Mid-Session: D-Street hovers in red; Auto, FMCG stocks drag
29/11/2019 12:36

Indian benchmarks continued to extend losses during the noon trading session while Auto stocks were under pressure with auto index dragged by Ashok Leyland Ltd., TVS Motor Company Ltd., Balkrishna Industries Ltd., Maruti Suzuki India Ltd., and Hero MotoCorp Ltd.

Overseas, European stocks may open lower on Friday on concerns that the U.S. legislation expressing support for Hong Kong protesters could undermine negotiations on a trade deal. Whereas, Investors watch for U.S. market reaction to the latest developments in the trade war saga as Wall Street commences a half-day session today following Thursday's Thanksgiving holiday.

Meanwhile, A day after indicating the possibility of fiscal slippage, Finance Minister Nirmala Sitharaman on November 28 sought parliamentary approval for gross additional expenditure of Rs 21,246 crore, part of which will be used to recapitalize IDBI Bank and three state-run insurers.

Among individual shares, YES Bank shares climbed 6% to Rs 74 on the BSE on Friday ahead of the board meet today to consider fundraising plan. The stock rallied 17% after the Bank, on Tuesday, said its board will meet on Friday, November 29, 2019, to discuss and consider fundraising by issue of equity/equity linked securities through permissible modes.

At 12:23 hours, the 30-share benchmark index was trading at 40750.47 down by -379.7 points or by -0.92 % and then NSE Nifty was at 12040.4 down by -110.75 points or by -0.91%. Sensex touched intraday high of 41143.22 and intraday low of 40664.18 The NSE Nifty touched intraday high of 12147.4 and intraday low of 12017.4.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 445.65,+2.05%), NTPC Ltd. (Rs. 117.35,+1.56%), IndusInd Bank Ltd. (Rs. 1573.80,+0.33%), among others.

Whereas, top losers of the BSE Sensex pack were Hindustan Unilever Ltd. (Rs. 2041.00,-2.14%), Asian Paints Ltd. (Rs. 1683.70,-1.74%), Tata Steel Ltd. (Rs. 424.80,-1.67%), Tata Motors Ltd. (Rs. 72.25,-1.50%), State Bank of India (Rs. 343.75,-1.49%), among others.

Among the sectors, Realty index was at 2147.42 up by 0.16 points or by 0.01%. Housing Development & Infrastructure Ltd. (Rs. 3.70,+4.82%), Sobha Ltd. (Rs. 416.45,+2.95%), Indiabulls Real Estate Ltd. (Rs. 72.50,+1.33%), Sunteck Realty Ltd. (Rs. 383.60,+1.27%), Phoenix Mills Ltd. (Rs. 750.60,+0.88%),.

On the other side, Auto index was at 18131.03 down by -179.83 points or by -0.98%. Ashok Leyland Ltd. (Rs. 79.75,-2.09%), TVS Motor Company Ltd. (Rs. 477.75,-2.02%), Balkrishna Industries Ltd. (Rs. 918.40,-1.58%), Hero MotoCorp Ltd. (Rs. 2435.00,-1.33%), Bharat Forge Ltd. (Rs. 462.10,-1.27%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2477 , shares advanced were 1102 while 1200 shares declined and 175 were unchanged.