration) for the acquisition of 36.63% of the equity share capital of Meru. The company has also earned the right to appoint majority of the directors on the board of Meru. Consequently, Meru has become a subsidiary of the company with effect from 5 December 2019. Also subsidiary companies of Meru - Meru Mobility Tech, V-Link Automotive Services, V-Link Fleet Solutions - have in turn become subsidiaries of M&M, it added.

Vascon Engineers rose 2.87% to Rs 12.53. The company has received work order amounting to Rs 132.69 crore from Airports Authority of India.

Numbers to watch:

The yield on 10-year benchmark federal paper rose to 6.646% at 14:15 IST compared with 6.608% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.41, compared with its close of 71.29 during the previous trading session.

MCX Gold futures for 5 December 2019 settlement fell 0.10% to Rs 38,047.

In the commodities market, Brent crude for February 2020 settlement was up 7 cents at $63.46 a barrel. The contract rose 0.61% or 39 cents to settle at $63.39 a barrel during the previous trading session.

Market extends losses; PSU banks tumble
06-Dec-2019 (13:47)
Weak market breadth; banks under pressure
06-Dec-2019 (12:29)
Breadth turns negative; Nifty below 12,000
06-Dec-2019 (11:29)
Indices pare gains; pharma shares in demand
06-Dec-2019 (10:23)
Market opens higher in line with Asian peers
06-Dec-2019 (09:24)
Nifty holds 12,000 mark; VIX jumps over 10%
05-Dec-2019 (14:28)
Benchmarks trade with small gains; breadth negative
05-Dec-2019 (13:26)
Market breadth turns negative after RBI maintains status quo
05-Dec-2019 (12:28)
Shares turn range bound ahead of RBI's policy outcome
05-Dec-2019 (11:36)
Indices trade in a narrow range
05-Dec-2019 (10:36)
Market opens higher on selective buying
05-Dec-2019 (09:25)
Indices come off day's low; Nifty above 11,950
04-Dec-2019 (14:26)
Market extends losses; breadth negative
04-Dec-2019 (13:29)
Sensex, Nifty hit day's low; IT stocks buck trend
04-Dec-2019 (12:28)
Indices turn almost flat; metal stocks slide
04-Dec-2019 (11:34)
Market breadth turns positive
04-Dec-2019 (10:36)
Market drifts lower in early trade
04-Dec-2019 (09:32)
Barometers near day's low; IT stocks in green
03-Dec-2019 (14:37)
Sensex, Nifty come off day's low
03-Dec-2019 (13:29)
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