Closing bell: Sensex sheds 110 points; Nifty settles at 11,053; FMCG, IT stocks drag

BSE Sensex and Nifty 50 traded lower on Wednesday. Photo: Reuters

  • Mumbai: The BSE Sensex and NSE’s Nifty 50 erased all early gains and turned negative, dragged mainly by FMCG and IT stocks. The rupee was trading little changed against the US dollar ahead of the outcome of US Federal Reserve’s policy meeting due later today. FIIs sold a net of Rs 1,231.7 crore in equities on Tuesday, while DIIs purchased shares worth Rs 2,284.26 crore, provisional data showed.In global markets, European stocks drifted and Asian shares edged higher alongside U.S. equity futures as markets largely entered a holding pattern before the Federal Reserve’s rate decision. The dollar was steady and Treasuries gained. Oil prices traded near $82 a barrel after President Donald Trump resumed his attack on OPEC. Here are the highlights from the markets:
  • 3.36 pm ISTClosing bell:The BSE Sensex closed 109.79 points, or 0.30%, lower at 36,542.27, while the Nifty 50 fell 13.65 points, or 0.12%, to close at 11,053.80. The BSE MidCap and SmallCap indices rose 0.42% and 0.12%, respectively.Among the sectoral indices on BSE, metal, realty, capital goods, energy and basic materials rose over 1%. IT, teck, FMCG and auto declined u to 1.6%.Vedanta, Yes Bank, Reliance Industries and Tata Steel were among the top gainers, whereas Tata Motors, Wipro, ITC and SBI were among the major losers.

  • 3.27 pm ISTCiti says NBFCs’ liquidity situation manageable; HDFC, LTFH top picksShares of non-banking financial companies (NBFC) witness sharp sell-off in the last few days due to concerns regarding roll-over of short-term credit and availability of funds, noted Citi Research in a report. While borrowing costs may rise going forward as investors become more cautious, the liquidity situation for NBFCs under its coverage manageable, noted Citi.“Don’t see near-term liquidity risks for most cos under coverage based on whether inflows/asset maturities over the next year exceed outflows/liability maturities,” added Citi. The brokerage noted higher market yields may raise borrowing costs and put NBFCs’ NIM under pressure, especially those that are more dependent on market borrowing.Citi said HDFC Ltd and L&T Finance Holdings Ltd are top picks. HDFC has strong funding franchise with access to deposits and other options, while LTFH has been delivering well on its shift towards retail lending, noted Citi. Reuters

  • 3.19 pm ISTGold prices fall, silver rates upGold prices drifted lower by Rs 75 to Rs 31,650 per 10 grams at the bullion market Wednesday, breaking its two-day rising streak, tracking a weak trend overseas amid easing demand from local jewellers. However, silver advanced by Rs 460 to Rs 38,750 per kg on the back of increased offtake by industrial units and coin makers. In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 75 each to Rs 31,650 and Rs 31,500 per ten grams, respectively. The precious metal had gained Rs 275 in the previous two days. Read more

  • 2.48 pm ISTGovt approves Rs 4,500-crore package to sugar industry; Stocks fallThe government approved a Rs 4,500 crore package for the sugar industry that includes over two-fold jump in production assistance to cane growers and transport subsidy to mills for export up to 5 million tonnes in the marketing year 2018-19, PTI reported, citing sources. However, shares of sugar mills declined. Dalmia Bharat Sugar was down 2.28%, Magadh Sugar fell 5%, Uttam Sugar Mills declined 3.53%, Avadh Sugar & Energy was down 4.61% Mawana Sugars fell 4.92% Balrampur Chini Mills traded 4.56% lower and Dhampur Sugar Mills dived 6.93%.

    Lupin begins strategic review of Japan unit: ReportLupin has started a strategic review of its Japanese unit, reported Bloomberg, citing sources. Lupin shares traded 1.48% up at Rs 893.70