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Equity benchmark indices extended its fall for a fourth consecutive trading session this week and opened lower on Thursday. This was due to resurfacing worries regarding tariff war between the US and China.
The Sensex declined 182 points to trade at 37,606 levels and the Nifty dropped 66 points at 11,299 levels, slightly below its key level of 11,300.
Among stocks on the NSE, Zee Entertainment, Titan, Hindalco, Wipro, and IOC were the top gainers. Conversely, Reliance Industries, BPCL, Yes Bank, UPL, and Adani Ports were the top losers.
Shares of Yes Bank declined 1% on the BSE on Thursday after India Ratings had downgraded the bank’s long-term ratings to 'IND AA' with a negative outlook. "India Ratings has downgraded the bank's long-term ratings while reaffirming short term rating," the bank said in a press note after markets hours to the exchanges on Wednesday.
Further, Titan gained 1% on the BSE after reporting Q4FY19 numbers, which were largely in line with expectations. Titan Company Ltd’s revenue grew by 19% yoy and declined 16.7% qoq to Rs4,889cr. EBITDA came in at Rs449cr, up 3% yoy and down 24.1% qoq. EBITDA margin contracted by 143bps yoy and 89bps qoq to 9.17%. Company’s adjusted Net profit stood at Rs354cr, up 12.2% yoy and down 14.4% qoq. Company’s net profit came in-line with the expectation of RsRs365cr.
Besides, all sectoral indices on the NSE were trading in the red except Nifty IT, Media, and PSU Bank indices. The Nifty pharma index dropped 1%.
Notably, the Volatility Index, Index VIX was trading 0.04% up at 26.37.
Incidentally, market breadth was negative on the NSE with 947 shares declining, 533 shares advancing, and 576 shares remaining unchanged.
On the currency front, a sharp fall in domestic as well as international equity markets kept the currency under pressure. The Indian rupee was trading 15 paise lower at 69.86/$ compared to its previous close of 69.71/$. The currency has opened 1 paise higher at 69.70/$.
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