Sensex, Nifty slip in morning trade; check what’s dragging Dalal Street down today

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Published: June 11, 2020 10:11 AM

Most of the sectoral indices were trading mixed today. Nifty Pharma and Nifty IT were top sectoral losers, down 0.61 per cent and 0.63 per cent, respectively.

Sensex, NiftyThe broader market, mid-caps and small-caps, outperformed the benchmarks, as their sectoral indices on BSE were trading 0.44 per cent and 0.58 per cent higher

BSE Sensex and Nifty 50 were trading a tad lower on Thursday on the back of weak global cues. The 30-share Sensex was trading over 100 points or 0.32 per cent lower at 34,136, while the broader Nifty 50 index was ruling at 10,079, down 36 points or 0.36 per cent. Reliance Industries (RIL), HDFC Bank, Infosys, TCS and Kotak Mahindra Bank contributed the most to the indices’ losses. The broader market, mid-caps and small-caps, outperformed the benchmarks, as their sectoral indices on BSE were trading 0.44 per cent and 0.58 per cent higher. US Federal Reserve indicated that it would keep the interest rates near zero through 2022.

Sun Pharma top loser: Sun Pharmaceutical shares were the top BSE Sensex loser with a decline of 2.38 per cent. Titan Company, Tata Steel, TCS, Infosys and Reliance Industries were among other losers on the index. IndusInd Bank shares jumped nearly 7 per cent, followed by Hero MotoCorp, ONGC, Axis Bank, Bharti Airtel and SBI.

Pharma, IT stocks decline: Most of the sectoral indices were trading mixed today. Nifty Pharma and Nifty IT were top sectoral losers, down 0.61 per cent and 0.63 per cent, respectively. TCS, Just Dial, Infosys and Tech Mahindra were top draggers on Nifty IT index.

Corporate earnings: Westlife Development, Allied digital services, Dixon Technologies, EID Parry, Foods Inns, Redington, Sundram Fasteners, IIFL Wealth Management, KNR Constructions, and Take Solutions are among 23 companies that are scheduled to announce their March quarter earnings today.

Fed estimates US economy to shrink by 6.5%: The US Federal Reserve on Wednesday signalled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year’s end, according to Reuters report.

FII and DII data: On Wednesday, foreign institutional investors (FIIs) sold shares worth Rs 919.26 crore, while domestic institutional investors (DIIs) bought shares worth Rs 500.7 crore on net basis, according to a provisional data available on the NSE.

S&P Global Ratings reaffirms ratings: S&P Global Ratings decision to reaffirmed its ‘BBB-‘ long-term sovereign credit ratings on India with a stable outlook. S&P Global said that although risks to India’s long-term growth rate are rising, ongoing economic reforms if executed well, should keep the country’s growth rate ahead of peers.

Global market: In overnight trade on Wall Street, US stock indices ended lower. The Dow Jones Industrial Average fell 1.04%, the S&P 500 lost 0.53%, while the Nasdaq Composite added 0.67%.

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