Sensex, Nifty end flat on lack of fresh cues; Vodafone plunges 7%, Zee zooms 12%
Market participants are waiting for fresh triggers on both domestic and global fronts.
Analysts said that market participants are waiting for fresh triggers on both domestic and global fronts. The GDP data which is due on November 29 is likely to indicate whether the slowdown in Indian economy has deepened.
Any developments around US-China trade deal may also influence market mood in the coming days.
Meanwhile, shares of Zee Entertainment hit the upper circuit after reports said that 14.52 crore shares of the company changed hands in a block deal on the NSE. The Subhash Chandra-led Essel group on Wednesday said it was planning to sell 16.5 per cent stake in Zee Entertainment Enterprises (ZEEL) to financial investors in order to repay loan obligations to certain lenders of the group.
Also, PSU stocks were in focus today as the government kicked off a blockbuster disinvestment plan on Wednesday, lining up the sale of five public sector units (PSUs), including majority stakes in bluechip oil company BPCL and Shipping Corporation of India. BPCL was the top loser on NSE closing 6 per cent lower at Rs 512.10, while SCI slumped over 6 per cent to Rs 64.05 on BSE.
Telecom stocks also slipped in trade despite the Cabinet giving a two-year moratorium on spectrum payments, which is expected to give immediate relief of more than Rs 42,000 crore to mobile phone companies.
Market at a glance
BSE Sensex fell 76.47 points, or 0.19 per cent, to 40,575.17, while NSE Nifty ended at 11,968.40, down 30.70 points or 0.26 per cent.
In the 30-pack Sensex, 10 stocks ended in the green and 20 in the red with HUL finishing as best performer and Tata Steel the worst. Bajaj Auto, L&T, HDFC Bank and SBI joined HUL on the gainers’ list, gaining up to 2 per cent.
Bharti Airtel, YES Bank, ITC and ONGC were among the Sensex stocks that declined.
The BSE Midcap index declined 0.73 per cent and the BSE Smallcap index fell 0.43 per cent, underperforming benchmark Sensex.
BSE Metal index recorded 2.23 per cent loss on the sectoral return chart followed by Oil & Gas, Telecom and Energy indices. While BSE Realty index was the best performer.
In terms of index contribution, HDFC twins, HUL, ICICI Bank and L&T were chart toppers while ITC, RIL, Axis Bank and Bharti Airtel were the top drags on Sensex.
"Nifty traded lackluster and settled marginally lower, taking a breather after the recent upmove. It opened flat and remained range-bound thereafter, however, movement on the stock-specific front kept the traders busy. Most sectoral indices ended lower in line with benchmarks and the broader indices too remained under pressure. We strongly feel that market is set for profit taking or consolidation prior to further rise. Traders should limit their naked leveraged trades in the index and book profits on every rise. In case of decline, 11,800-11,850 zone would act as a cushion in Nifty. Stocks, on the other hand, would continue to see movement on both sides thus maintain extra caution in the stock selection" -- Ajit Mishra Vice President, Research, Religare Broking.
On the global front, Asian shares closed lower as deteriorating trade relations between the US and China shook confidence in the world economy and sent investors streaming to the safe harbors.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent to a near three-week lows, with Hong Kong's Hang Seng tumbling 1.6 per cent while Japan's Nikkei dropped 0.5 per cent. Chinese mainland shares dropped 0.3 per cent.
European stocks extended their losses in morning trade on US-China trade deal worries.